We earn $400,000 and spend beyond our means. An alternative to Tesla. The transaction is expected to close in the first half of the year. The deal comes at a time when large SPAC mergers have become rare, as the business of blank-check dealmaking deteriorated rapidly over the summer after investors were spooked by the poor financial performance of many SPACs and a regulatory crackdown led by the U.S. Securities and Exchange Commission over their disclosures. Heres why you should consider them. I recommend taking an in-depth look at this company, its lineup of mass affluent and luxury EVs, and its game plan to take on Tesla (NASDAQ:TSLA), Lucid (NASDAQ:LCID), and the incumbent automakers looking to grab a piece of the electric vehicle market. All quotes delayed a minimum of 15 minutes. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Sept 27 (Reuters) - Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. The Polestar deal will be supported. Ive learned in recent years that businesses operating in the middle have less chance of success. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. The critical distinction about Polestar is that its not a startup. Share of GGPI closed up 12% today on news that the company has a deal . The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, butBoardroom Alphacannot guarantee its accuracy and completeness, and thatofthe opinions based thereon. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! This news follows the September announcement of Polestar's intention to list on Nasdaq in connection with its proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Defends Financial Benefits of IAA Deal. The technical storage or access that is used exclusively for statistical purposes. Real-time alerts, yields, red flags, filings, investors, and much more. proporcionarte nuestros sitios y aplicaciones; autenticar usuarios, aplicar medidas de seguridad y evitar el spam y los abusos, y. medir el uso que haces de nuestros sitios y aplicaciones. Our firm's recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Silicon Valley Confronts the End of Growth. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds 52nd wealthiest person. The technology is used widely in the. However, it was what he said Polestar is and, The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Therefore, it might make sense to buy now before the merger, rather than afterwards. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Moreover, Polestar put together a very good slide deck presentation . Our 3 Top Picks. Its a New Era for Tech Stocks. Will GGPI Stock Spike After the Polestar Merger Announcement? The industry leader for online information for tax, accounting and finance professionals. Join the Conversation! The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. The technical storage or access that is used exclusively for anonymous statistical purposes. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. On July 8,. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. [I]f a stock is destined to be a long-term winner (five to 10 years out), there is no rush to run out and buy it. Press J to jump to the feed. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Cuando utilizas nuestros sitios y aplicaciones, usamos. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. However, GGPI stock drifted. Two years later, it made a move to electric-powered performance vehicles. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Sure, its excellent that Polestar plans to be sportier, more focused on the driving experience, than it does on being a luxury ride, but these particular words didnt move me. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with The deal comes at a time when large SPAC mergers have become rare, as the business of blank-check dealmaking deteriorated rapidly over the summer after investors were spooked by the poor financial performance of many SPACs and a regulatory crackdown led by the U.S. Securities and Exchange Commission over their disclosures. As I stated in January, I think GGPI stock soon to be PSNY once the merger is completed is an excellent long-term buy, primarily because it already has sold 29,000 vehicles (2021), it expects to produce 65,000 in 2022 and 290,000 annually by 2025. Contact:Juan E. Monteverde, Esq.MONTEVERDE & ASSOCIATES PCThe Empire State Building350 Fifth Ave. Suite 4405New York, NY 10118United States of America[emailprotected]Tel: (212) 971-1341. Polestar joins other EV makers in the public market, including Tesla (TSLA.O) and Lucid Motors (LCID.O), which went public in a $24 billion SPAC deal in February. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. SPAC Merger. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Still think GGPI is undervalued. At writing, its at $9.97 per share, just a penny above its debut price. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC March 1, 2023. The deal announcement stated it would close before June 30, 2022. Prior results do not guarantee a similar outcome with respect to any future matter. 1125 N. Charles St, Baltimore, MD 21201. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Enthusiasm about the. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. Accumulated other comprehensive incom Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Critics of the practice include Warren Buffett. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. From the day the Polestar 1 was launched, I have been a fan of the brands designs. All rights reserved. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. It doesnt matter if you have $500 in savings or $5 million. Why Chubb Stock Is a Buy. Even if its an SUV such as the Polestar 3, it will have a sleek silhouette, meaning there will be less emphasis on cargo space and more emphasis on propulsion. A Division of NBCUniversal. I also said that, at these prices, GGPI stock would seem like a steal in a few years. Despite being outside the top 10, its a reasonable amount of exposure. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. For the best MarketWatch.com experience, please update to a modern browser. Pending SPAC Mergers - Stock Market MBA Press question mark to learn the rest of the keyboard shortcuts. API access to institutional grade SPAC database. It is the biggest blank-check merger in the EV sector since Lucid Motors struck a $24-billion deal with Michael Klein's Churchill Capital IV Corp. in February. Illusion versus reality. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. It could continue to deliver similar performance in the short-term. Then I realized it was just a survey. GGPI: Gores Guggenheim, Inc. Class A: $0: 10/25/2021: On 9/27/2021 the company announced a pending merger with Polestar Automotive, a global pure play, premium electric vehicle ("EV") company based in Sweden. . Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. It may not be until the supply chain issues are resolved. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Right now investors are paying. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. Polestar, founded in 2017 by Volvo Car Group (VOLVb.ST) and China's Zhejiang Geely Holding (GEELY.UL), also counts Hollywood actor Leonardo DiCaprio among its investors. Anyways we could very well see 20-30$. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Polestar touts an asset-light business model as a key differentiator by having existing productions lines provided by backers Volvo and Geely, so it can focus on investing in research. Nasdaq Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://www.monteverdelaw.com/case/gores-guggenheim-inc, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Adamis Pharmaceuticals Corp. - ADMP, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Ranger Oil Corp. - ROCC. See here for a complete list of exchanges and delays. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. All told, expectations are high for PSNY stock once it begins trading. Will Ashworth has written about investments full-time since 2008. Instead, get to know the company a little better. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). ggpi-10q_20210630.htm Will GGPI Stock Rise More After Polestar Merger Date in 2022? InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. 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Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. In a media statement, Gores Guggenheim confirmed that its shareholders voted to approve the combination with Polestar which will bring the European EV maker to the public market. Attorney Advertising. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! Even if its an SUV such as the Polestar 3, it will have a sleek silhouette, meaning there will be less emphasis on cargo space and more emphasis on propulsion. At least, based on its success so far, and on future projections. If youre investing in AI stocks, watch out for these revenue and earnings tricks, After loss against Meta, Lina Khans ability to rein in Big Tech with the FTC is being questioned, Veris Residential and Rogers Stock See Action From Activist Investors, The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability: Prices fell the most in these U.S. states, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. None of the information contained in this reportconstitutes, oris intended to constitute a recommendation by Boardroom Alphaofany particular security or trading strategy or a determination by BAthat any security or trading strategy is suitable for any specificperson. GGPI hasn't announced a definitive merger date with Polestar but the two companies expect to complete the business combination in the first half of 2022. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). SPAC Merger | DealFlow's SPAC News 2023 CNBC LLC. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset. Intraday Data provided by FACTSET and subject to terms of use. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Polestar itself is a joint venture between, However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds, Additionally, a possible third alternative here is to buy the. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. The company is headquartered in Sweden but manufactures its EVs in China. Source: Jeppe Gustafsson / Shutterstock.com. He particularly enjoys creating model portfolios that stand the test of time. . The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Insurance Doesnt Have to Be Boring. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). EV maker Polestar going public via a SPAC with Gores Guggenheim. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Stock Prodigy Who Found NIO at $2 Says Buy THIS. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Under the terms of the agreement, GGPI . Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Shares of GGPI are down a little over 2% as of this writing. Visit a quote page and your recently viewed tickers will be displayed here. The funding will be used to. Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in June 2022.