All rights reserved. Right now investors are paying. 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. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. in July and Gores brought $310 million in cash to the deal after redemptions. While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Illusion versus reality. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. On the date of publication, neither LouisNavellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. The company's listing plan comes as automakers shift their focus to environmentally friendly vehicles amid rising pressure from lawmakers and investors concerned about climate change. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Got a confidential news tip? Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. All told, expectations are high for PSNY stock once it begins trading. 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. Instead, it would be a niche producer of EVs. However, it was what he said Polestar is and isnt that caught my attention. It was established to help Volvo win the Swedish Touring Car Championship. Labor representatives at a Nissan Motor Co Ltd plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. It will also have a more daring design, InsideEVs reported Ingenlaths comments. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Cuando utilizas nuestros sitios y aplicaciones, usamos. Get this delivered to your inbox, and more info about our products and services. Because if it runs as Polestar it will do so premarket. This browser is no longer supported at MarketWatch. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than, 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. Oklahoma's governor set a special vote for March 7 after a pot referendum was pulled off the November ballot, and in Pennsylvania, a lawmaker launched new bill. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. 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Written by Im a big believer in Alec Gores, the chairman behind this SPAC. Moreover, Polestar put together a very good slide deck presentation . Sign up for free newsletters and get more CNBC delivered to your inbox. Ultimately, Tyler felt that waiting could get you a better entry point. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. An analyst thinks theres a good chance that PayPal will make an acquisition in the next few months and runs through the most likely -- and least likely -- scenarios. Attorney Advertising. SPAC Merger. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). 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. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. The fact that the company is moving close to 30,000 units this. SPAC Merger. It previously said it has another model in development called the Precept, which is a larger sedan. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Yet while its made this major progress, its not resulting in a big move for shares. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Amidst production hiccups at rivals, Polestar is delivering. Historical and current end-of-day data provided by FACTSET. The technical storage or access that is used exclusively for anonymous statistical purposes. 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. The partnership with Polestar builds on Hertzs announcement last October to offer its customers the largest EV rental fleet in North America and one of the largest in the world. Create an account to follow your favorite communities and start taking part in conversations. The company, which delivered about 10,000 vehicles last year, said it expects to sell about 290,000 vehicles per year by 2025 and plans to launch three new models by 2024. 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. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Heres what investors should know moving forward. The technical storage or access that is used exclusively for statistical purposes. Insurance Doesnt Have to Be Boring. Anticipation on GGPI/Polestar merger. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Banjo player, artist, and frittata-maker. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Our Standards: The Thomson Reuters Trust Principles. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. At least, based on its success so far, and on future projections. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. 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. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Join the Conversation! The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than Rivian (NASDAQ:RIVN) in the long term. The opinions expressed in this article are those of the writer, subject to the, Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term, Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Apple tops ranking of global companies with the most 'green' revenue, UPDATE 2-North Korea says UN should demand end to S.Korea-US military drills, US Treasury puts cost of outbound investment risk program at $10 million, US Jobs Report and Powell Testimony Take Center Stage: Eco Week. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Anywhere in between makes it harder to gain customer loyalty. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. To the extent anyof the information contained herein may bedeemed to be investment advice, such information is impersonal and nottailored to the investment needs of any specific person. First, despite its also-ran reputation, its one of the more promising early stage names in this space. quotes delayed at least 15 minutes, all others at least 20 minutes. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. In the six weeks since, its moved sideways. Still think GGPI is undervalued. 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. Ive learned in recent years that businesses operating in the middle have less chance of success. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. On the date of publication, Will Ashworth. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds of over $1 billion, including $800 million from the special purpose acquisition company (SPAC), and a PIPE, or private. Sign up below to get this incredible offer! Ends. Im 66, we have more than $2 million, I just want to golf can I retire? 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. Two years later, it made a move to electric-powered performance vehicles. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Initial orders are for the Polestar 2 sedan. Excluding employee stock compensation from one measure of earnings make them look more favorable. The company raised $550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo's U.S. plant in South Carolina from next year. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. Create your Watchlist to save your favorite quotes on Nasdaq.com. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). At $11.20 it's $24 billion. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. The critical distinction about Polestar is that its not a startup. Joel Baglole for Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). However, over a longer timeframe, it could zoom to price levels well above $20 per share. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Provided by Benzinga Since. Critics of the practice include Warren Buffett. He was right. Don't take it as financial . Type a symbol or company name. 1125 N. Charles St, Baltimore, MD 21201. files S-4 for merger with Blade Therapeutics (BBTX). Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Shares of GGPI are down a little over 2% as of this writing. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . All quotes are in local exchange time. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. You might even get a better price in the process., Around the same time as my article, fellow, Chris Tyler argued that technical analysis of the stock suggested the beginning of December. 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. At writing, its at $9.97 per share, just a penny above its debut price. I share my. This announcement comes alongside ongoing Over-The-Air (OTA) updates that are delivering new features to Polestar 2 owners and pre-empts a future option to purchase a performance software upgrade that adds an extra 67-hp for the dual-motor variant. Post-merger, itll have a market capitalization of $21.8 billion. 2023 InvestorPlace Media, LLC. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Intraday data delayed at least 15 minutes or per exchange requirements. 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. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Its opening more of them anyway. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). 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. However, of the two, GELYY stock volumes are a little higher. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. On July 8,. Comprehensive research and analytics on every SPAC, sponsor, and deal. This particular EV play is appealing for two reasons. Despite being outside the top 10, its a reasonable amount of exposure. In fact, he should be used by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as an example of the good accomplished with blank-check names. After the merger, the combined entity. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. The volatility amongst EV manufacturers has been significant in the second half of 2021. Copyright 2023 MarketWatch, Inc. All rights reserved. In 2015, Volvo acquired Polestars high-performance business. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Nasdaq 1125 N. Charles St, Baltimore, MD 21201. The merger with Polestar via SPAC deal to take it public is finally nearing completion. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. 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. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. GGPI shares starting to regain momentum ahead of merger vote. We continue to view GGPI shares as undervalued heading into the merger. PublicSq. As you might be aware, post-merger, Polestars existing shareholders will own, . Navigating stock market volatility since it all began in 2000. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Valuation remains discounted, in our view, at an implied market cap of $26.1 billion ($12.40 and 2.125B shares outstanding), which implies 3.9x 2023E sales. However, what he said next did. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. What happens to my Social Security benefit if my husband dies? Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. However, at one point in mid-November, GGPI stock was trading as high as $16.41. (C) 2021 Monteverde & Associates PC. The factors still affecting EV stock performance could carry on in the months ahead. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. See here for a complete list of exchanges and delays. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds of over $1 billion, including $800 million from the special purpose acquisition company (SPAC), and a PIPE, or private investment in public equity, of $250 million from institutional investors. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. 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A Polestar will be more progressive and avant-garde; therefore, it will not be loved by everybody, but it will address its fans, Ingenlath stated. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. It is free and there is no cost or obligation to you. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Enthusiasm about the. from 8 AM - 9 PM ET. Since the Swedish electric vehicle (EV) manufacturer announced its merger with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Plus500. It could continue to deliver similar performance in the short-term. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. EV maker Polestar going public via a SPAC with Gores Guggenheim. 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. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. 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. 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. Around the same time as my article, fellow InvestorPlace contributor Chris Tyler argued that technical analysis of the stock suggested the beginning of December wasnt the time to buy either. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Market is a lot different now versus CCIV/LCID times. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. It may not be until the supply chain issues are resolved. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. These symbols will be available throughout the site during your session. Share of GGPI closed up 12% today on news that the company has a deal . Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . As we move into the merger vote, we think GGPI should be trading closer to $20. 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. Copyright 2023 InvestorPlace Media, LLC. You should notrely solely upon the research herein forpurposes of transacting securities or other investments, and you areencouraged to conduct your own research and due diligence, and to seekthe advice of a qualifiedsecurities professional beforeyou make anyinvestment. Lifes a beach for this Florida FIRE couple, Cant take statins? Thats well above where it currently trades under the $11.50 level. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Press J to jump to the feed. Type a symbol or company name. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Will Ashworth has written about investments full-time since 2008. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Recently, I also suggested that, That company provides digital twins of properties. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Therefore, it might make sense to buy now before the merger, rather than afterwards. Its safe to say this isnt the best market for an EV company to debut. An alternative to Tesla. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. 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. Prior results do not guarantee a similar outcome with respect to any future matter. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Defends Financial Benefits of IAA Deal. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The Polestar deal will be supported. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . We use cookies to optimize our website and our service. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. It was established to help Volvo win the Swedish Touring Car Championship. 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.

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