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from 8 AM - 9 PM ET. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Polestar / Gores Guggenheim Inc.(GGPI) made a splash this morning, announcing a partnership with Hertz (HTZ) that includes purchasing up to 65,000 electric vehicles (EVs) over five years. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. . Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). . Many EV enthusiasts see its focus on performance vehicles as a differentiator. Defends Financial Benefits of IAA Deal. "We don't need the capital to build the factory. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. The transaction is expected to close in the first half of the year. Market is a lot different now versus CCIV/LCID times. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. 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. The industry leader for online information for tax, accounting and finance professionals. 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. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. 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. Ive learned in recent years that businesses operating in the middle have less chance of success. Subscriber Agreement & Terms of Use | However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. 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. Accumulated other comprehensive incom Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Attorney Advertising. Polestars listing gives investors access to an interesting opportunity, however. Instead, get to know the company a little better. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. In the six weeks since, its moved sideways. . Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. We continue to view GGPI shares as undervalued heading into the merger. Heres what investors should know moving forward. Join the Conversation! Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Approval of the SPAC deal was widely expected. The deal announcement stated it would close before June 30, 2022. With all that said, your question is between taking the risk of GGPI tanking after merger vs maybe missing out a huge chunk of gains. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . SPAC Merger. Copyright 2023 MarketWatch, Inc. All rights reserved. Its beginning dates back to 1996. Historical and current end-of-day data provided by FACTSET. 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. did not have (either directly or indirectly) any positions in the securities mentioned in this article. After the merger, the combined entity. Data is a real-time snapshot *Data is delayed at least 15 minutes. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. 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. Provided by Benzinga Since. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Comprehensive research and analytics on every SPAC, sponsor, and deal. It could continue to deliver similar performance in the short-term. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Anticipation on GGPI/Polestar merger. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Because if it runs as Polestar it will do so premarket. Also, dont base a decision to buy or not just on a surface level view of the company. You might even get a better price in the process.. 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. I entered GGPI and will increase my position tomorrow tho. At least two hedge funds sold their stakes in Digital World Acquisition Corp. after that SPAC firm announced plans to merge with former President Donald Trump 's planned social media platform.. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 2023 InvestorPlace Media, LLC. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Based on a $49K starting price, the deal is valued at ~$3.2B. Lifes a beach for this Florida FIRE couple, Cant take statins? Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). However, I also said that investors need not rush to buy the SPAC before the merger happens. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Oklahoma voters go to polls on cannabis measure, while Pennsylvania eyes adult-use bill, U.S. companies embark on record borrowing spree, despite paying highest rates since 2009, Salesforce Reports Financial Results Like a Tech Start-Up, Activist Investors Are Finding the Tables Turned, Sleep Country Canada Up 7.7% as 4Q Profit Gets Hush Brand Adjustment Boost, Daseke Chief Operating Officer Rick Williams to Retire, HP Enterprise Posts Strong Earnings Beat, Lifts Guidance, TD bank may reprice major acquisition of First Horizon, analyst says, Lightspeed Commerce Oper Chief Brandon Nussey Steps Down, Shopping at Kroger can be up to four times cheaper than eating out, CEO says, Broadcom stock moves higher after earnings, forecast beat, Ritchie Bros. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Transaction is expected to be completed in the second quarter of 2022. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. 5 Penny Cryptos With the Most Potential for Growth, 3 Cream-of-the-Crop Growth Stocks to Buy for 2023, Gores Guggenheim Stock Will Pop Post Merger, But Theres Still Time to Buy. However, at one point in mid-November, GGPI stock was trading as high as $16.41. files S-4 for merger with Blade Therapeutics (BBTX). All rights reserved. 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. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. As you might be aware, post-merger, Polestars existing shareholders will own, . The merger with Polestar via SPAC deal to take it public is finally nearing completion. read more. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Its opening more of them anyway. Im a big believer in Alec Gores, the chairman behind this SPAC. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. In December, its currently down almost 16%. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. I share my. Anywhere in between makes it harder to gain customer loyalty. However, it was what he said Polestar is and isnt that caught my attention. I also said that, at these prices, GGPI stock would seem like a steal in a few years. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. 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. March 1, 2023. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Intraday Data provided by FACTSET and subject to terms of use. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. This browser is no longer supported at MarketWatch. Source: Jeppe Gustafsson / Shutterstock.com. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. What's next for bonds in 2023 after the worst year in history, It broke me: Everyone says you need power of attorney, but nobody tells you how hard it is to use. Ultimately, Tyler felt that waiting could get you a better entry point. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. At least, based on its success so far, and on future projections. The fact that the company is moving close to 30,000 units this. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Its a New Era for Tech Stocks. As the deal approaches a close, GGPI shares have formed a solid base of support. So far this year, there have only been 11 SPAC listings valued at $25 million or more. The company is an established EV maker outside the U.S. but not headquartered in China. Im a big believer in Alec Gores, the chairman behind this SPAC. BA sits down with Aria Glasgow, Head of ESG Advisory at Aon, to discuss the intersection ESG and Human Capital and the risk for corporates. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. company, and Gores Guggenheim, Inc. ("Gores Guggenheim") (Nasdaq: GGPI, GGPIW and GGPIU), a special purpose acquisition company ("SPAC") formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced today that they have entered into a definitive business combination agreement (the "Business Combination Agreement"). It will also have a more daring design, InsideEVs reported Ingenlaths comments. The transaction is expected to close in the first half of the year. Copyright 2023 InvestorPlace Media, LLC. 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. The technical storage or access that is used exclusively for anonymous statistical purposes. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. This particular EV play is appealing for two reasons. It was a slower month to kick off the year for SPACs. 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. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. These symbols will be available throughout the site during your session. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Deal Announcement for ISAA /HYPEBEAST . Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. While EV stocks were hot as recently as last fall, thats far from the case today. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Do this now. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. 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. Prior results do not guarantee a similar outcome with respect to any future matter. The focus was entirely on internal combustion-powered vehicles. 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. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. All told, expectations are high for PSNY stock once it begins trading. Cookie Notice (). So naturally, theCEO had a lot to say on the subject. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Thats especially the case with GGPI stock. quotes delayed at least 15 minutes, all others at least 20 minutes. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Under the terms of the agreement, GGPI . This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. The funding will be used to. 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. In 2015, Volvo acquired Polestars high-performance business. Press J to jump to the feed. API access to institutional grade SPAC database. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). 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. However, of the two, GELYY stock volumes are a little higher. A buy under $10 would be an excellent entry point, in my opinion. 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. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Silicon Valley Confronts the End of Growth. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Whats our next move? We earn $400,000 and spend beyond our means. Its safe to say this isnt the best market for an EV company to debut. 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. 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. Insurance Doesnt Have to Be Boring. Gores Guggenheim went public with its initial public offering (IPO) in March. in July and Gores brought $310 million in cash to the deal after redemptions. However, according to Volvo, only 100 were made in the initial year. (C) 2021 Monteverde & Associates PC. Why Chubb Stock Is a Buy. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. 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. Cision Distribution 888-776-0942 For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. The deal is expected to close later today. Is GGPI a buy now in 2021? Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Navigating stock market volatility since it all began in 2000. Investors also like the fact a global automotive giant backs Polestar. He particularly enjoys creating model portfolios that stand the test of time. 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. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.