Im a big believer in Alec Gores, the chairman behind this SPAC. 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. Enthusiasm about the. I also said that, at these prices, GGPI stock would seem like a steal in a few years. The focus was entirely on internal combustion-powered vehicles. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Silicon Valley Confronts the End of Growth. Attorney Advertising. Thats especially the case with GGPI stock. See here for a complete list of exchanges and delays. Anticipation on GGPI/Polestar merger. The technology is used widely in the. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Hertz pushing to be the largest EV rental fleet, adding zero emission models. Real-time alerts, yields, red flags, filings, investors, and much more. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. , including Geely at a 3.22% weighting. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. . What happens to my Social Security benefit if my husband dies? Joel Baglole for When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Sign up below to get this incredible offer! 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. So far this year, there have only been 11 SPAC listings valued at $25 million or more. February 28, 2023. Critics of the practice include Warren Buffett. However, it was what he said Polestar is and isnt that caught my attention. 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. You might even get a better price in the process.. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. He lives in Halifax, Nova Scotia. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. 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. The technical storage or access that is used exclusively for statistical purposes. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Copyright 2023 InvestorPlace Media, LLC. No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. 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. Type a symbol or company name. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. Place to discuss GGPI and Polestar. 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. The focus was entirely on internal combustion-powered vehicles. Nasdaq Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Nordstroms off-price Rack stores are struggling. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Get this delivered to your inbox, and more info about our products and services. 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. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Based on a $49K starting price, the deal is valued at ~$3.2B. Assuming it hits its growth targets, delivering a six-figure amount of vehicles annually, and generating tens of billions in annual sales, within three years. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Press question mark to learn the rest of the keyboard shortcuts. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. For the best MarketWatch.com experience, please update to a modern browser. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Juan Monteverde, founder and managing partner of the firm Monteverde & Associates PC ("M&A Firm"), a national securities firm ratedTop 50in the 2018-2020 ISS Securities Class Action Services Report and headquartered at theEmpire State Buildingin New York City, is investigatingGores Guggenheim. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. EQT Buys Majority Stake in South Korean Security Provider SK Shieldus, Nagarro 4Q Ebitda Rose; Backs 2023 Outlook, SFS Group 2022 Sales Rose Boosted By Hoffman Acquisition, Ipsen Completes Acquisition of Albireo Pharma. 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. Presumably, the deal, which will result in the company taking on the Polestar name, and GGPI stock becoming PSNY stock, will close not too long after that. in July and Gores brought $310 million in cash to the deal after redemptions. We are a national class action securities litigation law firm that has recovered millions of dollars and is committed to protecting shareholders from corporate wrongdoing. Ultimately, Tyler felt that waiting could get you a better entry point. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. However, according to Volvo, only 100 were made in the initial year. Its a New Era for Tech Stocks. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. It previously said it has another model in development called the Precept, which is a larger sedan. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Provided by Benzinga Since. However, GGPI stock drifted. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. 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. Cookie Notice (). Im 66, we have more than $2 million, I just want to golf can I retire? In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Privacy Notice | InvestorPlace is one of Americas largest, longest-standing independent financial research firms. . 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. Instead, it would be a niche producer of EVs. Written by LOS ANGELES & GOTHENBURG, Sweden, June 21, 2022 -- ( BUSINESS WIRE )--Gores Guggenheim, Inc. ("Gores Guggenheim" or the "Company") (NASDAQ: GGPI, GGPIU and GGPIW), a special purpose acquisition. The premium EV maker's offering includes two models a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 which are currently on roads across Europe, North America and Asia. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Our 3 Top Picks. 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. Novembers SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Banjo player, artist, and frittata-maker. The deal relates primarily to the EV makers Model 3. 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. Ingenlath wants customers that will be loyal to the Polestar brand. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. "We don't need the capital to build the factory. All Rights Reserved. Market is a lot different now versus CCIV/LCID times. 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. GGPI Stock News. 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. Volkswagen's Scout to build $2 bln plant in South Carolina, Mercedes-Benz begins building battery recycling factory in southern Germany, Reporting by Krystal Hu in New York, Nick Carey in London, Sohini Podder and Anirban Sen in Bengaluru; Editing by Peter Cooney, Krishna Chandra Eluri and Shailesh Kuber, Tesla recalls 3,470 Model Y vehicles over loose bolts, Mexico can't match U.S. incentives for proposed Tesla battery plant, minister says, Ford looking at ways to boost gas-powered F-150 production, Rivian stands by 2023 production target despite media report, Nissan and Mexican workers agree to 9% raise at Morelos plant, union says, Media report that UAE considering leaving OPEC not true - sources, France's nuclear output hit by strike at EDF, As space junk threat grows, government and investors seek solutions, U.S. CDC issues advisory after confirmed measles case in Kentucky, Exclusive news, data and analytics for financial market professionals. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Anyways we could very well see 20-30$. Share of GGPI closed up 12% today on news that the company has a deal . Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Excluding employee stock compensation from one measure of earnings make them look more favorable. [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. Copyright The higher the price point, the easier it is to pull off. EV maker Polestar going public via a SPAC with Gores Guggenheim. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Intraday Data provided by FACTSET and subject to terms of use. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Don't take it as financial . For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. 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. SPAC Merger. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). PublicSq. From the day the Polestar 1 was launched, I have been a fan of the brands designs. 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. Type a symbol or company name. Approval of the SPAC deal was widely expected. ET It has been over a month since the rumor started floating that the SPAC Gores Guggenheim (GGPI) could merge with premium EV manufacturer Polestar. What Is the Best EV Stock to Buy Now? 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. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. . Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Banking giant TD still wants to buy First Horizon a year after megadeal was announced, but the purchase price may drop, given lower sector valuations. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Instead, get to know the company a little better. Build your trading network; Follow your favorite assets . Anticipation on GGPI/Polestar merger. The critical distinction about Polestar is that its not a startup. Visit a quote page and your recently viewed tickers will be displayed here. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The Company has selected December 31 st as its fiscal year-end. 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. He particularly enjoys creating model portfolios that stand the test of time.