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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.. 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. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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. But its a very different market now, amidst a more tepid outlook for growth stocks. 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. That said, unlike LCID, which was a pre-revenue, pre-production company, Polestar is very much established, having met its production target of 29,000 cars in 2021. 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. "We don't need the capital to build the factory. Instead, get to know the company a little better. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. The deal is expected to close later today. Ventoux CCM Acquisition Corp. . Copyright 2023 MarketWatch, Inc. All rights reserved. The technology is used widely in the vacation rental industry. Create an account to follow your favorite communities and start taking part in conversations. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. February 28, 2023. Navigating stock market volatility since it all began in 2000. The transaction is expected to close in the first half of the year. Anticipation on GGPI/Polestar merger. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Attorney Advertising. Instead, it would be a niche producer of EVs. Despite being outside the top 10, its a reasonable amount of exposure. read more. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Provided by Benzinga Since. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Since the Swedish electric vehicle (EV) manufacturer announced its merger with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Our Standards: The Thomson Reuters Trust Principles. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). The opinions and information contained herein have been obtained or derived from sources believed to be reliable, butBoardroom Alphacannot guarantee its accuracy and completeness, and thatofthe opinions based thereon. Anyways we could very well see 20-30$. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Boardroom Alpha does not accept any liability for any direct,indirector consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. 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. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. However, over a longer timeframe, it could zoom to price levels well above $20 per share. Privacy Notice | Got a confidential news tip? 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. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Post-merger, itll have a market capitalization of $21.8 billion. Intraday Data provided by FACTSET and subject to terms of use. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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. The company is an established EV maker outside the U.S. but not headquartered in China. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. 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. Thats especially the case with GGPI stock. API access to institutional grade SPAC database. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Get this delivered to your inbox, and more info about our products and services. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). That company provides digital twins of properties. Polestar looks to be a nich brand, which makes GGPI stock attractive here. Yet while its made this major progress, its not resulting in a big move for shares. Press J to jump to the feed. Its safe to say this isnt the best market for an EV company to debut. Amidst production hiccups at rivals, Polestar is delivering. And Im not even a total car geek. So naturally, theCEO had a lot to say on the subject. Don't take it as financial . 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. 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. As the deal approaches a close, GGPI shares have formed a solid base of support. Nordstroms off-price Rack stores are struggling. 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. Then I realized it was just a survey. 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. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Cision Distribution 888-776-0942 Despite being outside the top 10, its a reasonable amount of exposure. 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. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. It may not be until the supply chain issues are resolved. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. . In 2013, Polestar launched the Volvo S60 Polestar. Right now investors are paying. All quotes delayed a minimum of 15 minutes. The funding will be used to. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. 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. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. Its opening more of them anyway. If you owned common stock in the Company and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. All told, expectations are high for PSNY stock once it begins trading. 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. 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Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. However, thats an entirely different subject than whether you should buy GGPI at todays prices. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Comprehensive research and analytics on every SPAC, sponsor, and deal. This relationship gives Polestar access to manufacturing in Chinas as well as facilities in Europe and the U.S. Geely has a 2022 target of 1.65 million vehicles. At $11.20 it's $24 billion. Illusion versus reality. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. 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. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. The Company has selected December 31 st as its fiscal year-end. Enthusiasm about the. GGPI shares starting to regain momentum ahead of merger vote. Whats our next move? Ive learned in recent years that businesses operating in the middle have less chance of success. Build your trading network; Follow your favorite assets . Aug. 17 2021, Published 3:11 p.m. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. However, according to Volvo, only 100 were made in the initial year. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Therefore, it might make sense to buy now before the merger, rather than afterwards. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Type a symbol or company name. These symbols will be available throughout the site during your session. 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. The Polestar deal will be supported. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. 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. In December, its currently down almost 16%. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. . It will also have a more daring design, InsideEVs reported Ingenlaths comments. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Its beginning dates back to. in July and Gores brought $310 million in cash to the deal after redemptions. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Visit a quote page and your recently viewed tickers will be displayed here. 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. 1125 N. Charles St, Baltimore, MD 21201. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. 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. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The company is headquartered in Sweden but manufactures its EVs in China. On July 8,. Deal Announcement for ISAA /HYPEBEAST . Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). 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. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. GGPI Stock News. 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. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . It is free and there is no cost or obligation to you. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. $GGPI $PSNY @Polestar introduces Tech and Design updates on Polestar 2 The battery is improved increased cell chemistry that provides a higher capacity -This leads to increased range,faster charging, and higher motor output in addition to the design element changes listed in the article either via e-mail at [emailprotected] or by telephone at (212) 971-1341. The focus was entirely on internal combustion-powered vehicles. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Merging with Colombier Acquisition in $200M Deal. The Gravity performance luxury SUV is expected to come to market in North America in 2023. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. See here for a complete list of exchanges and delays. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. Featured. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Thats well above where it currently trades under the $11.50 level. 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit. This browser is no longer supported at MarketWatch. 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. See here for a complete list of exchanges and delays. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Mergers and Acquisitions Lightspeed Commerce Oper Chief Brandon Nussey Steps Down Shopping at Kroger can be up to four times cheaper than eating out, CEO says ACI 0.00% Broadcom stock moves. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Its anyones guess when exactly EV stocks will take off again. 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Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. We continue to view GGPI shares as undervalued heading into the merger. This particular EV play is appealing for two reasons. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. Join the Conversation! However, GGPI stock drifted. The higher the price point, the easier it is to pull off. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Copyright Initial orders are for the Polestar 2 sedan. Place to discuss GGPI and Polestar. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. I entered GGPI and will increase my position tomorrow tho. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. SPAC Merger. The latest deal will provide a key test of investor appetite for SPAC deals after other such transactions in the electric vehicle sector soured over the past few months. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. 1125 N. Charles St, Baltimore, MD 21201. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. GGPI / Polestar trades higher on HTZ deal . While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Polestars listing gives investors access to an interesting opportunity, however. The technical storage or access that is used exclusively for statistical purposes. While EV stocks were hot as recently as last fall, thats far from the case today. A Division of NBCUniversal. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. As you might be aware, post-merger, Polestars existing shareholders will own, . Recently, I also suggested that, That company provides digital twins of properties. 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. 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. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. SPAC Merger. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Our 3 Top Picks. Real-time alerts, yields, red flags, filings, investors, and much more. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Under the terms of the agreement, GGPI . First, despite its also-ran reputation, its one of the more promising early stage names in this space. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. And Im not the only one. All rights reserved. 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. 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. 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. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Many EV enthusiasts see its focus on performance vehicles as a differentiator. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. In the six weeks since, its moved sideways. Objective, data-driven assessments for every public company director and officer. Cookie Notice (). The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. 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. It was established to help Volvo win the Swedish Touring Car Championship. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Ultimately, Tyler felt that waiting could get you a better entry point. Ultimately, Tyler felt that waiting could get you a better entry point. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Also, dont base a decision to buy or not just on a surface level view of the company. In 2015, Volvo acquired Polestars high-performance business. Market is a lot different now versus CCIV/LCID times. What Is the Best EV Stock to Buy Now? As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. 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. . Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. 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. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. The decision is yours to make. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Source: Jeppe Gustafsson / Shutterstock.com. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. from 8 AM - 9 PM ET. What happens to my Social Security benefit if my husband dies? The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year.