ggpi merger announcement

The factors still affecting EV stock performance could carry on in the months ahead. Our Standards: The Thomson Reuters Trust Principles. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC 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. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. He lives in Halifax, Nova Scotia. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. 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 technical storage or access that is used exclusively for anonymous statistical purposes. 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. Whats our next move? Polestar looks to be a nich brand, which makes GGPI stock attractive here. from 8 AM - 9 PM ET. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls The higher the price point, the easier it is to pull off. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Aug. 17 2021, Published 3:11 p.m. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. 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. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Objective, data-driven assessments for every public company director and officer. However, at one point in mid-November, GGPI stock was trading as high as $16.41. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). Don't take it as financial . Again, such middling performance could carry on, before and after the deal closing. (C) 2021 Monteverde & Associates PC. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. I share my. However, if you own, for China, South Carolina and Europe. In what stands to be a pivotal year for the future of the market, we recap January. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. 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. Create an account to follow your favorite communities and start taking part in conversations. 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. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. quotes delayed at least 15 minutes, all others at least 20 minutes. The company is headquartered in Sweden but manufactures its EVs in China. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans Therefore, it might make sense to buy now before the merger, rather than afterwards. Anywhere in between makes it harder to gain customer loyalty. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. What happens to my Social Security benefit if my husband dies? GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq Data is a real-time snapshot *Data is delayed at least 15 minutes. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Based on a $49K starting price, the deal is valued at ~$3.2B. 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. 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. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Provided by Benzinga Since. It will also have a more daring design, InsideEVs reported Ingenlaths comments. 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. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. 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. Heres what investors should know moving forward. Instead, it would be a niche producer of EVs. 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. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. 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. Will Ashworth has written about investments full-time since 2008. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Pending SPAC Mergers - Stock Market MBA However, I also said that investors need not rush to buy the SPAC before the merger happens. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. And Im not the only one. 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. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. 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. The technology is used widely in the. 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. 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. Post-merger, itll have a market capitalization of $21.8 billion. 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. The deal is expected to close later today. did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Lifes a beach for this Florida FIRE couple, Cant take statins? However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. This browser is no longer supported at MarketWatch. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Thats well above where it currently trades under the $11.50 level. Copyright However, thats an entirely different subject than whether you should buy GGPI at todays prices. In 2013, Polestar launched the Volvo S60 Polestar. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The Company has selected December 31 st as its fiscal year-end. At writing, its at $9.97 per share, just a penny above its debut price. Initial orders are for the Polestar 2 sedan. Will GGPI Stock Spike After the Polestar Merger Announcement? Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). 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 Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim, assuming no share redemptions by public stockholders of the blank-check firm. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. He lives in Halifax, Nova Scotia. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. 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. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. The Polestar deal will be supported. Real-time alerts, yields, red flags, filings, investors, and much more. Enthusiasm about the. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace At $11.20 it's $24 billion. Copyright 2023 InvestorPlace Media, LLC. Sept 27 (Reuters) - Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. 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. 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. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Got a confidential news tip? Im 66, we have more than $2 million, I just want to golf can I retire? Its opening more of them anyway. Plus500. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Ultimately, Tyler felt that waiting could get you a better entry point. He was right. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Heres why you should consider them. 2023 InvestorPlace Media, LLC. Ingenlath wants customers that will be loyal to the Polestar brand. As we move into the merger vote, we think GGPI should be trading closer to $20. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Ultimately, Tyler felt that waiting could get you a better entry point. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Cookie Notice (). After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Still think GGPI is undervalued. 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. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. In the six weeks since, its moved sideways. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Yet while its made this major progress, its not resulting in a big move for shares. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). SPAC Merger. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. 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. 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 critical distinction about Polestar is that its not a startup. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Build your trading network; Follow your favorite assets . Reddit and its partners use cookies and similar technologies to provide you with a better experience. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Right now investors are paying. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. 7 Tech Stocks Worth Snatching Up After Their Tumble. On the date of publication, Will Ashworth. 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! At the time of this writing, the stock is down 2.83% on the day, closing in on $11. 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. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Mergers and Acquisitions news coverage - MarketWatch Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. 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. The industry leader for online information for tax, accounting and finance professionals. Why Chubb Stock Is a Buy. 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. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). . First, despite its also-ran reputation, its one of the more promising early stage names in this space. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Its safe to say this isnt the best market for an EV company to debut. 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 may not be until the supply chain issues are resolved. GGPI Gores Guggenheim Inc - Ordinary Shares - Class A As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Excluding employee stock compensation from one measure of earnings make them look more favorable. Thats especially the case with GGPI stock. He particularly enjoys creating model portfolios that stand the test of time. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 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.. The funding will be used to. Nordstroms off-price Rack stores are struggling. 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. Will Ashworth has written about investments full-time since 2008. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. At least, based on its success so far, and on future projections. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim The technology is used widely in the vacation rental industry. Currently, this stock earns a B rating in my Portfolio Grader. Critics of the practice include Warren Buffett. Its a New Era for Tech Stocks. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. , including Geely at a 3.22% weighting. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. I also said that, at these prices, GGPI stock would seem like a steal in a few years. Defends Financial Benefits of IAA Deal. Despite being outside the top 10, its a reasonable amount of exposure. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. The merger with Polestar via SPAC deal to take it public is finally nearing completion. 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. That company provides digital twins of properties. 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. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. 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. 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. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. About the Car Design Award. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. 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. Joel Baglole for 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. A Division of NBCUniversal. Theres even room for more lines. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. 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. . Source: Jeppe Gustafsson / Shutterstock.com. 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. 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. A buy under $10 would be an excellent entry point, in my opinion. What Is the Best EV Stock to Buy Now? In December, its currently down almost 16%. It was established to help Volvo win the Swedish Touring Car Championship. It will also have a more daring design,, The CEO came out and said Polestar wasnt going to be, As I stated in January, I think GGPI stock soon to be. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Despite being outside the top 10, its a reasonable amount of exposure. The Gravity performance luxury SUV is expected to come to market in North America in 2023. 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. Im a big believer in Alec Gores, the chairman behind this SPAC. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. 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. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC 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. These symbols will be available throughout the site during your session. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. 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. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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