Based on a $49K starting price, the deal is valued at ~$3.2B. Intraday data delayed at least 15 minutes or per exchange requirements. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Our 3 Top Picks. 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. It was a slower month to kick off the year for SPACs. Therefore, it might make sense to buy now before the merger, rather than afterwards. Historical and current end-of-day data provided by FACTSET. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. 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. I entered GGPI and will increase my position tomorrow tho. 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. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. 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. 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. Cuando utilizas nuestros sitios y aplicaciones, usamos. On the date of publication, Will Ashworth. At least, based on its success so far, and on future projections. Real-time alerts, yields, red flags, filings, investors, and much more. As you might be aware, post-merger, Polestars existing shareholders will own, . However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. That company provides digital twins of properties. Amidst production hiccups at rivals, Polestar is delivering. A buy under $10 would be an excellent entry point, in my opinion. Despite being outside the top 10, its a reasonable amount of exposure. The Polestar deal will be supported. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. GGPI / Polestar trades higher on HTZ deal . 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. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. See here for a complete list of exchanges and delays. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Still think GGPI is undervalued. Gores Guggenheim went public with its initial public offering (IPO) in March. 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. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). The industry leader for online information for tax, accounting and finance professionals. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). 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. Lifes a beach for this Florida FIRE couple, Cant take statins? And Im not even a total car geek. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Is GGPI a buy now in 2021? 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). In 2013, Polestar launched the Volvo S60 Polestar. 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 combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. 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. Do this now. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. Visit a quote page and your recently viewed tickers will be displayed here. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. 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. 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 Company has selected December 31 st as its fiscal year-end. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Transaction is expected to be completed in the second quarter of 2022. 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. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Intraday Data provided by FACTSET and subject to terms of use. The focus was entirely on internal combustion-powered vehicles. Initial orders are for the Polestar 2 sedan. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. 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. 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. In December, its currently down almost 16%. All quotes delayed a minimum of 15 minutes. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Hertz pushing to be the largest EV rental fleet, adding zero emission models. 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. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). SPAC Merger. Theres even room for more lines. The factors still affecting EV stock performance could carry on in the months ahead. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. 2023 CNBC LLC. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. 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. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. 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. See here for a complete list of exchanges and delays. So naturally, theCEO had a lot to say on the subject. Yet while its made this major progress, its not resulting in a big move for shares. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. About the Car Design Award. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Im a big believer in Alec Gores, the chairman behind this SPAC. 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. The decision is yours to make. 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. 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. Got a confidential news tip? Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 2023 InvestorPlace Media, LLC. 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. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. 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. , including Geely at a 3.22% weighting. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. did not have (either directly or indirectly) any positions in the securities mentioned in this article. We continue to view GGPI shares as undervalued heading into the merger. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The vehicles will be produced at its new factory in Casa Grande, Arizona. Type a symbol or company name. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. "We don't need the capital to build the factory. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. The technology is used widely in the vacation rental industry. 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. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. It will also have a more daring design, InsideEVs reported Ingenlaths comments. mostrar anuncios y contenido personalizados basados en perfiles de inters; medir la efectividad de los anuncios y el contenido personalizados, y. desarrollar y mejorar nuestros productos y servicios. He lives in Halifax, Nova Scotia. Excluding employee stock compensation from one measure of earnings make them look more favorable. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Both stocks are thinly traded over the counter. 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. 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. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Sign up below to get this incredible offer! The company is headquartered in Sweden but manufactures its EVs in China. 1125 N. Charles St, Baltimore, MD 21201. Thats especially the case with GGPI stock. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. And Im not the only one. Comprehensive research and analytics on every SPAC, sponsor, and deal. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. 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 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. Im a big believer in Alec Gores, the chairman behind this SPAC. API access to institutional grade SPAC database. We earn $400,000 and spend beyond our means. Aug. 17 2021, Published 3:11 p.m. 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. Its a New Era for Tech Stocks. Merging with Colombier Acquisition in $200M Deal. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Currently, this stock earns a B rating in my Portfolio Grader. It may not be until the supply chain issues are resolved. Whats our next move? Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. What happens to my Social Security benefit if my husband dies? All quotes are in local exchange time. Its anyones guess when exactly EV stocks will take off again. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Create an account to follow your favorite communities and start taking part in conversations. However, over a longer timeframe, it could zoom to price levels well above $20 per share. Nordstroms off-price Rack stores are struggling. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. Deal Announcement for ISAA /HYPEBEAST . He lives in Halifax, Nova Scotia. 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. . Heres what investors should know moving forward. Shares of GGPI are down a little over 2% as of this writing. Get this delivered to your inbox, and more info about our products and services. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. The merger with Polestar via SPAC deal to take it public is finally nearing completion. All told, expectations are high for PSNY stock once it begins trading. Illusion versus reality. The technology is used widely in the. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. All Rights Reserved. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. Anyways we could very well see 20-30$. 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"). Copy and paste multiple symbols separated by spaces. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. in July and Gores brought $310 million in cash to the deal after redemptions. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. 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. 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.. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Attorney Advertising. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. 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. 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. . Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Polestar's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. 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. Copyright 2023 MarketWatch, Inc. All rights reserved. Anticipation on GGPI/Polestar merger. For the best MarketWatch.com experience, please update to a modern browser. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 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. 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. Insurance Doesnt Have to Be Boring. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. 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. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Stock Prodigy Who Found NIO at $2 Says Buy THIS. The transaction is expected to close in the first half of the year. Press J to jump to the feed. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). After the merger, the combined entity. Recently, I also suggested that, That company provides digital twins of properties. Then I realized it was just a survey. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. The deal is expected to close later today. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. The deal relates primarily to the EV makers Model 3. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. 1125 N. Charles St, Baltimore, MD 21201. Defends Financial Benefits of IAA Deal. However, of the two, GELYY stock volumes are a little higher. Copyright Provided by Benzinga Since. He was right. GGPI shares starting to regain momentum ahead of merger vote. Banjo player, artist, and frittata-maker. The higher the price point, the easier it is to pull off. Also, dont base a decision to buy or not just on a surface level view of the company. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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 opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The funding will be used to. Market is a lot different now versus CCIV/LCID times. When typing in this field, a list of search results will appear and be automatically updated as you type. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Its beginning dates back to. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Share of GGPI closed up 12% today on news that the company has a deal . Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. Instead, it would be a niche producer of EVs. Prior results do not guarantee a similar outcome with respect to any future matter. It was established to help Volvo win the Swedish Touring Car Championship. The Gravity performance luxury SUV is expected to come to market in North America in 2023. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. These symbols will be available throughout the site during your session. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Create your Watchlist to save your favorite quotes on Nasdaq.com. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. This browser is no longer supported at MarketWatch. Accumulated other comprehensive incom Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here.
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