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. It could continue to deliver similar performance in the short-term. We continue to view GGPI shares as undervalued heading into the merger. 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. At writing, its at $9.97 per share, just a penny above its debut price. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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. We want to hear from you. The factors still affecting EV stock performance could carry on in the months ahead. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. 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. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Type a symbol or company name. 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 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. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Data is a real-time snapshot *Data is delayed at least 15 minutes. See here for a complete list of exchanges and delays. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. 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.. 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 2014, it mass-produced both the S60 and V60 for sale in eight markets. Deal Announcement for ISAA /HYPEBEAST . 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 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. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Cuando utilizas nuestros sitios y aplicaciones, usamos. The higher the price point, the easier it is to pull off. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. Will Ashworth has written about investments full-time since 2008. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. As the deal approaches a close, GGPI shares have formed a solid base of support. 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. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. 2023 InvestorPlace Media, LLC. The volatility amongst EV manufacturers has been significant in the second half of 2021. 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. Since the Swedish electric vehicle (EV) manufacturer announced its merger. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Get this delivered to your inbox, and more info about our products and services. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. 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. Intraday Data provided by FACTSET and subject to terms of use. Owner Earnings per Share (TTM) explanation, calculation, his He lives in Halifax, Nova Scotia. The company is an established EV maker outside the U.S. but not headquartered in China. GGPI Stock News. 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. Plus500. $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 Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Im 66, we have more than $2 million, I just want to golf can I retire? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. The critical distinction about Polestar is that its not a startup. Despite being outside the top 10, its a reasonable amount of exposure. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). 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. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. 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. 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. We earn $400,000 and spend beyond our means. The decision is yours to make. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. 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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. 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 was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Join the Conversation! He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Again, such middling performance could carry on, before and after the deal closing. Our 3 Top Picks. Our firm's recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Its beginning dates back to 1996. While EV stocks were hot as recently as last fall, thats far from the case today. 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. Despite being outside the top 10, its a reasonable amount of exposure. 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 technology is used widely in the. Ultimately, Tyler felt that waiting could get you a better entry point. Ventoux CCM Acquisition Corp. . Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. 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 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. 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. 2023 CNBC LLC. . If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. quotes delayed at least 15 minutes, all others at least 20 minutes. However, I also said that investors need not rush to buy the SPAC before the merger happens. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Do this now. 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. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Therefore, it might make sense to buy now before the merger, rather than afterwards. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. 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. Ingenlath wants customers that will be loyal to the Polestar brand. 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. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). 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. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The funding will be used to. Insurance Doesnt Have to Be Boring. However, over a longer timeframe, it could zoom to price levels well above $20 per share. 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. Copyright 2023 MarketWatch, Inc. All rights reserved. All rights reserved. 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. Visit a quote page and your recently viewed tickers will be displayed here. Banjo player, artist, and frittata-maker. The focus was entirely on internal combustion-powered vehicles. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. 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. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. 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"). 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. GGPI: Gores Guggenheim, Inc. Class A: $0: 10/25/2021: On 9/27/2021 the company announced a pending merger with Polestar Automotive, a global pure play, premium electric vehicle ("EV") company based in Sweden. 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 were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Navigating stock market volatility since it all began in 2000. Amidst production hiccups at rivals, Polestar is delivering. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Press J to jump to the feed. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Lifes a beach for this Florida FIRE couple, Cant take statins? What Is the Best EV Stock to Buy Now? The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Both stocks are thinly traded over the counter. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. In 2013, Polestar launched the Volvo S60 Polestar. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. [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. It previously said it has another model in development called the Precept, which is a larger sedan. The technology is used widely in the vacation rental industry. 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. Historical and current end-of-day data provided by FACTSET. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Polestars listing gives investors access to an interesting opportunity, however. 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. Anywhere in between makes it harder to gain customer loyalty. All quotes delayed a minimum of 15 minutes. Currently, this stock earns a B rating in my Portfolio Grader. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. SPAC Merger. The Polestar deal will be supported. Lorem ipsum dolor sit amet, consectetur adipiscing elit. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. 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. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. The fact that the company is moving close to 30,000 units this. GGPI hasn't announced a definitive merger date with Polestar but the two companies expect to complete the business combination in the first half of 2022. Under the terms of the agreement, GGPI . Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Investors also like the fact a global automotive giant backs Polestar. Real-time alerts, yields, red flags, filings, investors, and much more. 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. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. 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. Polestar looks to be a nich brand, which makes GGPI stock attractive here. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. As I stated in January, I think GGPI stock soon to be PSNY once the merger is completed is an excellent long-term buy, primarily because it already has sold 29,000 vehicles (2021), it expects to produce 65,000 in 2022 and 290,000 annually by 2025. 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. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. He lives in Halifax, Nova Scotia. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The focus was entirely on internal combustion-powered vehicles. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. And Im not the only one. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Prior results do not guarantee a similar outcome with respect to any future matter. He was right. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Thats especially the case with GGPI stock. Written by 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. 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. Post-merger, itll have a market capitalization of $21.8 billion. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. However, according to Volvo, only 100 were made in the initial year. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. However, it was what he said Polestar is and isnt that caught my attention.