About the Car Design Award. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Create an account to follow your favorite communities and start taking part in conversations. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. On July 8,. SPAC Merger. That company provides digital twins of properties. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). 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. We continue to view GGPI shares as undervalued heading into the merger. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. 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. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Theres even room for more lines. 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. Aug. 17 2021, Published 3:11 p.m. For the best MarketWatch.com experience, please update to a modern browser. Copy and paste multiple symbols separated by spaces. 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. On the date of publication, Will Ashworth. Heres what investors should know moving forward. Copyright 2023 MarketWatch, Inc. All rights reserved. At writing, its at $9.97 per share, just a penny above its debut price. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. As you might be aware, post-merger, Polestars existing shareholders will own, . Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. 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. Ends. . Nasdaq Our 3 Top Picks. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. As we move into the merger vote, we think GGPI should be trading closer to $20. The industry leader for online information for tax, accounting and finance professionals. Nordstroms off-price Rack stores are struggling. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. 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. 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. . Enthusiasm about the. Defends Financial Benefits of IAA Deal. Market is a lot different now versus CCIV/LCID times. 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Ultimately, Tyler felt that waiting could get you a better entry point. 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. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. 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. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. 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. You might even get a better price in the process.. 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. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Im a big believer in Alec Gores, the chairman behind this SPAC. Type a symbol or company name. 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. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. However, according to Volvo, only 100 were made in the initial year. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Type a symbol or company name. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. However, it was what he said Polestar is and isnt that caught my attention. Source: Jeppe Gustafsson / Shutterstock.com. It was established to help Volvo win the Swedish Touring Car Championship. Intraday data delayed at least 15 minutes or per exchange requirements. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Gores Guggenheim went public with its initial public offering (IPO) in March. It previously said it has another model in development called the Precept, which is a larger sedan. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. 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. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. 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. 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.. Press question mark to learn the rest of the keyboard shortcuts. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. He was right. 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"). An alternative to Tesla. Thats especially the case with GGPI stock. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. We want to hear from you. Polestar looks to be a nich brand, which makes GGPI stock attractive here. All quotes are in local exchange time. The higher the price point, the easier it is to pull off. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . It was a slower month to kick off the year for SPACs. Polestars listing gives investors access to an interesting opportunity, however. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. (C) 2021 Monteverde & Associates PC. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Post-merger, itll have a market capitalization of $21.8 billion. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Despite being outside the top 10, its a reasonable amount of exposure. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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 SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. 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. 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. Currently, this stock earns a B rating in my Portfolio Grader. Sign up for free newsletters and get more CNBC delivered to your inbox. It may not be until the supply chain issues are resolved. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. The fact that the company is moving close to 30,000 units this. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. The focus was entirely on internal combustion-powered vehicles. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Right now investors are paying. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. 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 Gravity performance luxury SUV is expected to come to market in North America in 2023. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. GGPI shares starting to regain momentum ahead of merger vote. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. So naturally, theCEO had a lot to say on the subject. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. The transaction is expected to close in the first half of the year. As the deal approaches a close, GGPI shares have formed a solid base of support. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . BA sits down with Aria Glasgow, Head of ESG Advisory at Aon, to discuss the intersection ESG and Human Capital and the risk for corporates. 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. I also said that, at these prices, GGPI stock would seem like a steal in a few years. The focus was entirely on internal combustion-powered vehicles. Sign up below to get this incredible offer! 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. Amidst production hiccups at rivals, Polestar is delivering. It could continue to deliver similar performance in the short-term. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. See here for a complete list of exchanges and delays. Its beginning dates back to. Its opening more of them anyway. It will also have a more daring design, InsideEVs reported Ingenlaths comments. 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. And Im not the only one. He lives in Halifax, Nova Scotia. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Still think GGPI is undervalued. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. The merger with Polestar via SPAC deal to take it public is finally nearing completion. 1125 N. Charles St, Baltimore, MD 21201. Our Standards: The Thomson Reuters Trust Principles. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. 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. 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. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Anywhere in between makes it harder to gain customer loyalty. 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. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Anyways we could very well see 20-30$. Anticipation on GGPI/Polestar merger. 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. In what stands to be a pivotal year for the future of the market, we recap January. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Anticipation on GGPI/Polestar merger. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. 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. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Insurance Doesnt Have to Be Boring. 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. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. 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. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Despite being outside the top 10, its a reasonable amount of exposure. Amidst a proxy fight with Trian, Walt Disney Co. (DIS) announced that it will cut ~7k jobs as part of a $5.5B cost savings plan. 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. Initial orders are for the Polestar 2 sedan. Is GGPI a buy now in 2021? Accumulated other comprehensive incom The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Instead, it would be a niche producer of EVs. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Illusion versus reality. He particularly enjoys creating model portfolios that stand the test of time. 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. Shares of GGPI are down a little over 2% as of this writing. 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. In the six weeks since, its moved sideways. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. It is free and there is no cost or obligation to you. did not have (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. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Do this now. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions.