Source: Jeppe Gustafsson / Shutterstock.com. 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. 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. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . In other words, hes saying if you buy a Polestar, youll be getting something unique and special. 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. No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. But its a very different market now, amidst a more tepid outlook for growth stocks. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Approval of the SPAC deal was widely expected. What happens to my Social Security benefit if my husband dies? Will Ashworth has written about investments full-time since 2008. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). The company is headquartered in Sweden but manufactures its EVs in China. Do this now. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. $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 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Whats our next move? GGPI Stock News. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. The focus was entirely on internal combustion-powered vehicles. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. It may not be until the supply chain issues are resolved. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Heres why you should consider them. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. 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. Its beginning dates back to 1996. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. 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. This browser is no longer supported at MarketWatch. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The company raised $550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo's U.S. plant in South Carolina beginning next year. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. Many EV enthusiasts see its focus on performance vehicles as a differentiator. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. February 28, 2023. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Enthusiasm about the. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Aug. 17 2021, Published 3:11 p.m. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Is GGPI a buy now in 2021? 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. A Division of NBCUniversal. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). All Rights Reserved. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Currently, this stock earns a B rating in my Portfolio Grader. All rights reserved. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Create your Watchlist to save your favorite quotes on Nasdaq.com. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Press question mark to learn the rest of the keyboard shortcuts. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. It was established to help Volvo win the Swedish Touring Car Championship. In December, its currently down almost 16%. The company is an established EV maker outside the U.S. but not headquartered in China. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. 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. from 8 AM - 9 PM ET. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. 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. Visit a quote page and your recently viewed tickers will be displayed here. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. In 2015, Volvo acquired Polestars high-performance business. Post-merger, itll have a market capitalization of $21.8 billion. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. 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. All quotes delayed a minimum of 15 minutes. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. 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. 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. The transaction is expected to close in the first half of the year. Its anyones guess when exactly EV stocks will take off again. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Since the Swedish electric vehicle (EV) manufacturer announced its merger. We earn $400,000 and spend beyond our means. 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. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. 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. As the deal approaches a close, GGPI shares have formed a solid base of support. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. Instead, it would be a niche producer of EVs. 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. Intraday data delayed at least 15 minutes or per exchange requirements. And Im not even a total car geek. 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. Its safe to say this isnt the best market for an EV company to debut. However, if you own, for China, South Carolina and Europe. Historical and current end-of-day data provided by FACTSET. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. As you might be aware, post-merger, Polestars existing shareholders will own, . Join the Conversation! InvestorPlace - Stock Market News, Stock Advice & Trading Tips. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. About the Car Design Award. Under the terms of the agreement, GGPI . 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. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Ends. Its opening more of them anyway. 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. Copyright 2023 InvestorPlace Media, LLC. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. A recovery may not happen until the market has absorbed the changes in economic and market conditions. 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. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. The transaction is expected to close in the first half of the year. Deal Announcement for ISAA /HYPEBEAST . Right now investors are paying. 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. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Hertz pushing to be the largest EV rental fleet, adding zero emission models. However, it was what he said Polestar is and isnt that caught my attention. Attorney Advertising. See here for a complete list of exchanges and delays. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. This particular EV play is appealing for two reasons. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. News, Media, rumors,and general discussion topics are welcome! 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. Type a symbol or company name. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Navigating stock market volatility since it all began in 2000. 2023 InvestorPlace Media, LLC. "We don't need the capital to build the factory. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. 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. [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 predicts it will rake in $1.6 billion in revenue this year and double that number next year. The technology is used widely in the vacation rental industry. The critical distinction about Polestar is that its not a startup. Objective, data-driven assessments for every public company director and officer. Im a big believer in Alec Gores, the chairman behind this SPAC. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. However, according to Volvo, only 100 were made in the initial year. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. 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. Instead, get to know the company a little better. Critics of the practice include Warren Buffett. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. The decision is yours to make. However, I also said that investors need not rush to buy the SPAC before the merger happens. Instead, get to know the company a little better. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. 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. It is free and there is no cost or obligation to you. Its a New Era for Tech Stocks. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Its beginning dates back to. Shares of GGPI are down a little over 2% as of this writing. (C) 2021 Monteverde & Associates PC. 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. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. 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. 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. Accumulated other comprehensive incom We want to hear from you. 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. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. What Is the Best EV Stock to Buy Now? On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). We continue to view GGPI shares as undervalued heading into the merger. 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. Once the deal is completed, Polestar will trade under the ticker 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. Anyways we could very well see 20-30$. So naturally, theCEO had a lot to say on the subject. Polestar looks to be a nich brand, which makes GGPI stock attractive here. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. 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"). The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Build your trading network; Follow your favorite assets . Therefore, it might make sense to buy now before the merger, rather than afterwards. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). 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. See here for a complete list of exchanges and delays. Banjo player, artist, and frittata-maker. SPAC Merger. In a media statement, Gores Guggenheim confirmed that its shareholders voted to approve the combination with Polestar which will bring the European EV maker to the public market. Investors also like the fact a global automotive giant backs Polestar. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. A buy under $10 would be an excellent entry point, in my opinion. He particularly enjoys creating model portfolios that stand the test of time. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. Despite being outside the top 10, its a reasonable amount of exposure. The company raised $550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo's U.S. plant in South Carolina from next year. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. 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. And Im not the only one. Copy and paste multiple symbols separated by spaces. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Still think GGPI is undervalued. 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. GGPI shares starting to regain momentum ahead of merger vote. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. For the best MarketWatch.com experience, please update to a modern browser. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. 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 no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The higher the price point, the easier it is to pull off.
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