ggpi merger announcement

Type a symbol or company name. Also, dont base a decision to buy or not just on a surface level view of the company. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. Written by Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Hertz pushing to be the largest EV rental fleet, adding zero emission models. 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. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Polestars listing gives investors access to an interesting opportunity, however. 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. Stock Market | Daily Penny Alerts As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. What Is the Best EV Stock to Buy Now? The technical storage or access that is used exclusively for statistical purposes. 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. DWACW (Digital World Acquisition) Owner Earnings per Share 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. On the date of publication, Will Ashworth. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. 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. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. 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. Shares of GGPI are down a little over 2% as of this writing. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Our Standards: The Thomson Reuters Trust Principles. However, according to Volvo, only 100 were made in the initial year. 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. Is GGPI a buy now in 2021? However, GGPI stock drifted. This particular EV play is appealing for two reasons. Based on a $49K starting price, the deal is valued at ~$3.2B. 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. Instead, get to know the company a little better. Got a confidential news tip? This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Yet while its made this major progress, its not resulting in a big move for shares. And Im not the only one. 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. Despite being outside the top 10, its a reasonable amount of exposure. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC All Rights Reserved. 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. In the six weeks since, its moved sideways. Intraday Data provided by FACTSET and subject to terms of use. 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. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. For the best MarketWatch.com experience, please update to a modern browser. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. As the deal approaches a close, GGPI shares have formed a solid base of support. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. 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 combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. $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 This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. GGPI shares starting to regain momentum ahead of merger vote. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Cuando utilizas nuestros sitios y aplicaciones, usamos. 1125 N. Charles St, Baltimore, MD 21201. Its anyones guess when exactly EV stocks will take off again. He lives in Halifax, Nova Scotia. SPAC Merger. Privacy Notice | Will GGPI Stock Rise More After Polestar Merger Date in 2022? Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. 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. Joel Baglole for This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Defends Financial Benefits of IAA Deal. Buy GGPI Before The Merger With Polestar - SeekingAlpha Its beginning dates back to. 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. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Illusion versus reality. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Initial orders are for the Polestar 2 sedan. The focus was entirely on internal combustion-powered vehicles. from 8 AM - 9 PM ET. Instead, it would be a niche producer of EVs. As we move into the merger vote, we think GGPI should be trading closer to $20. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. However, of the two, GELYY stock volumes are a little higher. An alternative to Tesla. 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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). Don't take it as financial . It was a slower month to kick off the year for SPACs. Heres why you should consider them. February 28, 2023. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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.. Instead, get to know the company a little better. In 2013, Polestar launched the Volvo S60 Polestar. 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. Nordstroms off-price Rack stores are struggling. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). So far this year, there have only been 11 SPAC listings valued at $25 million or more. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. It doesnt matter if you have $500 in savings or $5 million. Polestar looks to be a nich brand, which makes GGPI stock attractive here. Prior results do not guarantee a similar outcome with respect to any future matter. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. 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. 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. Ultimately, Tyler felt that waiting could get you a better entry point. 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. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. We continue to view GGPI shares as undervalued heading into the merger. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. 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. 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. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Critics of the practice include Warren Buffett. Thats especially the case with GGPI stock. [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. However, if you own, for China, South Carolina and Europe. Get this delivered to your inbox, and more info about our products and services. Heres what investors should know moving forward. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. 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. 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. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy 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. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. The merger with Polestar via SPAC deal to take it public is finally nearing completion. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Anywhere in between makes it harder to gain customer loyalty. 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. 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. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim 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. Its beginning dates back to 1996. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). 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. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Pending SPAC Mergers - Stock Market MBA SPAC Merger | DealFlow's SPAC News Intraday data delayed at least 15 minutes or per exchange requirements. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Will Ashworth has written about investments full-time since 2008. 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. 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. As you might be aware, post-merger, Polestars existing shareholders will own, . Insurance Doesnt Have to Be Boring. 2023 CNBC LLC. Merging with Colombier Acquisition in $200M Deal. 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. . That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 2023 InvestorPlace Media, LLC. I share my. In December, its currently down almost 16%. "We don't need the capital to build the factory. The critical distinction about Polestar is that its not a startup. 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. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. . 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. Its safe to say this isnt the best market for an EV company to debut. The deal relates primarily to the EV makers Model 3. The company is an established EV maker outside the U.S. but not headquartered in China. 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It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Enthusiasm about the. 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. 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. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Recently, I also suggested that, That company provides digital twins of properties. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. A recovery may not happen until the market has absorbed the changes in economic and market conditions. 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. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Sign up for free newsletters and get more CNBC delivered to your inbox. The higher the price point, the easier it is to pull off. The factors still affecting EV stock performance could carry on in the months ahead. Investors also like the fact a global automotive giant backs Polestar. While EV stocks were hot as recently as last fall, thats far from the case today. , including Geely at a 3.22% weighting. Copyright Gores Guggenheim went public with its initial public offering (IPO) in March. in July and Gores brought $310 million in cash to the deal after redemptions. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! 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. Around the same time as my article, fellow InvestorPlace contributor Chris Tyler argued that technical analysis of the stock suggested the beginning of December wasnt the time to buy either. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. GGPI - , Reddit Mentions and Sentiments | Memeberg Terminal Press question mark to learn the rest of the keyboard shortcuts. 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. Subscriber Agreement & Terms of Use | In what stands to be a pivotal year for the future of the market, we recap January. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. 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. 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. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. 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. 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. Ventoux CCM Acquisition Corp. . He particularly enjoys creating model portfolios that stand the test of time. Approval of the SPAC deal was widely expected. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. In 2015, Volvo acquired Polestars high-performance business. Under the terms of the agreement, GGPI . 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 fact that the company is moving close to 30,000 units this. Provided by Benzinga Since. 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.