Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. read more. The premium EV maker's offering includes two models a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 which are currently on roads across Europe, North America and Asia. Visit a quote page and your recently viewed tickers will be displayed here. However, I also said that investors need not rush to buy the SPAC before the merger happens. As you might be aware, post-merger, Polestars existing shareholders will own, . Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. The volatility amongst EV manufacturers has been significant in the second half of 2021. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Currently, this stock earns a B rating in my Portfolio Grader. Polestar looks to be a nich brand, which makes GGPI stock attractive here. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . The Gravity performance luxury SUV is expected to come to market in North America in 2023. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Im a big believer in Alec Gores, the chairman behind this SPAC. Lifes a beach for this Florida FIRE couple, Cant take statins? Accumulated other comprehensive incom 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. 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. 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. 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. Create your Watchlist to save your favorite quotes on Nasdaq.com. Stock Market | Daily Penny Alerts Banjo player, artist, and frittata-maker. 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. Both stocks are thinly traded over the counter. 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. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Privacy Notice | Attorney Advertising. The higher the price point, the easier it is to pull off. 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. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Therefore, it might make sense to buy now before the merger, rather than afterwards. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Polestars listing gives investors access to an interesting opportunity, however. 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. Intraday data delayed at least 15 minutes or per exchange requirements. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. 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. Will GGPI Stock Rise More After Polestar Merger Date in 2022? But its a very different market now, amidst a more tepid outlook for growth stocks. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. 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. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Subscriber Agreement & Terms of Use | either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Pending SPAC Mergers - Stock Market MBA Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. 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. SPAC Merger. 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. Prior results do not guarantee a similar outcome with respect to any future matter. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. Amidst production hiccups at rivals, Polestar is delivering. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Instead, get to know the company a little better. The Polestar deal will be supported. Critics of the practice include Warren Buffett. Still think GGPI is undervalued. 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 focus was entirely on internal combustion-powered vehicles. in July and Gores brought $310 million in cash to the deal after redemptions. Cision Distribution 888-776-0942 The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Intraday Data provided by FACTSET and subject to terms of use. 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. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. So naturally, theCEO had a lot to say on the subject. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The transaction is expected to close in the first half of the year. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Data is a real-time snapshot *Data is delayed at least 15 minutes. GGPI shares starting to regain momentum ahead of merger vote. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. In 2013, Polestar launched the Volvo S60 Polestar. What Is the Best EV Stock to Buy Now? [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. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. However, according to Volvo, only 100 were made in the initial year. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. At least, based on its success so far, and on future projections. from 8 AM - 9 PM ET. On the date of publication, Will Ashworth. Its a New Era for Tech Stocks. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. 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. . On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Buy GGPI Before The Merger With Polestar - SeekingAlpha As the deal approaches a close, GGPI shares have formed a solid base of support. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. 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. 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. Do this now. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency Insurance Doesnt Have to Be Boring. Enthusiasm about the. Joel Baglole for Nasdaq Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. See here for a complete list of exchanges and delays. 1125 N. Charles St, Baltimore, MD 21201. "We don't need the capital to build the factory. files S-4 for merger with Blade Therapeutics (BBTX). As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). 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. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. 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. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. 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. The technical storage or access that is used exclusively for statistical purposes. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Also, dont base a decision to buy or not just on a surface level view of the company. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Press J to jump to the feed. 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. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). 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. Type a symbol or company name. I share my. 7 Tech Stocks Worth Snatching Up After Their Tumble. Deal Announcement for ISAA /HYPEBEAST . API access to institutional grade SPAC database. 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. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. 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. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). 2023 CNBC LLC. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Press question mark to learn the rest of the keyboard shortcuts. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. DWACW (Digital World Acquisition) Owner Earnings per Share SPAC Merger. 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. 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. Join the Conversation! Moreover, Polestar put together a very good slide deck presentation . All Rights Reserved. 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. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. The technology is used widely in the. This browser is no longer supported at MarketWatch. At writing, its at $9.97 per share, just a penny above its debut price. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Anticipation on GGPI/Polestar merger. Despite being outside the top 10, its a reasonable amount of exposure. Cuando utilizas nuestros sitios y aplicaciones, usamos. . We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Thats especially the case with GGPI stock. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. GGPI Stock News. 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"). Defends Financial Benefits of IAA Deal. 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. ggpi-10q_20210630.htm The deal announcement stated it would close before June 30, 2022. The factors still affecting EV stock performance could carry on in the months ahead. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. Excluding employee stock compensation from one measure of earnings make them look more favorable.
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