Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. However, according to Volvo, only 100 were made in the initial year. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. SPAC Merger | DealFlow's SPAC News The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. At writing, its at $9.97 per share, just a penny above its debut price. In the six weeks since, its moved sideways. The transaction is expected to close in the first half of the year. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Market is a lot different now versus CCIV/LCID times. While EV stocks were hot as recently as last fall, thats far from the case today. Heres why you should consider them. Because if it runs as Polestar it will do so premarket. That company provides digital twins of properties. First, despite its also-ran reputation, its one of the more promising early stage names in this space. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . quotes delayed at least 15 minutes, all others at least 20 minutes. Aug. 17 2021, Published 3:11 p.m. He particularly enjoys creating model portfolios that stand the test of time. The vehicles will be produced at its new factory in Casa Grande, Arizona. However, GGPI stock drifted. Polestar, the Global Electric Performance Car Company, Signs Agreement Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Written by 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. He was right. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). An alternative to Tesla. 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. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. 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. Type a symbol or company name. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). 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. 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. What's next for bonds in 2023 after the worst year in history, It broke me: Everyone says you need power of attorney, but nobody tells you how hard it is to use. 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. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. These symbols will be available throughout the site during your session. Excluding employee stock compensation from one measure of earnings make them look more favorable. News, Media, rumors,and general discussion topics are welcome! 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We use cookies to optimize our website and our service. Share of GGPI closed up 12% today on news that the company has a deal . Its beginning dates back to. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. It was established to help Volvo win the Swedish Touring Car Championship. I entered GGPI and will increase my position tomorrow tho. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. It was a slower month to kick off the year for SPACs. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Will Ashworth has written about investments full-time since 2008. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Place to discuss GGPI and Polestar. It will also have a more daring design, InsideEVs reported Ingenlaths comments. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Copyright 2023 MarketWatch, Inc. All rights reserved. Currently, this stock earns a B rating in my Portfolio Grader. Its safe to say this isnt the best market for an EV company to debut. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. 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. 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. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. 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. The factors still affecting EV stock performance could carry on in the months ahead. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. If you owned common stock in the Company and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The higher the price point, the easier it is to pull off. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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. Merger : GGPI - Reddit Ive learned in recent years that businesses operating in the middle have less chance of success. The technical storage or access that is used exclusively for statistical purposes. However, if you own, for China, South Carolina and Europe. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Two years later, it made a move to electric-powered performance vehicles. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. . Approval of the SPAC deal was widely expected. Silicon Valley Confronts the End of Growth. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Joel Baglole for He lives in Halifax, Nova Scotia. Insurance Doesnt Have to Be Boring. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Prior results do not guarantee a similar outcome with respect to any future matter. Join the Conversation! Nordstroms off-price Rack stores are struggling. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. As the deal approaches a close, GGPI shares have formed a solid base of support. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than, 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. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. I also said that, at these prices, GGPI stock would seem like a steal in a few years. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. For the best MarketWatch.com experience, please update to a modern browser. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. 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. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. 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. However, what he said next did. 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. Don't take it as financial . Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Critics of the practice include Warren Buffett. Plus500. 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. Our Standards: The Thomson Reuters Trust Principles. The fact that the company is moving close to 30,000 units this. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. We earn $400,000 and spend beyond our means. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. . None of the information contained in this reportconstitutes, oris intended to constitute a recommendation by Boardroom Alphaofany particular security or trading strategy or a determination by BAthat any security or trading strategy is suitable for any specificperson. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. The technical storage or access that is used exclusively for anonymous statistical purposes. 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. 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 Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. A Division of NBCUniversal. Privacy Notice | For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. See here for a complete list of exchanges and delays. Ventoux CCM Acquisition Corp. . Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger 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. Recently, I also suggested that, That company provides digital twins of properties. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. At least, based on its success so far, and on future projections. 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Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors.