ggpi merger announcement

The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. In 2013, Polestar launched the Volvo S60 Polestar. 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. 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. Got a confidential news tip? 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. Defends Financial Benefits of IAA Deal. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Don't take it as financial . Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). What happens to my Social Security benefit if my husband dies? Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. The transaction is expected to close in the first half of the year. Im 66, we have more than $2 million, I just want to golf can I retire? Copy and paste multiple symbols separated by spaces. 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. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. Instead, get to know the company a little better. . Navigating stock market volatility since it all began in 2000. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds 52nd wealthiest person. February 28, 2023. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. Featured. What Is the Best EV Stock to Buy Now? See here for a complete list of exchanges and delays. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Im a big believer in Alec Gores, the chairman behind this SPAC. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Excluding employee stock compensation from one measure of earnings make them look more favorable. 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. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than Rivian (NASDAQ:RIVN) in the long term. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. 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. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. Sure, its excellent that Polestar plans to be sportier, more focused on the driving experience, than it does on being a luxury ride, but these particular words didnt move me. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Place to discuss GGPI and Polestar. 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. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Create your Watchlist to save your favorite quotes on Nasdaq.com. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Copyright For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. The industry leader for online information for tax, accounting and finance professionals. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Create an account to follow your favorite communities and start taking part in conversations. But its a very different market now, amidst a more tepid outlook for growth stocks. 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. 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. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. 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. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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. Nasdaq 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. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. 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. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Press question mark to learn the rest of the keyboard shortcuts. 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Charles St, Baltimore, MD 21201. Under the terms of the agreement, GGPI . An alternative to Tesla. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Shares of GGPI are down a little over 2% as of this writing. SPAC Merger. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Its a New Era for Tech Stocks. 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 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. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Initial orders are for the Polestar 2 sedan. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. All told, expectations are high for PSNY stock once it begins trading. 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. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. 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Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Again, such middling performance could carry on, before and after the deal closing. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Accumulated other comprehensive incom In 2015, Volvo acquired Polestars high-performance business. 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. 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. It previously said it has another model in development called the Precept, which is a larger sedan. 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. All rights reserved. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Despite being outside the top 10, its a reasonable amount of exposure. The focus was entirely on internal combustion-powered vehicles. The technology is used widely in the vacation rental industry. Anticipation on GGPI/Polestar merger. PublicSq. Cuando utilizas nuestros sitios y aplicaciones, usamos. All quotes delayed a minimum of 15 minutes. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Therefore, it might make sense to buy now before the merger, rather than afterwards. Insurance Doesnt Have to Be Boring. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. Since the Swedish electric vehicle (EV) manufacturer announced its merger. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. 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. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. For the best MarketWatch.com experience, please update to a modern browser. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Theres even room for more lines. The Polestar deal will be supported. 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"). Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Market is a lot different now versus CCIV/LCID times. Instead, it would be a niche producer of EVs. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Why Chubb Stock Is a Buy. Because if it runs as Polestar it will do so premarket. Cision Distribution 888-776-0942 (C) 2021 Monteverde & Associates PC. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. SPAC Merger. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Do this now. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Its beginning dates back to. After the merger, the combined entity. The volatility amongst EV manufacturers has been significant in the second half of 2021. That company provides digital twins of properties. Yet while its made this major progress, its not resulting in a big move for shares. To the extent anyof the information contained herein may bedeemed to be investment advice, such information is impersonal and nottailored to the investment needs of any specific person. A buy under $10 would be an excellent entry point, in my opinion. 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. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. 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. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. I entered GGPI and will increase my position tomorrow tho. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Amidst production hiccups at rivals, Polestar is delivering. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. 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. 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. 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. Critics of the practice include Warren Buffett. I share my. In the six weeks since, its moved sideways. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). 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. 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. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Currently, this stock earns a B rating in my Portfolio Grader. Post-merger, itll have a market capitalization of $21.8 billion. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. You might even get a better price in the process.. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Approval of the SPAC deal was widely expected. These symbols will be available throughout the site during your session. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. Thats especially the case with GGPI stock. The decision is yours to make. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. However, GGPI stock drifted. The fact that the company is moving close to 30,000 units this. 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. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). 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. It was established to help Volvo win the Swedish Touring Car Championship. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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. Source: Jeppe Gustafsson / Shutterstock.com. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. As we move into the merger vote, we think GGPI should be trading closer to $20. 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. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. The company is headquartered in Sweden but manufactures its EVs in China. When typing in this field, a list of search results will appear and be automatically updated as you type. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Then I realized it was just a survey. 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. The critical distinction about Polestar is that its not a startup. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. At least, based on its success so far, and on future projections. On the date of publication, Will Ashworth. 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. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. The vehicles will be produced at its new factory in Casa Grande, Arizona. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. The factors still affecting EV stock performance could carry on in the months ahead. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Hertz pushing to be the largest EV rental fleet, adding zero emission models. 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. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. At $11.20 it's $24 billion. Historical and current end-of-day data provided by FACTSET. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. We use cookies to optimize our website and our service. GGPI / Polestar trades higher on HTZ deal . Whats our next move? Is GGPI a buy now in 2021? He lives in Halifax, Nova Scotia. Recently, I also suggested that, That company provides digital twins of properties. The technical storage or access that is used exclusively for anonymous statistical purposes. Anticipation on GGPI/Polestar merger.

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