GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). However, if you own, for China, South Carolina and Europe. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Plus500. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. At $11.20 it's $24 billion. The company, which delivered about 10,000 vehicles last year, said it expects to sell about 290,000 vehicles per year by 2025 and plans to launch three new models by 2024. Post-merger, itll have a market capitalization of $21.8 billion. The technology is used widely in the. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Instead, it would be a niche producer of EVs. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The fact that the company is moving close to 30,000 units this. 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. 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. 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. 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. Will GGPI Stock Rise More After Polestar Merger Date in 2022? 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 opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. News, Media, rumors,and general discussion topics are welcome! 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. While EV stocks were hot as recently as last fall, thats far from the case today. GGPI Gores Guggenheim Inc - Ordinary Shares - Class A As we move into the merger vote, we think GGPI should be trading closer to $20. 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. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Build your trading network; Follow your favorite assets . It is free and there is no cost or obligation to you. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. GGPI: Gores Guggenheim, Inc. Class A: $0: 10/25/2021: On 9/27/2021 the company announced a pending merger with Polestar Automotive, a global pure play, premium electric vehicle ("EV") company based in Sweden. from 8 AM - 9 PM ET. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Reddit and its partners use cookies and similar technologies to provide you with a better experience. The industry leader for online information for tax, accounting and finance professionals. A buy under $10 would be an excellent entry point, in my opinion. Lifes a beach for this Florida FIRE couple, Cant take statins? [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. 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. 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. You might even get a better price in the process.. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. 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. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Copyright 2023 InvestorPlace Media, LLC. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). At writing, its at $9.97 per share, just a penny above its debut price. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. 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. Attorney Advertising. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. 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. "We don't need the capital to build the factory. Transaction is expected to be completed in the second quarter of 2022. However, of the two, GELYY stock volumes are a little higher. The higher the price point, the easier it is to pull off. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans Navigating stock market volatility since it all began in 2000. 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. 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. 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. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. 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. Thats well above where it currently trades under the $11.50 level. Written by Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Also, dont base a decision to buy or not just on a surface level view of the company. . March 1, 2023. 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. 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. 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. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Press J to jump to the feed. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency 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. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. The focus was entirely on internal combustion-powered vehicles. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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. Intraday data delayed at least 15 minutes or per exchange requirements. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All told, expectations are high for PSNY stock once it begins trading. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. In the six weeks since, its moved sideways. Real-time alerts, yields, red flags, filings, investors, and much more. However, GGPI stock drifted. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. This browser is no longer supported at MarketWatch. 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. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. 7 Tech Stocks Worth Snatching Up After Their Tumble. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Excluding employee stock compensation from one measure of earnings make them look more favorable. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. 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. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. The deal relates primarily to the EV makers Model 3. Shares of GGPI are down a little over 2% as of this writing. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Banjo player, artist, and frittata-maker. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The transaction is expected to close in the first half of the year. Cuando utilizas nuestros sitios y aplicaciones, usamos. The deal is expected to close later today. However, according to Volvo, only 100 were made in the initial year. Buy GGPI Before The Merger With Polestar - SeekingAlpha $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 Second, it currently trades at an attractive valuation relative to its prospects. Nasdaq GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq files S-4 for merger with Blade Therapeutics (BBTX). The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. See here for a complete list of exchanges and delays. 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. The critical distinction about Polestar is that its not a startup. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. So far this year, there have only been 11 SPAC listings valued at $25 million or more. 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. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook 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. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Heres what investors should know moving forward. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. All rights reserved. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Whats our next move? Aug. 17 2021, Published 3:11 p.m. Source: Jeppe Gustafsson / Shutterstock.com. 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. What Is the Best EV Stock to Buy Now? Joel Baglole for The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Again, such middling performance could carry on, before and after the deal closing. I share my. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Because if it runs as Polestar it will do so premarket. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Its a New Era for Tech Stocks. Deal Announcement for ISAA /HYPEBEAST . with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. For the best MarketWatch.com experience, please update to a modern browser. 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. On July 8,. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Type a symbol or company name. Both stocks are thinly traded over the counter. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Ive learned in recent years that businesses operating in the middle have less chance of success. 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. 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. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. InvestorPlace is one of Americas largest, longest-standing independent financial research firms.
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