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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. It was established to help Volvo win the Swedish Touring Car Championship. An alternative to Tesla. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. The higher the price point, the easier it is to pull off. Joel Baglole for 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. Enthusiasm about the. Reddit and its partners use cookies and similar technologies to provide you with a better experience. As you might be aware, post-merger, Polestars existing shareholders will own, . Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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 focus was entirely on internal combustion-powered vehicles. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Post-merger, itll have a market capitalization of $21.8 billion. Anticipation on GGPI/Polestar merger. Its anyones guess when exactly EV stocks will take off again. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. From the day the Polestar 1 was launched, I have been a fan of the brands designs. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. 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. Do this now. Two years later, it made a move to electric-powered performance vehicles. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. So naturally, theCEO had a lot to say on the subject. Excluding employee stock compensation from one measure of earnings make them look more favorable. Hertz pushing to be the largest EV rental fleet, adding zero emission models. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Share of GGPI closed up 12% today on news that the company has a deal . Amidst production hiccups at rivals, Polestar is delivering. 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. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://www.monteverdelaw.com/case/gores-guggenheim-inc, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Adamis Pharmaceuticals Corp. - ADMP, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Ranger Oil Corp. - ROCC. Under the terms of the agreement, GGPI . We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. 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. Insurance Doesnt Have to Be Boring. However, GGPI stock drifted. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. Data is a real-time snapshot *Data is delayed at least 15 minutes. All quotes delayed a minimum of 15 minutes. Navigating stock market volatility since it all began in 2000. 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.. Press J to jump to the feed. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. 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. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. 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. I entered GGPI and will increase my position tomorrow tho. 7 Tech Stocks Worth Snatching Up After Their Tumble. Nordstroms off-price Rack stores are struggling. In the six weeks since, its moved sideways. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. 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"). The fact that the company is moving close to 30,000 units this. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. It doesnt matter if you have $500 in savings or $5 million. 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. It is free and there is no cost or obligation to you. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Based on a $49K starting price, the deal is valued at ~$3.2B. 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. The Polestar deal will be supported. Plus500. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. About the Car Design Award. 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. 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. 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. 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. Source: Jeppe Gustafsson / Shutterstock.com. News, Media, rumors,and general discussion topics are welcome! As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. 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. 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. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. 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 technology is used widely in the vacation rental industry. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). 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. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. On July 8,. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. 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. Theres even room for more lines. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. 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. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Type a symbol or company name. Create your Watchlist to save your favorite quotes on Nasdaq.com. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Aug. 17 2021, Published 3:11 p.m. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Ends. Lifes a beach for this Florida FIRE couple, Cant take statins? 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. After the merger, the combined entity. Still think GGPI is undervalued. Because if it runs as Polestar it will do so premarket. 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. 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. 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. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. However, according to Volvo, only 100 were made in the initial year. 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. For the best MarketWatch.com experience, please update to a modern browser. The deal is expected to close later today. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Deal Announcement for ISAA /HYPEBEAST . 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 also said that, at these prices, GGPI stock would seem like a steal in a few years. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. First, despite its also-ran reputation, its one of the more promising early stage names in this space. , including Geely at a 3.22% weighting. 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. Comprehensive research and analytics on every SPAC, sponsor, and deal. Banjo player, artist, and frittata-maker. 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The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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 transaction is expected to close in the first half of the year. And Im not the only one. The company is an established EV maker outside the U.S. but not headquartered in China. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Attorney Advertising. 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 a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Instead, get to know the company a little better. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). That company provides digital twins of properties. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Is GGPI a buy now in 2021? 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. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. Transaction is expected to be completed in the second quarter of 2022. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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