Prior results do not guarantee a similar outcome with respect to any future matter. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Will Ashworth has written about investments full-time since 2008. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Because if it runs as Polestar it will do so premarket. Sept 27 (Reuters) - Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. And Im not even a total car geek. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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. 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. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube Currently, this stock earns a B rating in my Portfolio Grader. 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 provided by FACTSET and subject to terms of use. All quotes are in local exchange time. quotes delayed at least 15 minutes, all others at least 20 minutes. At least, based on its success so far, and on future projections. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Comprehensive research and analytics on every SPAC, sponsor, and deal. 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. SPAC 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. Heres why you should consider them. Moreover, Polestar put together a very good slide deck presentation . SPAC Merger | DealFlow's SPAC News It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. However, according to Volvo, only 100 were made in the initial year. $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 Provided by Benzinga Since. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. After the merger, the combined entity. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Plus500. A buy under $10 would be an excellent entry point, in my opinion. Will GGPI Stock Spike After the Polestar Merger Announcement? Get this delivered to your inbox, and more info about our products and services. 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. In 2013, Polestar launched the Volvo S60 Polestar. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. This browser is no longer supported at MarketWatch. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The technical storage or access that is used exclusively for statistical purposes. 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. The deal is expected to close later today. Two years later, it made a move to electric-powered performance vehicles. Data is a real-time snapshot *Data is delayed at least 15 minutes. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. files S-4 for merger with Blade Therapeutics (BBTX). 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. Illusion versus reality. Second, it currently trades at an attractive valuation relative to its prospects. It doesnt matter if you have $500 in savings or $5 million. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Both stocks are thinly traded over the counter. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with Build your trading network; Follow your favorite assets . Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. Cookie Notice (). The decision is yours to make. . Anticipation on GGPI/Polestar merger. Copyright Copyright 2023 MarketWatch, Inc. All rights reserved. . Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Approval of the SPAC deal was widely expected. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Cuando utilizas nuestros sitios y aplicaciones, usamos. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Again, such middling performance could carry on, before and after the deal closing. 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. It is free and there is no cost or obligation to you. Polestar's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. Thats especially the case with GGPI stock. Based on a $49K starting price, the deal is valued at ~$3.2B. 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. 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. It could continue to deliver similar performance in the short-term. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. 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. Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. So naturally, theCEO had a lot to say on the subject. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. The factors still affecting EV stock performance could carry on in the months ahead. "We don't need the capital to build the factory. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim GGPI / Polestar gaining momentum on 5-Year HTZ Deal However, GGPI stock drifted. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. It will also have a more daring design, InsideEVs reported Ingenlaths comments. 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. 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. 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. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 1125 N. Charles St, Baltimore, MD 21201. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. What happens to my Social Security benefit if my husband dies? Do this now. DWAC (Digital World Acquisition) Accumulated other comprehe Still think GGPI is undervalued. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. Real-time alerts, yields, red flags, filings, investors, and much more. Will GGPI Stock Rise More After Polestar Merger Date in 2022? A Division of NBCUniversal. 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. As you might be aware, post-merger, Polestars existing shareholders will own, . 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. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Im a big believer in Alec Gores, the chairman behind this SPAC. SPAC Merger. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Press J to jump to the feed. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. When typing in this field, a list of search results will appear and be automatically updated as you type. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). The focus was entirely on internal combustion-powered vehicles. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Visit a quote page and your recently viewed tickers will be displayed here. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. See here for a complete list of exchanges and delays. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Copyright 2023 InvestorPlace Media, LLC. Despite being outside the top 10, its a reasonable amount of exposure. Instead, get to know the company a little better. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. 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. 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Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace Ends. We earn $400,000 and spend beyond our means. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. However, thats an entirely different subject than whether you should buy GGPI at todays prices. At writing, its at $9.97 per share, just a penny above its debut price. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
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