Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Pending SPAC Mergers - Stock Market MBA The company is an established EV maker outside the U.S. but not headquartered in China. Subscriber Agreement & Terms of Use |
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace The technology is used widely in the vacation rental industry. Will GGPI Stock Spike After the Polestar Merger Announcement? Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. For the best MarketWatch.com experience, please update to a modern browser. API access to institutional grade SPAC database. 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. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. However, if you own, for China, South Carolina and Europe. Historical and current end-of-day data provided by FACTSET. 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. Buy GGPI Before The Merger With Polestar - SeekingAlpha However, according to Volvo, only 100 were made in the initial year. See here for a complete list of exchanges and delays. Place to discuss GGPI and Polestar. Why Chubb Stock Is a Buy. However, over a longer timeframe, it could zoom to price levels well above $20 per share. Create your Watchlist to save your favorite quotes on Nasdaq.com. GGPI / Polestar trades higher on HTZ deal . Labor representatives at a Nissan Motor Co Ltd plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Critics of the practice include Warren Buffett. However, GGPI stock drifted. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. The transaction is expected to close in the first half of the year. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Do this now. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim, assuming no share redemptions by public stockholders of the blank-check firm. Source: Jeppe Gustafsson / Shutterstock.com. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. Don't take it as financial . Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. SPAC Merger. Copyright Merger : GGPI - Reddit In the six weeks since, its moved sideways. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). PublicSq. Its anyones guess when exactly EV stocks will take off again. Ventoux CCM Acquisition Corp. . Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. The Gravity performance luxury SUV is expected to come to market in North America in 2023. However, it was what he said Polestar is and isnt that caught my attention. He lives in Halifax, Nova Scotia. 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. The vehicles will be produced at its new factory in Casa Grande, Arizona. Moreover, Polestar put together a very good slide deck presentation . 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. 2023 InvestorPlace Media, LLC. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. You might even get a better price in the process.. Deal Announcement for ISAA /HYPEBEAST . Anticipation on GGPI/Polestar merger. 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. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. files S-4 for merger with Blade Therapeutics (BBTX). All quotes delayed a minimum of 15 minutes. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. 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. Anywhere in between makes it harder to gain customer loyalty. All rights reserved. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Still think GGPI is undervalued. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. At $11.20 it's $24 billion. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Get this delivered to your inbox, and more info about our products and services. We earn $400,000 and spend beyond our means. 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. Nordstroms off-price Rack stores are struggling. Silicon Valley Confronts the End of Growth. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. As we move into the merger vote, we think GGPI should be trading closer to $20. Owner Earnings per Share (TTM) explanation, calculation, his Right now investors are paying. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. Two years later, it made a move to electric-powered performance vehicles. The deal relates primarily to the EV makers Model 3. The deal announcement stated it would close before June 30, 2022. And Im not even a total car geek. From the day the Polestar 1 was launched, I have been a fan of the brands designs. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. An alternative to Tesla. Polestar's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. Its a New Era for Tech Stocks. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. What Is the Best EV Stock to Buy Now? Anyways we could very well see 20-30$. 1125 N. Charles St, Baltimore, MD 21201. 2023 CNBC LLC. Transaction is expected to be completed in the second quarter of 2022. 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. At least, based on its success so far, and on future projections. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Ingenlath wants customers that will be loyal to the Polestar brand. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Type a symbol or company name. The partnership with Polestar builds on Hertzs announcement last October to offer its customers the largest EV rental fleet in North America and one of the largest in the world. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. The Company has selected December 31 st as its fiscal year-end. 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. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. It will also have a more daring design, InsideEVs reported Ingenlaths comments. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. While EV stocks were hot as recently as last fall, thats far from the case today. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy It was established to help Volvo win the Swedish Touring Car Championship. "We don't need the capital to build the factory. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. It could continue to deliver similar performance in the short-term. It was established to help Volvo win the Swedish Touring Car Championship. Both stocks are thinly traded over the counter. GGPI hasn't announced a definitive merger date with Polestar but the two companies expect to complete the business combination in the first half of 2022. Investors also like the fact a global automotive giant backs Polestar. Nasdaq When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The technology is used widely in the. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. Will Ashworth has written about investments full-time since 2008. It was a slower month to kick off the year for SPACs. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Despite being outside the top 10, its a reasonable amount of exposure. GGPI Gores Guggenheim Inc - Ordinary Shares - Class A GGPI Stock News. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News 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. (C) 2021 Monteverde & Associates PC. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. As I stated in January, I think GGPI stock soon to be PSNY once the merger is completed is an excellent long-term buy, primarily because it already has sold 29,000 vehicles (2021), it. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. The Polestar deal will be supported. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. The EV just looks nice. Our 3 Top Picks. 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. Real-time alerts, yields, red flags, filings, investors, and much more. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). Sign up for free newsletters and get more CNBC delivered to your inbox. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). The company is headquartered in Sweden but manufactures its EVs in China. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). 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. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. 1125 N. Charles St, Baltimore, MD 21201. Stock Market | Daily Penny Alerts The focus was entirely on internal combustion-powered vehicles. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Got a confidential news tip? 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. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. He particularly enjoys creating model portfolios that stand the test of time. Gores Guggenheim went public with its initial public offering (IPO) in March. Prior results do not guarantee a similar outcome with respect to any future matter. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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.