Subscriber Agreement & Terms of Use | On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Navigating stock market volatility since it all began in 2000. However, I also said that investors need not rush to buy the SPAC before the merger happens. In the six weeks since, its moved sideways. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. 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. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. 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. Copyright 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. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. Despite being outside the top 10, its a reasonable amount of exposure. Ultimately, Tyler felt that waiting could get you a better entry point. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. However, at one point in mid-November, GGPI stock was trading as high as $16.41. However, it was what he said Polestar is and isnt that caught my attention. A buy under $10 would be an excellent entry point, in my opinion. Intraday data delayed at least 15 minutes or per exchange requirements. Written by Banking giant TD still wants to buy First Horizon a year after megadeal was announced, but the purchase price may drop, given lower sector valuations. Illusion versus reality. What happens to my Social Security benefit if my husband dies? For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. He was right. The technology is used widely in the vacation rental industry. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I share my. 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. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. It may not be until the supply chain issues are resolved. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The transaction is expected to close in the first half of the year. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. At writing, its at $9.97 per share, just a penny above its debut price. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. February 28, 2023. 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. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Its opening more of them anyway. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Anticipation on GGPI/Polestar merger. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. As the deal approaches a close, GGPI shares have formed a solid base of support. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. See here for a complete list of exchanges and delays. Real-time alerts, yields, red flags, filings, investors, and much more. Critics of the practice include Warren Buffett. Then I realized it was just a survey. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. After the merger, the combined entity. The company is an established EV maker outside the U.S. but not headquartered in China. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. 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. Im a big believer in Alec Gores, the chairman behind this SPAC. In 2013, Polestar launched the Volvo S60 Polestar. It doesnt matter if you have $500 in savings or $5 million. SPAC Merger. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Sign up for free newsletters and get more CNBC delivered to your inbox. Hertz pushing to be the largest EV rental fleet, adding zero emission models. 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. 2023 InvestorPlace Media, LLC. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Type a symbol or company name. Excluding employee stock compensation from one measure of earnings make them look more favorable. 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. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The vehicles will be produced at its new factory in Casa Grande, Arizona. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Ingenlath wants customers that will be loyal to the Polestar brand. Place to discuss GGPI and Polestar. 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It was established to help Volvo win the Swedish Touring Car Championship. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. 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.. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The Company has selected December 31 st as its fiscal year-end. 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. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Got a confidential news tip? 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. 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. It could continue to deliver similar performance in the short-term. 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. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Instead, get to know the company a little better. Is GGPI a buy now in 2021? However, according to Volvo, only 100 were made in the initial year. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Do this now. Im a big believer in Alec Gores, the chairman behind this SPAC. 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. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. The Polestar deal will be supported. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Both stocks are thinly traded over the counter. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. 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 expects to produce 65,000 in 2022 and 290,000 annually 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. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. All quotes are in local exchange time. Prior results do not guarantee a similar outcome with respect to any future matter. All told, expectations are high for PSNY stock once it begins trading. Ends. The merger with Polestar via SPAC deal to take it public is finally nearing completion. . Transaction is expected to be completed in the second quarter of 2022. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The latest deal will provide a key test of investor appetite for SPAC deals after other such transactions in the electric vehicle sector soured over the past few months. 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. did not have (either directly or indirectly) any positions in the securities mentioned in this article. March 1, 2023. Polestars listing gives investors access to an interesting opportunity, however. The critical distinction about Polestar is that its not a startup. 1125 N. Charles St, Baltimore, MD 21201. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. We continue to view GGPI shares as undervalued heading into the merger. [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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). 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. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. 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