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Copyright 2023 InvestorPlace Media, LLC. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. However, of the two, GELYY stock volumes are a little higher. Insurance Doesnt Have to Be Boring. He was right. Yet while its made this major progress, its not resulting in a big move for shares. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Whats our next move? Is GGPI a buy now in 2021? 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. Our 3 Top Picks. Real-time alerts, yields, red flags, filings, investors, and much more. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. What happens to my Social Security benefit if my husband dies? Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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. Aug. 17 2021, Published 3:11 p.m. He particularly enjoys creating model portfolios that stand the test of time. This particular EV play is appealing for two reasons. 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. SPAC Merger. 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. I also said that, at these prices, GGPI stock would seem like a steal in a few years. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The vehicles will be produced at its new factory in Casa Grande, Arizona. 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 shares starting to regain momentum ahead of merger vote. 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. A buy under $10 would be an excellent entry point, in my opinion. 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. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. A recovery may not happen until the market has absorbed the changes in economic and market conditions. I share my. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. The higher the price point, the easier it is to pull off. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Many EV enthusiasts see its focus on performance vehicles as a differentiator. We use cookies to optimize our website and our service. 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. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. What Is the Best EV Stock to Buy Now? Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Privacy Notice | Plus500. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. While EV stocks were hot as recently as last fall, thats far from the case today. Transaction is expected to be completed in the second quarter of 2022. 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 EV just looks nice. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. It previously said it has another model in development called the Precept, which is a larger sedan. 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. 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. All quotes delayed a minimum of 15 minutes. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Nasdaq Anyways we could very well see 20-30$. Enthusiasm about the. Intraday data delayed at least 15 minutes or per exchange requirements. Hertz pushing to be the largest EV rental fleet, adding zero emission models. 1125 N. Charles St, Baltimore, MD 21201. Don't take it as financial . Recently, I also suggested that, That company provides digital twins of properties. These symbols will be available throughout the site during your session. Thats well above where it currently trades under the $11.50 level. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. He lives in Halifax, Nova Scotia. However, I also said that investors need not rush to buy the SPAC before the merger happens. The transaction is expected to close in the first half of the year. The technical storage or access that is used exclusively for anonymous statistical purposes. From the day the Polestar 1 was launched, I have been a fan of the brands designs. 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. 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. A Division of NBCUniversal. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. 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. Comprehensive research and analytics on every SPAC, sponsor, and deal. Polestars listing gives investors access to an interesting opportunity, however. The transaction is expected to close in the first half of the year. 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. 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 from next year. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The company is an established EV maker outside the U.S. but not headquartered in China. However, over a longer timeframe, it could zoom to price levels well above $20 per share. For the best MarketWatch.com experience, please update to a modern browser. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Provided by Benzinga Since. Merging with Colombier Acquisition in $200M Deal. Instead, get to know the company a little better. The focus was entirely on internal combustion-powered vehicles. 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. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Deal Announcement for ISAA /HYPEBEAST . Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. 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. Prior results do not guarantee a similar outcome with respect to any future matter. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. 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. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Based on a $49K starting price, the deal is valued at ~$3.2B. 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. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. The decision is yours to make. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Defends Financial Benefits of IAA Deal. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. This browser is no longer supported at MarketWatch. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. The volatility amongst EV manufacturers has been significant in the second half of 2021. 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. Thats especially the case with GGPI stock. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Got a confidential news tip? For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. Will Ashworth has written about investments full-time since 2008. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Also, dont base a decision to buy or not just on a surface level view of the company. In what stands to be a pivotal year for the future of the market, we recap January. He particularly enjoys creating model portfolios that stand the test of time. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Press question mark to learn the rest of the keyboard shortcuts. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. in July and Gores brought $310 million in cash to the deal after redemptions. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. The critical distinction about Polestar is that its not a startup. Owner Earnings per Share (TTM) explanation, calculation, his The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. However, at one point in mid-November, GGPI stock was trading as high as $16.41. 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. Type a symbol or company name. The Gravity performance luxury SUV is expected to come to market in North America in 2023. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. 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. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. The funding will be used to. GGPI Stock News. Im 66, we have more than $2 million, I just want to golf can I retire? SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. All told, expectations are high for PSNY stock once it begins trading. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Ultimately, Tyler felt that waiting could get you a better entry point. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. "We don't need the capital to build the factory. Its beginning dates back to. 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. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. At least, based on its success so far, and on future projections. 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. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Im a big believer in Alec Gores, the chairman behind this SPAC. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Since the Swedish electric vehicle (EV) manufacturer announced its merger. The focus was entirely on internal combustion-powered vehicles. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. , including Geely at a 3.22% weighting. Post-merger, itll have a market capitalization of $21.8 billion. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. All rights reserved. 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. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. API access to institutional grade SPAC database. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. We want to hear from you. 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. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. ET It has been over a month since the rumor started floating that the SPAC Gores Guggenheim (GGPI) could merge with premium EV manufacturer Polestar. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Im a big believer in Alec Gores, the chairman behind this SPAC. Its anyones guess when exactly EV stocks will take off again. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Despite being outside the top 10, its a reasonable amount of exposure. Because if it runs as Polestar it will do so premarket. 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. On the date of publication, Will Ashworth. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Copyright 2023 MarketWatch, Inc. All rights reserved. Shares of GGPI are down a little over 2% as of this writing. February 28, 2023. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Market is a lot different now versus CCIV/LCID times. 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. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. read more. In December, its currently down almost 16%. March 1, 2023. It was established to help Volvo win the Swedish Touring Car Championship. 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. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. In the six weeks since, its moved sideways. And Im not the only one. However, according to Volvo, only 100 were made in the initial year. 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. Both stocks are thinly traded over the counter. how to make ricotta with rennet tablets, physical therapy research topics 2021,

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