Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans Both stocks are thinly traded over the counter. Got a confidential news tip? At $11.20 it's $24 billion. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than Rivian (NASDAQ:RIVN) in the long term. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. Insurance Doesnt Have to Be Boring. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. What happens to my Social Security benefit if my husband dies? Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! DWACW (Digital World Acquisition) Owner Earnings per Share 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. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Get this delivered to your inbox, and more info about our products and services. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . 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. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. 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. 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. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. from 8 AM - 9 PM ET. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). Our 3 Top Picks. You might even get a better price in the process.. 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 CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Hertz pushing to be the largest EV rental fleet, adding zero emission models. The EV just looks nice. Recently, I also suggested that, That company provides digital twins of properties. Copyright 2023 InvestorPlace Media, LLC. Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. 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. I share my. Will GGPI Stock Rise More After Polestar Merger Date in 2022? InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. EV maker Polestar going public via a SPAC with Gores Guggenheim. March 1, 2023. When typing in this field, a list of search results will appear and be automatically updated as you type. API access to institutional grade SPAC database. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Anticipation on GGPI/Polestar merger. And Im not even a total car geek. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Im a big believer in Alec Gores, the chairman behind this SPAC. In 2013, Polestar launched the Volvo S60 Polestar. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. The technical storage or access that is used exclusively for statistical purposes. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. On July 8,. 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. An alternative to Tesla. PublicSq. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. It doesnt matter if you have $500 in savings or $5 million. Despite being outside the top 10, its a reasonable amount of exposure. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Currently, this stock earns a B rating in my Portfolio Grader. From the day the Polestar 1 was launched, I have been a fan of the brands designs. 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. Despite being outside the top 10, its a reasonable amount of exposure. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. 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. 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. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The merger with Polestar via SPAC deal to take it public is finally nearing completion. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. 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. 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. 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. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. As you might be aware, post-merger, Polestars existing shareholders will own, . As we move into the merger vote, we think GGPI should be trading closer to $20. The higher the price point, the easier it is to pull off. GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. GGPI / Polestar gaining momentum on 5-Year HTZ Deal The opinions expressed in this article are those of the writer, subject to the, Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term, Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Apple tops ranking of global companies with the most 'green' revenue, UPDATE 2-North Korea says UN should demand end to S.Korea-US military drills, US Treasury puts cost of outbound investment risk program at $10 million, US Jobs Report and Powell Testimony Take Center Stage: Eco Week. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Provided by Benzinga Since. Will Ashworth has written about investments full-time since 2008. 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. 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. 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. See here for a complete list of exchanges and delays. Polestar looks to be a nich brand, which makes GGPI stock attractive here. 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. Post-merger, itll have a market capitalization of $21.8 billion. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. We continue to view GGPI shares as undervalued heading into the merger. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. However, GGPI stock drifted. 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. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. . Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Create your Watchlist to save your favorite quotes on Nasdaq.com. "We don't need the capital to build the factory. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. 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. All rights reserved. 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. 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. . 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. 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. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch Critics of the practice include Warren Buffett. At least, based on its success so far, and on future projections. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Pending SPAC Mergers - Stock Market MBA Anyways we could very well see 20-30$. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. That company provides digital twins of properties. It was established to help Volvo win the Swedish Touring Car Championship. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. 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. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. It may not be until the supply chain issues are resolved. Its anyones guess when exactly EV stocks will take off again. 1125 N. Charles St, Baltimore, MD 21201. 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. This browser is no longer supported at MarketWatch. 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. Silicon Valley Confronts the End of Growth. Heres why you should consider them. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Therefore, it might make sense to buy now before the merger, rather than afterwards. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. 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. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Thats well above where it currently trades under the $11.50 level. Thats especially the case with GGPI stock. Right now investors are paying. 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. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq . However, I also said that investors need not rush to buy the SPAC before the merger happens. Im a big believer in Alec Gores, the chairman behind this SPAC. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC The fact that the company is moving close to 30,000 units this.
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