[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. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). 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. Get this delivered to your inbox, and more info about our products and services. The volatility amongst EV manufacturers has been significant in the second half of 2021. Comprehensive research and analytics on every SPAC, sponsor, and deal. News, Media, rumors,and general discussion topics are welcome! Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Reddit and its partners use cookies and similar technologies to provide you with a better experience. This browser is no longer supported at MarketWatch. 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. (C) 2021 Monteverde & Associates PC. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Visit a quote page and your recently viewed tickers will be displayed here. Since the Swedish electric vehicle (EV) manufacturer announced its merger. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. At $11.20 it's $24 billion. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. did not have (either directly or indirectly) any positions in the securities mentioned in this article. So far this year, there have only been 11 SPAC listings valued at $25 million or more. After the merger, the combined entity. Therefore, it might make sense to buy now before the merger, rather than afterwards. See here for a complete list of exchanges and delays. The vehicles will be produced at its new factory in Casa Grande, Arizona. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Attorney Advertising. 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. As we move into the merger vote, we think GGPI should be trading closer to $20. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. files S-4 for merger with Blade Therapeutics (BBTX). Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). 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. Valuation remains discounted, in our view, at an implied market cap of $26.1 billion ($12.40 and 2.125B shares outstanding), which implies 3.9x 2023E sales. 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. 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. We use cookies to optimize our website and our service. Our 3 Top Picks. 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. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. It was established to help Volvo win the Swedish Touring Car Championship. Create your Watchlist to save your favorite quotes on Nasdaq.com. 2023 InvestorPlace Media, LLC. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Both stocks are thinly traded over the counter. Insurance Doesnt Have to Be Boring. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. company, and Gores Guggenheim, Inc. ("Gores Guggenheim") (Nasdaq: GGPI, GGPIW and GGPIU), a special purpose acquisition company ("SPAC") formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced today that they have entered into a definitive business combination agreement (the "Business Combination Agreement"). GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. . Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Banjo player, artist, and frittata-maker. Based on a $49K starting price, the deal is valued at ~$3.2B. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. Hertz pushing to be the largest EV rental fleet, adding zero emission models. The company, which delivered about 10,000 vehicles last year, said it expects to sell about 290,000 vehicles per year by 2025 and plans to launch three new models by 2024. PublicSq. 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. The transaction is expected to close in the first half of the year. "We don't need the capital to build the factory. Why Chubb Stock Is a Buy. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Right now investors are paying. First, despite its also-ran reputation, its one of the more promising early stage names in this space. 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. The fact that the company is moving close to 30,000 units this. 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. In the six weeks since, its moved sideways. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Also, dont base a decision to buy or not just on a surface level view of the company. Intraday Data provided by FACTSET and subject to 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. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Will Ashworth has written about investments full-time since 2008. Type a symbol or company name. Prior results do not guarantee a similar outcome with respect to any future matter. 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. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. Im 66, we have more than $2 million, I just want to golf can I retire? 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. Accumulated other comprehensive incom On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Shares of GGPI are down a little over 2% as of this writing. 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. Whats our next move? Its anyones guess when exactly EV stocks will take off again. Heres what investors should know moving forward. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. 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. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. 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. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. February 28, 2023. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. However, it was what he said Polestar is and isnt that caught my attention. When typing in this field, a list of search results will appear and be automatically updated as you type. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). The focus was entirely on internal combustion-powered vehicles. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. 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. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. Plus500. 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. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. All rights reserved. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. The industry leader for online information for tax, accounting and finance professionals. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Polestar looks to be a nich brand, which makes GGPI stock attractive here. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. We earn $400,000 and spend beyond our means. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Sign up below to get this incredible offer! Navigating stock market volatility since it all began in 2000. He lives in Halifax, Nova Scotia. However, I also said that investors need not rush to buy the SPAC before the merger happens. in July and Gores brought $310 million in cash to the deal after redemptions. The focus was entirely on internal combustion-powered vehicles. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. The Polestar deal will be supported. Ends. In what stands to be a pivotal year for the future of the market, we recap January. March 1, 2023. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. And Im not even a total car geek. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. 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. Mergers and Acquisitions Lightspeed Commerce Oper Chief Brandon Nussey Steps Down Shopping at Kroger can be up to four times cheaper than eating out, CEO says ACI 0.00% Broadcom stock moves. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. On July 8,. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. GGPI shares starting to regain momentum ahead of merger vote. It could continue to deliver similar performance in the short-term. The technology is used widely in the. He was right. It was established to help Volvo win the Swedish Touring Car Championship. About the Car Design Award. Will Ashworth has written about investments full-time since 2008. Real-time alerts, yields, red flags, filings, investors, and much more. The company is an established EV maker outside the U.S. but not headquartered in China. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. Again, such middling performance could carry on, before and after the deal closing. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. And Im not the only one. Its beginning dates back to. All rights reserved. from 8 AM - 9 PM ET. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). Many EV enthusiasts see its focus on performance vehicles as a differentiator. Type a symbol or company name. However, of the two, GELYY stock volumes are a little higher. Cookie Notice (). The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. He particularly enjoys creating model portfolios that stand the test of time. 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. Joel Baglole for Heres why you should consider them. 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. 2023 CNBC LLC. At least, based on its success so far, and on future projections. However, GGPI stock drifted. Anywhere in between makes it harder to gain customer loyalty. Still think GGPI is undervalued. 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. Then I realized it was just a survey. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Defends Financial Benefits of IAA Deal.
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