For the company going public, a SPAC merger serves as an alternative to a traditional IPO. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. GGPI Stock News. files S-4 for merger with Blade Therapeutics (BBTX). 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. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. It is free and there is no cost or obligation to you. Also, dont base a decision to buy or not just on a surface level view of the company. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. What Is the Best EV Stock to Buy Now? Boardroom Alpha does not accept any liability for any direct,indirector consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed. Its beginning dates back to. Market is a lot different now versus CCIV/LCID times. Thats well above where it currently trades under the $11.50 level. 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. The Gravity performance luxury SUV is expected to come to market in North America in 2023. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. On the date of publication, Will Ashworth. The decision is yours to make. In December, its currently down almost 16%. 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. In 2013, Polestar launched the Volvo S60 Polestar. However, if you own, for China, South Carolina and Europe. All rights reserved. Two years later, it made a move to electric-powered performance vehicles. This particular EV play is appealing for two reasons. 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. Shares of GGPI are down a little over 2% as of this writing. Amidst production hiccups at rivals, Polestar is delivering. Heres why you should consider them. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. 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 merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Currently, this stock earns a B rating in my Portfolio Grader. Written by 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. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). And Im not even a total car geek. 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. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Hertz pushing to be the largest EV rental fleet, adding zero emission models. From the day the Polestar 1 was launched, I have been a fan of the brands designs. 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. All rights reserved. in July and Gores brought $310 million in cash to the deal after redemptions. quotes delayed at least 15 minutes, all others at least 20 minutes. 2023 InvestorPlace Media, LLC. So naturally, theCEO had a lot to say on the subject. Ive learned in recent years that businesses operating in the middle have less chance of success. 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. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. Polestars listing gives investors access to an interesting opportunity, however. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. The Polestar deal will be supported. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. He lives in Halifax, Nova Scotia. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. However, it was what he said Polestar is and isnt that caught my attention. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Its anyones guess when exactly EV stocks will take off again. Will Ashworth has written about investments full-time since 2008. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Based on a $49K starting price, the deal is valued at ~$3.2B. The focus was entirely on internal combustion-powered vehicles. Visit a quote page and your recently viewed tickers will be displayed here. In fact, he should be used by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as an example of the good accomplished with blank-check names. Illusion versus reality. 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. 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. 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. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. 2023 CNBC LLC. The Company has selected December 31 st as its fiscal year-end. 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. 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. $GGPI $PSNY @Polestar introduces Tech and Design updates on Polestar 2 The battery is improved increased cell chemistry that provides a higher capacity -This leads to increased range,faster charging, and higher motor output in addition to the design element changes listed in the article Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Objective, data-driven assessments for every public company director and officer. SPAC Merger. Reddit and its partners use cookies and similar technologies to provide you with a better experience. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Im 66, we have more than $2 million, I just want to golf can I retire? But its a very different market now, amidst a more tepid outlook for growth stocks. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. News, Media, rumors,and general discussion topics are welcome! He particularly enjoys creating model portfolios that stand the test of time. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. Post-merger, itll have a market capitalization of $21.8 billion. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. from 8 AM - 9 PM ET. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . An alternative to Tesla. Polestar itself is a joint venture between, However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds, Additionally, a possible third alternative here is to buy the. 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. API access to institutional grade SPAC database. You might even get a better price in the process.. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Copyright 2023 InvestorPlace Media, LLC. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. 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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. Cookie Notice (). Comprehensive research and analytics on every SPAC, sponsor, and deal. read more. Assuming it hits its growth targets, delivering a six-figure amount of vehicles annually, and generating tens of billions in annual sales, within three years. He lives in Halifax, Nova Scotia. Don't take it as financial . March 1, 2023. Im a big believer in Alec Gores, the chairman behind this SPAC. Investors also like the fact a global automotive giant backs Polestar. 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. The company is headquartered in Sweden but manufactures its EVs in China. Our 3 Top Picks. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. The deal relates primarily to the EV makers Model 3. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). You might even get a better price in the process., Around the same time as my article, fellow, Chris Tyler argued that technical analysis of the stock suggested the beginning of December. . The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. All told, expectations are high for PSNY stock once it begins trading. Owner Earnings per Share (TTM) explanation, calculation, his So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Anywhere in between makes it harder to gain customer loyalty. And Im not the only one. Deal Announcement for ISAA /HYPEBEAST . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Historical and current end-of-day data provided by FACTSET. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Whats our next move? Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. SPAC Merger. The EV just looks nice. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Defends Financial Benefits of IAA Deal. The focus was entirely on internal combustion-powered vehicles. The vehicles will be produced at its new factory in Casa Grande, Arizona. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. February 28, 2023. 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. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. 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. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Im a big believer in Alec Gores, the chairman behind this SPAC. 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. Build your trading network; Follow your favorite assets . 1125 N. Charles St, Baltimore, MD 21201. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). GGPI shares starting to regain momentum ahead of merger vote. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. mostrar anuncios y contenido personalizados basados en perfiles de inters; medir la efectividad de los anuncios y el contenido personalizados, y. desarrollar y mejorar nuestros productos y servicios. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. In what stands to be a pivotal year for the future of the market, we recap January. Copyright 2023 MarketWatch, Inc. All rights reserved. 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. However, over a longer timeframe, it could zoom to price levels well above $20 per share. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. 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. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Copy and paste multiple symbols separated by spaces. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Heres what investors should know moving forward. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. Recently, I also suggested that, That company provides digital twins of properties. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Its safe to say this isnt the best market for an EV company to debut. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Yet while its made this major progress, its not resulting in a big move for shares. He particularly enjoys creating model portfolios that stand the test of time. 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. Merging with Colombier Acquisition in $200M Deal. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. PublicSq. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Attorney Advertising. 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. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Privacy Notice | 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. All quotes are in local exchange time. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Insurance Doesnt Have to Be Boring. All Rights Reserved. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Again, such middling performance could carry on, before and after the deal closing. 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. 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. Second, it currently trades at an attractive valuation relative to its prospects. The fact that the company is moving close to 30,000 units this. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. (C) 2021 Monteverde & Associates PC. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. The technical storage or access that is used exclusively for anonymous statistical purposes. As we move into the merger vote, we think GGPI should be trading closer to $20. 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. First, despite its also-ran reputation, its one of the more promising early stage names in this space. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. 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. 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. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. It was established to help Volvo win the Swedish Touring Car Championship. 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. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. However, according to Volvo, only 100 were made in the initial year. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). 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.