ggpi merger announcement

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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. 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. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. We earn $400,000 and spend beyond our means. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Ingenlath wants customers that will be loyal to the Polestar brand. 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. The vehicles will be produced at its new factory in Casa Grande, Arizona. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Get this delivered to your inbox, and more info about our products and services. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Ultimately, Tyler felt that waiting could get you a better entry point. 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. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). It will also have a more daring design, InsideEVs reported Ingenlaths comments. 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. EV maker Polestar going public via a SPAC with Gores Guggenheim. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Owner Earnings per Share (TTM) explanation, calculation, his Hertz pushing to be the largest EV rental fleet, adding zero emission models. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). SPAC Merger | DealFlow's SPAC News Type a symbol or company name. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Based on a $49K starting price, the deal is valued at ~$3.2B. Ends. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . 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. 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. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. In 2013, Polestar launched the Volvo S60 Polestar. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Heres what investors should know moving forward. 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. It may not be until the supply chain issues are resolved. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. In the six weeks since, its moved sideways. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. March 1, 2023. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Critics of the practice include Warren Buffett. 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. 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. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube We continue to view GGPI shares as undervalued heading into the merger. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Ive learned in recent years that businesses operating in the middle have less chance of success. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. DWACW (Digital World Acquisition) Owner Earnings per Share Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans He was right. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch 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. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. The funding will be used to. Insurance Doesnt Have to Be Boring. Will Ashworth has written about investments full-time since 2008. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. On the date of publication, Will Ashworth. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. 1125 N. Charles St, Baltimore, MD 21201. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. 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. GGPI Gores Guggenheim Inc - Ordinary Shares - Class A Approval of the SPAC deal was widely expected. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Right now investors are paying. For the best MarketWatch.com experience, please update to a modern browser. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. 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. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. But its a very different market now, amidst a more tepid outlook for growth stocks. 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. Oklahoma voters go to polls on cannabis measure, while Pennsylvania eyes adult-use bill, U.S. companies embark on record borrowing spree, despite paying highest rates since 2009, Salesforce Reports Financial Results Like a Tech Start-Up, Activist Investors Are Finding the Tables Turned, Sleep Country Canada Up 7.7% as 4Q Profit Gets Hush Brand Adjustment Boost, Daseke Chief Operating Officer Rick Williams to Retire, HP Enterprise Posts Strong Earnings Beat, Lifts Guidance, TD bank may reprice major acquisition of First Horizon, analyst says, Lightspeed Commerce Oper Chief Brandon Nussey Steps Down, Shopping at Kroger can be up to four times cheaper than eating out, CEO says, Broadcom stock moves higher after earnings, forecast beat, Ritchie Bros. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. 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. The higher the price point, the easier it is to pull off. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Polestar, the Global Electric Performance Car Company, Signs Agreement GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). All told, expectations are high for PSNY stock once it begins trading. Historical and current end-of-day data provided by FACTSET. 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. Anticipation on GGPI/Polestar merger. Yet while its made this major progress, its not resulting in a big move for shares. Merging with Colombier Acquisition in $200M Deal. See here for a complete list of exchanges and delays. A Division of NBCUniversal. Polestar looks to be a nich brand, which makes GGPI stock attractive here. Shares of GGPI are down a little over 2% as of this writing. 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. 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. 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. We use cookies to optimize our website and our service. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. 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. Join the Conversation! He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Nordstroms off-price Rack stores are struggling. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. In what stands to be a pivotal year for the future of the market, we recap January. Theres even room for more lines. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Deal Announcement for ISAA /HYPEBEAST . The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Copy and paste multiple symbols separated by spaces. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Data is a real-time snapshot *Data is delayed at least 15 minutes. read more. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. [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. Attorney Advertising. , including Geely at a 3.22% weighting. 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. Plus500. The deal is expected to close later today. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. We want to hear from you. Ventoux CCM Acquisition Corp. . Do this now. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. And Im not the only one. All Rights Reserved. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. The company is headquartered in Sweden but manufactures its EVs in China. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. While EV stocks were hot as recently as last fall, thats far from the case today. Source: Jeppe Gustafsson / Shutterstock.com. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. Still think GGPI is undervalued. 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 Gravity performance luxury SUV is expected to come to market in North America in 2023. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger He particularly enjoys creating model portfolios that stand the test of time. Excluding employee stock compensation from one measure of earnings make them look more favorable. Currently, this stock earns a B rating in my Portfolio Grader. At writing, its at $9.97 per share, just a penny above its debut price. Ultimately, Tyler felt that waiting could get you a better entry point. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Will GGPI Stock Spike After the Polestar Merger Announcement? So far this year, there have only been 11 SPAC listings valued at $25 million or more. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. 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. The technical storage or access that is used exclusively for anonymous statistical purposes. Share of GGPI closed up 12% today on news that the company has a deal . Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. A buy under $10 would be an excellent entry point, in my opinion. 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. Therefore, it might make sense to buy now before the merger, rather than afterwards. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . Heres why you should consider them. from 8 AM - 9 PM ET. While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. All rights reserved. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Amidst a proxy fight with Trian, Walt Disney Co. (DIS) announced that it will cut ~7k jobs as part of a $5.5B cost savings plan. Cuando utilizas nuestros sitios y aplicaciones, usamos. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with Investors also like the fact a global automotive giant backs Polestar. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). The merger with Polestar via SPAC deal to take it public is finally nearing completion. The factors still affecting EV stock performance could carry on in the months ahead. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Juan Monteverde, founder and managing partner of the firm Monteverde & Associates PC ("M&A Firm"), a national securities firm ratedTop 50in the 2018-2020 ISS Securities Class Action Services Report and headquartered at theEmpire State Buildingin New York City, is investigatingGores Guggenheim. 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. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim However, at one point in mid-November, GGPI stock was trading as high as $16.41. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. That company provides digital twins of properties. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. 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. Build your trading network; Follow your favorite assets . The focus was entirely on internal combustion-powered vehicles. 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 a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Banjo player, artist, and frittata-maker. 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. GGPI / Polestar gaining momentum on 5-Year HTZ Deal 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. 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. On July 8,. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. The Polestar deal will be supported. Thats especially the case with GGPI stock. The transaction is expected to close in the first half of the year. 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.

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