Despite being outside the top 10, its a reasonable amount of exposure. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. The company is an established EV maker outside the U.S. but not headquartered in China. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . He lives in Halifax, Nova Scotia. [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. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. 1125 N. Charles St, Baltimore, MD 21201. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. 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. 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. However, GGPI stock drifted. 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. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. The funding will be used to. PublicSq. Banjo player, artist, and frittata-maker. And Im not the only one. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. Shares of GGPI are down a little over 2% as of this writing. 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. 7 Tech Stocks Worth Snatching Up After Their Tumble. 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. GGPI shares starting to regain momentum ahead of merger vote. Subscriber Agreement & Terms of Use | However, what he said next did. Despite being outside the top 10, its a reasonable amount of exposure. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. 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. The technical storage or access that is used exclusively for statistical purposes. The Gravity performance luxury SUV is expected to come to market in North America in 2023. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. What Is the Best EV Stock to Buy Now? Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. Nasdaq 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. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. An alternative to Tesla. March 1, 2023. . The technology is used widely in the vacation rental industry. 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. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. 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. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Sign up for free newsletters and get more CNBC delivered to your inbox. For the best MarketWatch.com experience, please update to a modern browser. The vehicles will be produced at its new factory in Casa Grande, Arizona. Create an account to follow your favorite communities and start taking part in conversations. Its a New Era for Tech Stocks. Initial orders are for the Polestar 2 sedan. It was a slower month to kick off the year for SPACs. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. The Polestar deal will be supported. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. However, over a longer timeframe, it could zoom to price levels well above $20 per share. All Rights Reserved. (C) 2021 Monteverde & Associates PC. Type a symbol or company name. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. The technical storage or access that is used exclusively for anonymous statistical purposes. All rights reserved. None of the information contained in this reportconstitutes, oris intended to constitute a recommendation by Boardroom Alphaofany particular security or trading strategy or a determination by BAthat any security or trading strategy is suitable for any specificperson. Build your trading network; Follow your favorite assets . Source: Jeppe Gustafsson / Shutterstock.com. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. At least, based on its success so far, and on future projections. Share of GGPI closed up 12% today on news that the company has a deal . Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Historical and current end-of-day data provided by FACTSET. The company is headquartered in Sweden but manufactures its EVs in China. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 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. Attorney Advertising. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. At writing, its at $9.97 per share, just a penny above its debut price. 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. These symbols will be available throughout the site during your session. All quotes are in local exchange time. Because if it runs as Polestar it will do so premarket. Our Standards: The Thomson Reuters Trust Principles. 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. 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. Ends. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Excluding employee stock compensation from one measure of earnings make them look more favorable. We want to hear from you. 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. Nordstroms off-price Rack stores are struggling. 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. 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GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). 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. Copy and paste multiple symbols separated by spaces. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. However, it was what he said Polestar is and isnt that caught my attention. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Right now investors are paying. Provided by Benzinga Since. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. 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. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Instead, get to know the company a little better. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Then I realized it was just a survey. . Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. So far this year, there have only been 11 SPAC listings valued at $25 million or more. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Is GGPI a buy now in 2021? 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. 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. Lifes a beach for this Florida FIRE couple, Cant take statins? After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. In December, its currently down almost 16%. Privacy Notice | Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. It is free and there is no cost or obligation to you. Instead, get to know the company a little better. But its a very different market now, amidst a more tepid outlook for growth stocks. See here for a complete list of exchanges and delays. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. in July and Gores brought $310 million in cash to the deal after redemptions. All told, expectations are high for PSNY stock once it begins trading. In 2013, Polestar launched the Volvo S60 Polestar. SPAC Merger. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Both stocks are thinly traded over the counter. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. $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 Enthusiasm about the. Currently, this stock earns a B rating in my Portfolio Grader. The deal relates primarily to the EV makers Model 3. EV maker Polestar going public via a SPAC with Gores Guggenheim. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. In 2015, Volvo acquired Polestars high-performance business. Insurance Doesnt Have to Be Boring. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. However, thats an entirely different subject than whether you should buy GGPI at todays prices. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. 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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Intraday data delayed at least 15 minutes or per exchange requirements. Transaction is expected to be completed in the second quarter of 2022. Two years later, it made a move to electric-powered performance vehicles. He lives in Halifax, Nova Scotia. Type a symbol or company name. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Press question mark to learn the rest of the keyboard shortcuts. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. It could continue to deliver similar performance in the short-term. 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.
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