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. Accumulated other comprehensive incom This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Reddit and its partners use cookies and similar technologies to provide you with a better experience. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. The focus was entirely on internal combustion-powered vehicles. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. The technical storage or access that is used exclusively for anonymous statistical purposes. Im a big believer in Alec Gores, the chairman behind this SPAC. Theres even room for more lines. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Intraday data delayed at least 15 minutes or per exchange requirements. After the merger, the combined entity. Heres what investors should know moving forward. Is GGPI a buy now in 2021? Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. 1125 N. Charles St, Baltimore, MD 21201. Approval of the SPAC deal was widely expected. On July 8,. In 2013, Polestar launched the Volvo S60 Polestar. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. SPAC Merger. Then I realized it was just a survey. Ultimately, Tyler felt that waiting could get you a better entry point. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC Aug. 17 2021, Published 3:11 p.m. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. Lifes a beach for this Florida FIRE couple, Cant take statins? The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC It is free and there is no cost or obligation to you. However, over a longer timeframe, it could zoom to price levels well above $20 per share. Its beginning dates back to 1996. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Under the terms of the agreement, GGPI . 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. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Provided by Benzinga Since. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. Critics of the practice include Warren Buffett. GGPI Stock News. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. 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. 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. Ventoux CCM Acquisition Corp. . URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. It doesnt matter if you have $500 in savings or $5 million. As you might be aware, post-merger, Polestars existing shareholders will own, . 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. 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. GGPI shares starting to regain momentum ahead of merger vote. 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. 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. Banking giant TD still wants to buy First Horizon a year after megadeal was announced, but the purchase price may drop, given lower sector valuations. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Its opening more of them anyway. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. read more. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Still think GGPI is undervalued. At writing, its at $9.97 per share, just a penny above its debut price. Sure, its excellent that Polestar plans to be sportier, more focused on the driving experience, than it does on being a luxury ride, but these particular words didnt move me. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. He lives in Halifax, Nova Scotia. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. GGPI / Polestar gaining momentum on 5-Year HTZ Deal It may not be until the supply chain issues are resolved. The EV just looks nice. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Its safe to say this isnt the best market for an EV company to debut. Press question mark to learn the rest of the keyboard shortcuts. Anyways we could very well see 20-30$. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Im a big believer in Alec Gores, the chairman behind this SPAC. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. in July and Gores brought $310 million in cash to the deal after redemptions. API access to institutional grade SPAC database. All told, expectations are high for PSNY stock once it begins trading. Its beginning dates back to. Prior results do not guarantee a similar outcome with respect to any future matter. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. However, it was what he said Polestar is and isnt that caught my attention. . Recently, I also suggested that, That company provides digital twins of properties. Since the Swedish electric vehicle (EV) manufacturer announced its merger. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. 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 52nd wealthiest person. Thats especially the case with GGPI stock. The company is an established EV maker outside the U.S. but not headquartered in China. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger The volatility amongst EV manufacturers has been significant in the second half of 2021. Currently, this stock earns a B rating in my Portfolio Grader. Source: Jeppe Gustafsson / Shutterstock.com. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. 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. Both stocks are thinly traded over the counter. The transaction is expected to close in the first half of the year. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Ultimately, Tyler felt that waiting could get you a better entry point. 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. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. 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. This relationship gives Polestar access to manufacturing in Chinas as well as facilities in Europe and the U.S. Geely has a 2022 target of 1.65 million vehicles. Silicon Valley Confronts the End of Growth. 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 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. He particularly enjoys creating model portfolios that stand the test of time. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. So naturally, theCEO had a lot to say on the subject. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Shares of GGPI are down a little over 2% as of this writing. At least, based on its success so far, and on future projections. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace.
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