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You should notrely solely upon the research herein forpurposes of transacting securities or other investments, and you areencouraged to conduct your own research and due diligence, and to seekthe advice of a qualifiedsecurities professional beforeyou make anyinvestment. 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. Ends. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. 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. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. 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. Two years later, it made a move to electric-powered performance vehicles. API access to institutional grade SPAC database. 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. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC . We earn $400,000 and spend beyond our means. GGPI shares starting to regain momentum ahead of merger vote. 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. SPAC Merger. All Rights Reserved. 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. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. GGPI Stock News. 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. did not have (either directly or indirectly) any positions in the securities mentioned in this article. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. 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. 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 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. The transaction is expected to close in the first half of the year. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. The transaction is expected to close in the first half of the year. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). These symbols will be available throughout the site during your session. Merging with Colombier Acquisition in $200M Deal. Heres what investors should know moving forward. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. 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. 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. 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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. Pending SPAC Mergers - Stock Market MBA 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. in July and Gores brought $310 million in cash to the deal after redemptions. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). ggpi-10q_20210630.htm When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Place to discuss GGPI and Polestar. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. 1125 N. Charles St, Baltimore, MD 21201. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. It doesnt matter if you have $500 in savings or $5 million. 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. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. But its a very different market now, amidst a more tepid outlook for growth stocks. The company is an established EV maker outside the U.S. but not headquartered in China. However, GGPI stock drifted. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. 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. So far this year, there have only been 11 SPAC listings valued at $25 million or more. GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Its anyones guess when exactly EV stocks will take off again. Since the Swedish electric vehicle (EV) manufacturer announced its merger. 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. March 1, 2023. Still think GGPI is undervalued. . In 2013, Polestar launched the Volvo S60 Polestar. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Featured. Get this delivered to your inbox, and more info about our products and services. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. 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. Heres why you should consider them. However, it was what he said Polestar is and isnt that caught my attention. Based on a $49K starting price, the deal is valued at ~$3.2B. 2023 InvestorPlace Media, LLC. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Share of GGPI closed up 12% today on news that the company has a deal . On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Anticipation on GGPI/Polestar merger. Im 66, we have more than $2 million, I just want to golf can I retire? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Polestar looks to be a nich brand, which makes GGPI stock attractive here. Ultimately, Tyler felt that waiting could get you a better entry point. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Prior results do not guarantee a similar outcome with respect to any future matter. It was a slower month to kick off the year for SPACs. 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. Theres even room for more lines. 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. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. Polestars listing gives investors access to an interesting opportunity, however. Right now investors are paying. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. See here for a complete list of exchanges and delays. 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. First, despite its also-ran reputation, its one of the more promising early stage names in this space. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. 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. Intraday Data provided by FACTSET and subject to terms of use. 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. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). 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. Therefore, it might make sense to buy now before the merger, rather than afterwards. 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. 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. 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. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. The decision is yours to make. , including Geely at a 3.22% weighting. 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.