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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. 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. Im 66, we have more than $2 million, I just want to golf can I retire? Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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"). Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Got a confidential news tip? About the Car Design Award. Heres why you should consider them. Intraday data delayed at least 15 minutes or per exchange requirements. Merging with Colombier Acquisition in $200M Deal. Comprehensive research and analytics on every SPAC, sponsor, and deal. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Ventoux CCM Acquisition Corp. . For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. And Im not even a total car geek. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). PublicSq. The critical distinction about Polestar is that its not a startup. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Excluding employee stock compensation from one measure of earnings make them look more favorable. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Real-time alerts, yields, red flags, filings, investors, and much more. Cookie Notice (). Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . All told, expectations are high for PSNY stock once it begins trading. Amidst production hiccups at rivals, Polestar is delivering. SPAC Merger. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. 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. Is GGPI a buy now in 2021? At least two hedge funds sold their stakes in Digital World Acquisition Corp. after that SPAC firm announced plans to merge with former President Donald Trump 's planned social media platform.. 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. 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. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. 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. Ingenlath wants customers that will be loyal to the Polestar brand. All quotes are in local exchange time. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, butBoardroom Alphacannot guarantee its accuracy and completeness, and thatofthe opinions based thereon. Illusion versus reality. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. We earn $400,000 and spend beyond our means. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. 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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. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Based on a $49K starting price, the deal is valued at ~$3.2B. The transaction is expected to close in the first half of the year. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. 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. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. 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. , including Geely at a 3.22% weighting. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. . We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Do this now. Attorney Advertising. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). The technical storage or access that is used exclusively for statistical purposes. 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. Sign up below to get this incredible offer! He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. The technology is used widely in the vacation rental industry. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. 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. He lives in Halifax, Nova Scotia. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Type a symbol or company name. Written by 7 Tech Stocks Worth Snatching Up After Their Tumble. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Cuando utilizas nuestros sitios y aplicaciones, usamos. 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. The EV just looks nice. The industry leader for online information for tax, accounting and finance professionals. 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. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Ive learned in recent years that businesses operating in the middle have less chance of success. The deal relates primarily to the EV makers Model 3. Defends Financial Benefits of IAA Deal. What happens to my Social Security benefit if my husband dies? This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. 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. Two years later, it made a move to electric-powered performance vehicles. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. Im a big believer in Alec Gores, the chairman behind this SPAC. Polestars listing gives investors access to an interesting opportunity, however. All quotes delayed a minimum of 15 minutes. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. Copyright 2023 MarketWatch, Inc. All rights reserved. It was established to help Volvo win the Swedish Touring Car Championship. The decision is yours to make. He was right. And Im not the only one. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Thats especially the case with GGPI stock. 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In December, its currently down almost 16%. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). 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. In 2013, Polestar launched the Volvo S60 Polestar. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Anywhere in between makes it harder to gain customer loyalty. A Division of NBCUniversal. Moreover, Polestar put together a very good slide deck presentation . In 2015, Volvo acquired Polestars high-performance business. Therefore, it might make sense to buy now before the merger, rather than afterwards. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. In the six weeks since, its moved sideways. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. It could continue to deliver similar performance in the short-term. Despite being outside the top 10, its a reasonable amount of exposure. Navigating stock market volatility since it all began in 2000. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. 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. Its beginning dates back to 1996. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Press J to jump to the feed. First, despite its also-ran reputation, its one of the more promising early stage names in this space. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. The company is headquartered in Sweden but manufactures its EVs in China.