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Will Ashworth has written about investments full-time since 2008. Im a big believer in Alec Gores, the chairman behind this SPAC. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. He particularly enjoys creating model portfolios that stand the test of time. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Aug. 17 2021, Published 3:11 p.m. However, what he said next did. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Post-merger, itll have a market capitalization of $21.8 billion. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. See here for a complete list of exchanges and delays. So naturally, theCEO had a lot to say on the subject. 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. 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. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Heres why you should consider them. The fact that the company is moving close to 30,000 units this. Our firm's recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Objective, data-driven assessments for every public company director and officer. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. 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. At writing, its at $9.97 per share, just a penny above its debut price. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. 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. The transaction is expected to close in the first half of the year. DWACW (Digital World Acquisition) Owner Earnings per Share As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). . Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. . Cuando utilizas nuestros sitios y aplicaciones, usamos. We earn $400,000 and spend beyond our means. However, I also said that investors need not rush to buy the SPAC before the merger happens. News, Media, rumors,and general discussion topics are welcome! 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. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. 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. 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. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. Defends Financial Benefits of IAA Deal. DWAC (Digital World Acquisition) Accumulated other comprehe However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. All rights reserved. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. On the date of publication, Will Ashworth. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News The merger with Polestar via SPAC deal to take it public is finally nearing completion. Copyright After the merger, the combined entity. What Is the Best EV Stock to Buy Now? Whats our next move? You might even get a better price in the process.. Got a confidential news tip? If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. The technology is used widely in the vacation rental industry. It was established to help Volvo win the Swedish Touring Car Championship. As we move into the merger vote, we think GGPI should be trading closer to $20. This announcement comes alongside ongoing Over-The-Air (OTA) updates that are delivering new features to Polestar 2 owners and pre-empts a future option to purchase a performance software upgrade that adds an extra 67-hp for the dual-motor variant. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. 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. 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. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Despite being outside the top 10, its a reasonable amount of exposure. 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. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. The volatility amongst EV manufacturers has been significant in the second half of 2021. Second, it currently trades at an attractive valuation relative to its prospects. 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. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). 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. The EV just looks nice. That company provides digital twins of properties. "We don't need the capital to build the factory. Thats well above where it currently trades under the $11.50 level. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC I entered GGPI and will increase my position tomorrow tho. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Mergers and Acquisitions news coverage - MarketWatch The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Ive learned in recent years that businesses operating in the middle have less chance of success. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). Nordstroms off-price Rack stores are struggling. 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. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Why Chubb Stock Is a Buy. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. 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. Privacy Notice | However, thats an entirely different subject than whether you should buy GGPI at todays prices. Since the Swedish electric vehicle (EV) manufacturer announced its merger. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. ggpi-10q_20210630.htm And Im not even a total car geek. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Its beginning dates back to. The Company has selected December 31 st as its fiscal year-end. 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. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Data is a real-time snapshot *Data is delayed at least 15 minutes. Do this now. 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. Recently, I also suggested that, That company provides digital twins of properties. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. 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. $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 It predicts it will rake in $1.6 billion in revenue this year and double that number next year. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash 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. 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. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. It was a slower month to kick off the year for SPACs. Anticipation on GGPI/Polestar merger. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. from 8 AM - 9 PM ET. First, despite its also-ran reputation, its one of the more promising early stage names in this space. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. I share my. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. 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. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet 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. On July 8,. Instead, it would be a niche producer of EVs. All Rights Reserved. A buy under $10 would be an excellent entry point, in my opinion. The funding will be used to. 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. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Banjo player, artist, and frittata-maker. SPAC Merger | DealFlow's SPAC News Lifes a beach for this Florida FIRE couple, Cant take statins? February 28, 2023. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Sept 27 (Reuters) - Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. 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 decision is yours to make. API access to institutional grade SPAC database. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. 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. Polestar, the Global Electric Performance Car Company, Signs Agreement The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. 7 Tech Stocks Worth Snatching Up After Their Tumble. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Pending SPAC Mergers - Stock Market MBA Join the Conversation! with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. This browser is no longer supported at MarketWatch. . As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. He particularly enjoys creating model portfolios that stand the test of time. Featured. Polestar touts an asset-light business model as a key differentiator by having existing productions lines provided by backers Volvo and Geely, so it can focus on investing in research. Moreover, Polestar put together a very good slide deck presentation . Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Shares of GGPI are down a little over 2% as of this writing. (C) 2021 Monteverde & Associates PC. Excluding employee stock compensation from one measure of earnings make them look more favorable. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Comprehensive research and analytics on every SPAC, sponsor, and deal. Deal Announcement for ISAA /HYPEBEAST . Joel Baglole for Place to discuss GGPI and Polestar. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. 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. Also, dont base a decision to buy or not just on a surface level view of the company. Copy and paste multiple symbols separated by spaces. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Both stocks are thinly traded over the counter. Will GGPI Stock Spike After the Polestar Merger Announcement? The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. It was established to help Volvo win the Swedish Touring Car Championship. 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. 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. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Insurance Doesnt Have to Be Boring. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. As the deal approaches a close, GGPI shares have formed a solid base of support. The technology is used widely in the. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. EV maker Polestar going public via a SPAC with Gores Guggenheim. Approval of the SPAC deal was widely expected. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with As you might be aware, post-merger, Polestars existing shareholders will own, . Again, such middling performance could carry on, before and after the deal closing. Polestar looks to be a nich brand, which makes GGPI stock attractive here. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. A Division of NBCUniversal. GGPI - , Reddit Mentions and Sentiments | Memeberg Terminal We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Its beginning dates back to 1996. Our Standards: The Thomson Reuters Trust Principles. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Hertz pushing to be the largest EV rental fleet, adding zero emission models. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. What happens to my Social Security benefit if my husband dies? 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