If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Still think GGPI is undervalued. . Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. 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. The volatility amongst EV manufacturers has been significant in the second half of 2021. Critics of the practice include Warren Buffett. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. GGPI shares starting to regain momentum ahead of merger vote. 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. 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. Contact:Juan E. Monteverde, Esq.MONTEVERDE & ASSOCIATES PCThe Empire State Building350 Fifth Ave. Suite 4405New York, NY 10118United States of America[emailprotected]Tel: (212) 971-1341. It was established to help Volvo win the Swedish Touring Car Championship. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Its safe to say this isnt the best market for an EV company to debut. from 8 AM - 9 PM ET. Whats our next move? That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Its a New Era for Tech Stocks. The merger with Polestar via SPAC deal to take it public is finally nearing completion. The critical distinction about Polestar is that its not a startup. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. At $11.20 it's $24 billion. After the merger, the combined entity. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. However, thats an entirely different subject than whether you should buy GGPI at todays prices. The company is headquartered in Sweden but manufactures its EVs in China. Yet while its made this major progress, its not resulting in a big move for shares. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Ends. Press question mark to learn the rest of the keyboard shortcuts. Defends Financial Benefits of IAA Deal. Deal Announcement for ISAA /HYPEBEAST . PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. The deal is expected to close later today. Anticipation on GGPI/Polestar merger. 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. Ingenlath wants customers that will be loyal to the Polestar brand. Owner Earnings per Share (TTM) explanation, calculation, his However, over a longer timeframe, it could zoom to price levels well above $20 per share. Under the terms of the agreement, GGPI . 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. 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. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Cookie Notice (). . Navigating stock market volatility since it all began in 2000. Real-time alerts, yields, red flags, filings, investors, and much more. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. However, of the two, GELYY stock volumes are a little higher. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. "We don't need the capital to build the factory. February 28, 2023. 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. Im a big believer in Alec Gores, the chairman behind this SPAC. 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. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Illusion versus reality. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. I entered GGPI and will increase my position tomorrow tho. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. It doesnt matter if you have $500 in savings or $5 million. 2023 CNBC LLC. Copyright 2023 InvestorPlace Media, LLC. Joel Baglole for Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Instead, get to know the company a little better. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Why Chubb Stock Is a Buy. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. SPAC Merger. On the date of publication, Will Ashworth. Prior results do not guarantee a similar outcome with respect to any future matter. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Transaction is expected to be completed in the second quarter of 2022. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. It will also have a more daring design, InsideEVs reported Ingenlaths comments. The EV just looks nice. The transaction is expected to close in the first half of the year. 7 Tech Stocks Worth Snatching Up After Their Tumble. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. The funding will be used to. Its beginning dates back to. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. The fact that the company is moving close to 30,000 units this. Again, such middling performance could carry on, before and after the deal closing. Gores Guggenheim went public with its initial public offering (IPO) in March. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. 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. The technology is used widely in the vacation rental industry. March 1, 2023. It previously said it has another model in development called the Precept, which is a larger sedan. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. The decision is yours to make. All told, expectations are high for PSNY stock once it begins trading. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. We want to hear from you. Polestar joins other EV makers in the public market, including Tesla (TSLA.O) and Lucid Motors (LCID.O), which went public in a $24 billion SPAC deal in February. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). So naturally, theCEO had a lot to say on the subject. 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. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Banjo player, artist, and frittata-maker. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim, assuming no share redemptions by public stockholders of the blank-check firm. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Both stocks are thinly traded over the counter. This particular EV play is appealing for two reasons. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Anyways we could very well see 20-30$. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Build your trading network; Follow your favorite assets . 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. Attorney Advertising. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. A buy under $10 would be an excellent entry point, in my opinion. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. First, despite its also-ran reputation, its one of the more promising early stage names in this space. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. 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. 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. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. 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.