Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. I also said that, at these prices, GGPI stock would seem like a steal in a few years. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The deal is expected to close later today. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. He was right. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Its anyones guess when exactly EV stocks will take off again. 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. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. 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. Written by 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. Cision Distribution 888-776-0942 quotes delayed at least 15 minutes, all others at least 20 minutes. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Based on a $49K starting price, the deal is valued at ~$3.2B. Transaction is expected to be completed in the second quarter of 2022. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. Data is a real-time snapshot *Data is delayed at least 15 minutes. Insurance Doesnt Have to Be Boring. 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Provided by Benzinga Since. 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. Lifes a beach for this Florida FIRE couple, Cant take statins? 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. 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. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. . Why Chubb Stock Is a Buy. Copyright 2023 InvestorPlace Media, LLC. Real-time alerts, yields, red flags, filings, investors, and much more. 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. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. News, Media, rumors,and general discussion topics are welcome! DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . However, it was what he said Polestar is and isnt that caught my attention. 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. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. $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 As we move into the merger vote, we think GGPI should be trading closer to $20. Joel Baglole for So naturally, theCEO had a lot to say on the subject. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. After the merger, the combined entity. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Many EV enthusiasts see its focus on performance vehicles as a differentiator. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. 1125 N. Charles St, Baltimore, MD 21201. In 2013, Polestar launched the Volvo S60 Polestar. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. 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.. In what stands to be a pivotal year for the future of the market, we recap January. 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. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Polestar's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. Plus500. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. It will also have a more daring design, InsideEVs reported Ingenlaths comments. In 2015, Volvo acquired Polestars high-performance business. 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"). All rights reserved. This browser is no longer supported at MarketWatch. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Banjo player, artist, and frittata-maker. 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. Accumulated other comprehensive incom Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. The decision is yours to make. 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. Intraday data delayed at least 15 minutes or per exchange requirements. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Polestar / Gores Guggenheim Inc.(GGPI) made a splash this morning, announcing a partnership with Hertz (HTZ) that includes purchasing up to 65,000 electric vehicles (EVs) over five years. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Create your Watchlist to save your favorite quotes on Nasdaq.com. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. 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. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. It was a slower month to kick off the year for SPACs. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. At $11.20 it's $24 billion. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. The technical storage or access that is used exclusively for anonymous statistical purposes. Ventoux CCM Acquisition Corp. . A recovery may not happen until the market has absorbed the changes in economic and market conditions. [I]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. 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. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Merging with Colombier Acquisition in $200M Deal. The funding will be used to. 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. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. Don't take it as financial . Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Join the Conversation! Ultimately, Tyler felt that waiting could get you a better entry point. March 1, 2023. Attorney Advertising. 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. See here for a complete list of exchanges and delays. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Both stocks are thinly traded over the counter. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. 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 merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. 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. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. From the day the Polestar 1 was launched, I have been a fan of the brands designs. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. That said, unlike LCID, which was a pre-revenue, pre-production company, Polestar is very much established, having met its production target of 29,000 cars in 2021. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Our Standards: The Thomson Reuters Trust Principles. 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. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. 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. Second, it currently trades at an attractive valuation relative to its prospects. Illusion versus reality. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. On the date of publication, neither LouisNavellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. 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Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Approval of the SPAC deal was widely expected. Intraday Data provided by FACTSET and subject to terms of use. He particularly enjoys creating model portfolios that stand the test of time. 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. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . It was established to help Volvo win the Swedish Touring Car Championship. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. API access to institutional grade SPAC database. The EV just looks nice. Amidst production hiccups at rivals, Polestar is delivering. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Novembers SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs. An alternative to Tesla. It is free and there is no cost or obligation to you. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Ultimately, Tyler felt that waiting could get you a better entry point. 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 higher the price point, the easier it is to pull off. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Anticipation on GGPI/Polestar merger. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. A Division of NBCUniversal. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. GGPI shares starting to regain momentum ahead of merger vote. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. 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. These symbols will be available throughout the site during your session. All quotes are in local exchange time. All Rights Reserved. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. 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. However, what he said next did. The focus was entirely on internal combustion-powered vehicles. In December, its currently down almost 16%. Get this delivered to your inbox, and more info about our products and services. Then I realized it was just a survey. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. 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. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). The transaction is expected to close in the first half of the year. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. GGPI / Polestar trades higher on HTZ deal . Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). 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. Gores Guggenheim went public with its initial public offering (IPO) in March. Shares of GGPI are down a little over 2% as of this writing. Still think GGPI is undervalued. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. If youre investing in AI stocks, watch out for these revenue and earnings tricks, After loss against Meta, Lina Khans ability to rein in Big Tech with the FTC is being questioned, Veris Residential and Rogers Stock See Action From Activist Investors, The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability: Prices fell the most in these U.S. states, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated. Whats our next move? The deal announcement stated it would close before June 30, 2022. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Sign up for free newsletters and get more CNBC delivered to your inbox. Our 3 Top Picks. 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. Comprehensive research and analytics on every SPAC, sponsor, and deal. Share of GGPI closed up 12% today on news that the company has a deal . Defends Financial Benefits of IAA Deal. 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 is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. I share my. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Silicon Valley Confronts the End of Growth. Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. 2023 InvestorPlace Media, LLC. The Polestar deal will be supported. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. 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. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. When typing in this field, a list of search results will appear and be automatically updated as you type. Nasdaq The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. About the Car Design Award. It may not be until the supply chain issues are resolved. However, of the two, GELYY stock volumes are a little higher. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. However, according to Volvo, only 100 were made in the initial year. did not have (either directly or indirectly) any positions in the securities mentioned in this article. This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. 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. And Im not the only one. Ingenlath wants customers that will be loyal to the Polestar brand. 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. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). For the best MarketWatch.com experience, please update to a modern browser. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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. The deal relates primarily to the EV makers Model 3. The partnership with Polestar builds on Hertzs announcement last October to offer its customers the largest EV rental fleet in North America and one of the largest in the world. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections.