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Source: Jeppe Gustafsson / Shutterstock.com. 1125 N. Charles St, Baltimore, MD 21201. However, according to Volvo, only 100 were made in the initial year. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. On the date of publication, Will Ashworth. Market is a lot different now versus CCIV/LCID times. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The vehicles will be produced at its new factory in Casa Grande, Arizona. 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. 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. 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. Transaction is expected to be completed in the second quarter of 2022. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). However, I also said that investors need not rush to buy the SPAC before the merger happens. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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. Polestar looks to be a nich brand, which makes GGPI stock attractive here. 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. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). 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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). 1125 N. Charles St, Baltimore, MD 21201. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. I also said that, at these prices, GGPI stock would seem like a steal in a few years. Under the terms of the agreement, GGPI . 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. GGPI / Polestar trades higher on HTZ deal . Second, it currently trades at an attractive valuation relative to its prospects. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The decision is yours to make. Hertz pushing to be the largest EV rental fleet, adding zero emission models. While EV stocks were hot as recently as last fall, thats far from the case today. Type a symbol or company name. 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. 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. That company provides digital twins of properties. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Subscriber Agreement & Terms of Use | Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. This relationship gives Polestar access to manufacturing in Chinas as well as facilities in Europe and the U.S. Geely has a 2022 target of 1.65 million vehicles. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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 most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Join the Conversation! The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. Polestars listing gives investors access to an interesting opportunity, however. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Press question mark to learn the rest of the keyboard shortcuts. Im a big believer in Alec Gores, the chairman behind this SPAC. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Written by DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Ingenlath wants customers that will be loyal to the Polestar brand. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. Instead, get to know the company a little better. When typing in this field, a list of search results will appear and be automatically updated as you type. All rights reserved. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. 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. 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. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. 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. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. The deal announcement stated it would close before June 30, 2022. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Create your Watchlist to save your favorite quotes on Nasdaq.com. But its a very different market now, amidst a more tepid outlook for growth stocks. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Cookie Notice (). Recently, I also suggested that, That company provides digital twins of properties. However, if you own, for China, South Carolina and Europe. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Sign up for free newsletters and get more CNBC delivered to your inbox. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Then I realized it was just a survey. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. 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. Ultimately, Tyler felt that waiting could get you a better entry point. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). (C) 2021 Monteverde & Associates PC. An analyst thinks theres a good chance that PayPal will make an acquisition in the next few months and runs through the most likely -- and least likely -- scenarios. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. He particularly enjoys creating model portfolios that stand the test of time. However, it was what he said Polestar is and isnt that caught my attention. Why Chubb Stock Is a Buy. It may not be until the supply chain issues are resolved. Banjo player, artist, and frittata-maker. 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. 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. 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. We use cookies to optimize our website and our service. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Anticipation on GGPI/Polestar merger. Because if it runs as Polestar it will do so premarket. Our 3 Top Picks. Its a New Era for Tech Stocks. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Merging with Colombier Acquisition in $200M Deal. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. 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 52nd wealthiest person. 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. Since the Swedish electric vehicle (EV) manufacturer announced its merger. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Gores Guggenheim went public with its initial public offering (IPO) in March. API access to institutional grade SPAC database. The merger with Polestar via SPAC deal to take it public is finally nearing completion. The higher the price point, the easier it is to pull off. Its opening more of them anyway. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Sign up below to get this incredible offer! 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. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. 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. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. 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. 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. Based on a $49K starting price, the deal is valued at ~$3.2B. 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. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Currently, this stock earns a B rating in my Portfolio Grader. 7 Tech Stocks Worth Snatching Up After Their Tumble. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. News, Media, rumors,and general discussion topics are welcome! He lives in Halifax, Nova Scotia. This news follows the September announcement of Polestar's intention to list on Nasdaq in connection with its proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022.

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