So naturally, theCEO had a lot to say on the subject. However, thats an entirely different subject than whether you should buy GGPI at todays prices. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. Approval of the SPAC deal was widely expected. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Market is a lot different now versus CCIV/LCID times. On July 8,. March 1, 2023. GGPI / Polestar trades higher on HTZ deal . The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. In what stands to be a pivotal year for the future of the market, we recap January. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Because if it runs as Polestar it will do so premarket. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Aug. 17 2021, Published 3:11 p.m. 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. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. 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. Create an account to follow your favorite communities and start taking part in conversations. Ends. 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. 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. A Division of NBCUniversal. The transaction is expected to close in the first half of the year. And Im not the only one. 1125 N. Charles St, Baltimore, MD 21201. At writing, its at $9.97 per share, just a penny above its debut price. Ingenlath wants customers that will be loyal to the Polestar brand. The technical storage or access that is used exclusively for statistical purposes. News, Media, rumors,and general discussion topics are welcome! 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. 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. The EV just looks nice. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. Why Chubb Stock Is a Buy. 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. Silicon Valley Confronts the End of Growth. EV maker Polestar going public via a SPAC with Gores Guggenheim. Transaction is expected to be completed in the second quarter of 2022. 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. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). In a media statement, Gores Guggenheim confirmed that its shareholders voted to approve the combination with Polestar which will bring the European EV maker to the public market. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. In 2013, Polestar launched the Volvo S60 Polestar. 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. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. I share my. Data is a real-time snapshot *Data is delayed at least 15 minutes. PublicSq. Deal Announcement for ISAA /HYPEBEAST . The company is an established EV maker outside the U.S. but not headquartered in China. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. So far this year, there have only been 11 SPAC listings valued at $25 million or more. 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. 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. 1125 N. Charles St, Baltimore, MD 21201. 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. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. . I also said that, at these prices, GGPI stock would seem like a steal in a few years. 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. Still think GGPI is undervalued. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://www.monteverdelaw.com/case/gores-guggenheim-inc, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Adamis Pharmaceuticals Corp. - ADMP, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Ranger Oil Corp. - ROCC. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). About the Car Design Award. 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. 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. 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. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. The higher the price point, the easier it is to pull off. 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. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. 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. However, I also said that investors need not rush to buy the SPAC before the merger happens. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. [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. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. The decision is yours to make. Instead, get to know the company a little better. 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. Navigating stock market volatility since it all began in 2000. Im a big believer in Alec Gores, the chairman behind this SPAC. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The deal is expected to close later today. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. 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. Source: Jeppe Gustafsson / Shutterstock.com. Copyright 2023 InvestorPlace Media, LLC. did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. The industry leader for online information for tax, accounting and finance professionals. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. 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. Owner Earnings per Share (TTM) explanation, calculation, his Cuando utilizas nuestros sitios y aplicaciones, usamos. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. At least, based on its success so far, and on future projections. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. As you might be aware, post-merger, Polestars existing shareholders will own, . SPAC Merger. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. from 8 AM - 9 PM ET. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. GGPI: Gores Guggenheim, Inc. Class A: $0: 10/25/2021: On 9/27/2021 the company announced a pending merger with Polestar Automotive, a global pure play, premium electric vehicle ("EV") company based in Sweden. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Defends Financial Benefits of IAA Deal. See here for a complete list of exchanges and delays. All Rights Reserved. Got a confidential news tip? Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Press J to jump to the feed. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. API access to institutional grade SPAC database. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. "We don't need the capital to build the factory. Polestars listing gives investors access to an interesting opportunity, however. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues.