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 from next year. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. The critical distinction about Polestar is that its not a startup. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Theres even room for more lines. Lifes a beach for this Florida FIRE couple, Cant take statins? A buy under $10 would be an excellent entry point, in my opinion. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. We use cookies to optimize our website and our service. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. 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. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Under the terms of the agreement, GGPI . However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Sign up for free newsletters and get more CNBC delivered to your inbox. Cuando utilizas nuestros sitios y aplicaciones, usamos. From the day the Polestar 1 was launched, I have been a fan of the brands designs. 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 opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. An alternative to Tesla. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. About the Car Design Award. 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. The fact that the company is moving close to 30,000 units this. It doesnt matter if you have $500 in savings or $5 million. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Investors also like the fact a global automotive giant backs Polestar. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Create your Watchlist to save your favorite quotes on Nasdaq.com. February 28, 2023. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Comprehensive research and analytics on every SPAC, sponsor, and deal. 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 announcement stated it would close before June 30, 2022. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Defends Financial Benefits of IAA Deal. Place to discuss GGPI and Polestar. 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. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. He lives in Halifax, Nova Scotia. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. I share my. 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. He lives in Halifax, Nova Scotia. Initial orders are for the Polestar 2 sedan. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. Copyright Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. 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. For the best MarketWatch.com experience, please update to a modern browser. 2023 InvestorPlace Media, LLC. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. I also said that, at these prices, GGPI stock would seem like a steal in a few years. However, if you own, for China, South Carolina and Europe. 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. Thats especially the case with GGPI stock. On July 8,. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. SPAC Merger. 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. 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. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). 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"). 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. 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. Will Ashworth has written about investments full-time since 2008. At writing, its at $9.97 per share, just a penny above its debut price. Will Ashworth has written about investments full-time since 2008. Our Standards: The Thomson Reuters Trust Principles. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. What Is the Best EV Stock to Buy Now? In 2014, it mass-produced both the S60 and V60 for sale in eight markets. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Is GGPI a buy now in 2021? Ultimately, Tyler felt that waiting could get you a better entry point. 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. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. $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 Its beginning dates back to. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. The transaction is expected to close in the first half of the year. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. 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Navigating stock market volatility since it all began in 2000. Its beginning dates back to 1996. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. However, it was what he said Polestar is and, The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. The company is headquartered in Sweden but manufactures its EVs in China. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Approval of the SPAC deal was widely expected. 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. The deal relates primarily to the EV makers Model 3. In the six weeks since, its moved sideways. He particularly enjoys creating model portfolios that stand the test of time. However, GGPI stock drifted. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. 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 decision is yours to make. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. A Division of NBCUniversal. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Polestar looks to be a nich brand, which makes GGPI stock attractive here. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. Moreover, Polestar put together a very good slide deck presentation . Intraday Data provided by FACTSET and subject to terms of use. 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. 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. Instead, get to know the company a little better. See here for a complete list of exchanges and delays. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. GGPI / Polestar trades higher on HTZ deal . Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. It was established to help Volvo win the Swedish Touring Car Championship. Instead, it would be a niche producer of EVs. He particularly enjoys creating model portfolios that stand the test of time. Critics of the practice include Warren Buffett. 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. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. PublicSq. Ultimately, Tyler felt that waiting could get you a better entry point. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. Im a big believer in Alec Gores, the chairman behind this SPAC. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. EV maker Polestar going public via a SPAC with Gores Guggenheim. The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. Visit a quote page and your recently viewed tickers will be displayed here. Press question mark to learn the rest of the keyboard shortcuts. However, according to Volvo, only 100 were made in the initial year. 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. It predicts it will rake in $1.6 billion in revenue this year and double that number next year.