The decision is yours to make. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Got a confidential news tip? 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. Nordstroms off-price Rack stores are struggling. 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. The technology is used widely in the vacation rental industry. The company is headquartered in Sweden but manufactures its EVs in China. GGPI shares starting to regain momentum ahead of merger vote. Ive learned in recent years that businesses operating in the middle have less chance of success. The technical storage or access that is used exclusively for statistical purposes. Instead, get to know the company a little better. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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. Insurance Doesnt Have to Be Boring. Copyright 2023 InvestorPlace Media, LLC. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. However, I also said that investors need not rush to buy the SPAC before the merger happens. All rights reserved. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. The focus was entirely on internal combustion-powered vehicles. "We don't need the capital to build the factory. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). The EV just looks nice. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Its beginning dates back to. The technical storage or access that is used exclusively for anonymous statistical purposes. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. 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. So naturally, theCEO had a lot to say on the subject. 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. Polestar intends to list on the Nasdaq in a proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in June 2022. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. It previously said it has another model in development called the Precept, which is a larger sedan. 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. API access to institutional grade SPAC database. He particularly enjoys creating model portfolios that stand the test of time. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Sign up for free newsletters and get more CNBC delivered to your inbox. This particular EV play is appealing for two reasons. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Do this now. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. 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. 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. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). The company, which delivered about 10,000 vehicles last year, said it expects to sell about 290,000 vehicles per year by 2025 and plans to launch three new models by 2024. In the six weeks since, its moved sideways. 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. 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. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. Press question mark to learn the rest of the keyboard shortcuts. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Don't take it as financial . Aug. 17 2021, Published 3:11 p.m. 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. The merger with Polestar via SPAC deal to take it public is finally nearing completion. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. 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. Post-merger, itll have a market capitalization of $21.8 billion. Deal Announcement for ISAA /HYPEBEAST . . Currently, this stock earns a B rating in my Portfolio Grader. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. When typing in this field, a list of search results will appear and be automatically updated as you type. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook Mergers and Acquisitions news coverage - MarketWatch 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Intraday data delayed at least 15 minutes or per exchange requirements. It doesnt matter if you have $500 in savings or $5 million. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. Critics of the practice include Warren Buffett. The opinions expressed in this article are those of the writer, subject to the, Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term, Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Apple tops ranking of global companies with the most 'green' revenue, UPDATE 2-North Korea says UN should demand end to S.Korea-US military drills, US Treasury puts cost of outbound investment risk program at $10 million, US Jobs Report and Powell Testimony Take Center Stage: Eco Week. We continue to view GGPI shares as undervalued heading into the merger. The deal announcement stated it would close before June 30, 2022. Type a symbol or company name. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. GGPI / Polestar gaining momentum on 5-Year HTZ Deal GGPI - , Reddit Mentions and Sentiments | Memeberg Terminal The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. February 28, 2023. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. from 8 AM - 9 PM ET. Also, dont base a decision to buy or not just on a surface level view of the company. Polestar, the Global Electric Performance Car Company, Signs Agreement Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). After the merger, the combined entity. Pending SPAC Mergers - Stock Market MBA Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. Anyways we could very well see 20-30$. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Therefore, it might make sense to buy now before the merger, rather than afterwards. The premium EV maker's offering includes two models a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 which are currently on roads across Europe, North America and Asia. The critical distinction about Polestar is that its not a startup. Join the Conversation! Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Copyright 2023 MarketWatch, Inc. All rights reserved. Owner Earnings per Share (TTM) explanation, calculation, his The volatility amongst EV manufacturers has been significant in the second half of 2021. In 2013, Polestar launched the Volvo S60 Polestar. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC 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. Joel Baglole for However, thats an entirely different subject than whether you should buy GGPI at todays prices. The transaction is expected to close in the first half of the year. Create an account to follow your favorite communities and start taking part in conversations. 2023 InvestorPlace Media, LLC. Share of GGPI closed up 12% today on news that the company has a deal . Its opening more of them anyway. 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. Shares of GGPI are down a little over 2% as of this writing. Its safe to say this isnt the best market for an EV company to debut. 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. About the Car Design Award. 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. 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"). For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. From the day the Polestar 1 was launched, I have been a fan of the brands designs. 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. Source: Jeppe Gustafsson / Shutterstock.com. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Im a big believer in Alec Gores, the chairman behind this SPAC. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Accumulated other comprehensive incom Will Ashworth has written about investments full-time since 2008. In 2015, Volvo acquired Polestars high-performance business. Our 3 Top Picks. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. Lifes a beach for this Florida FIRE couple, Cant take statins? 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. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Approval of the SPAC deal was widely expected. In what stands to be a pivotal year for the future of the market, we recap January. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. 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Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger All told, expectations are high for PSNY stock once it begins trading. And Im not the only one. 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. 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. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Its anyones guess when exactly EV stocks will take off again. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. It was established to help Volvo win the Swedish Touring Car Championship. However, according to Volvo, only 100 were made in the initial year. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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. GGPI / Polestar trades higher on HTZ deal . quotes delayed at least 15 minutes, all others at least 20 minutes. Place to discuss GGPI and Polestar. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. While EV stocks were hot as recently as last fall, thats far from the case today. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . All rights reserved. Navigating stock market volatility since it all began in 2000. Yet while its made this major progress, its not resulting in a big move for shares. Investors also like the fact a global automotive giant backs Polestar. Again, such middling performance could carry on, before and after the deal closing. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Transaction is expected to be completed in the second quarter of 2022. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Cookie Notice (). [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. 5 Penny Cryptos With the Most Potential for Growth, 3 Cream-of-the-Crop Growth Stocks to Buy for 2023, Gores Guggenheim Stock Will Pop Post Merger, But Theres Still Time to Buy. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. That company provides digital twins of properties. 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. Whats our next move? But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. 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. Will GGPI Stock Rise More After Polestar Merger Date in 2022? Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Im 66, we have more than $2 million, I just want to golf can I retire? However, what he said next did. Type a symbol or company name. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. 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. 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. The Company has selected December 31 st as its fiscal year-end. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. DWAC (Digital World Acquisition) Accumulated other comprehe And Im not even a total car geek. Many EV enthusiasts see its focus on performance vehicles as a differentiator. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Get this delivered to your inbox, and more info about our products and services. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). We are a national class action securities litigation law firm that has recovered millions of dollars and is committed to protecting shareholders from corporate wrongdoing. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. DWACW (Digital World Acquisition) Owner Earnings per Share The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Despite being outside the top 10, its a reasonable amount of exposure. The Polestar deal will be supported. An alternative to Tesla. 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. We use cookies to optimize our website and our service. I entered GGPI and will increase my position tomorrow tho. As the deal approaches a close, GGPI shares have formed a solid base of support. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date.
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