InvestorPlace is one of Americas largest, longest-standing independent financial research firms. [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. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Both stocks are thinly traded over the counter. Press question mark to learn the rest of the keyboard shortcuts. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. The decision is yours to make. Copyright 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. 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. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger 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. A recovery may not happen until the market has absorbed the changes in economic and market conditions. It doesnt matter if you have $500 in savings or $5 million. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). However, at one point in mid-November, GGPI stock was trading as high as $16.41. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. At least, based on its success so far, and on future projections. And Im not the only one. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Juan Monteverde, founder and managing partner of the firm Monteverde & Associates PC ("M&A Firm"), a national securities firm ratedTop 50in the 2018-2020 ISS Securities Class Action Services Report and headquartered at theEmpire State Buildingin New York City, is investigatingGores Guggenheim. It will also have a more daring design,, The CEO came out and said Polestar wasnt going to be, As I stated in January, I think GGPI stock soon to be. Defends Financial Benefits of IAA Deal. 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. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. DWAC (Digital World Acquisition) Accumulated other comprehe As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). either via e-mail at [emailprotected] or by telephone at (212) 971-1341. 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. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube He lives in Halifax, Nova Scotia. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. It previously said it has another model in development called the Precept, which is a larger sedan. 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. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. So naturally, theCEO had a lot to say on the subject. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Nasdaq At $11.20 it's $24 billion. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Instead, get to know the company a little better. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Transaction is expected to be completed in the second quarter of 2022. The company is headquartered in Sweden but manufactures its EVs in China. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. He was right. 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. It may not be until the supply chain issues are resolved. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. GGPI - , Reddit Mentions and Sentiments | Memeberg Terminal All quotes are in local exchange time. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. 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. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. Despite being outside the top 10, its a reasonable amount of exposure. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. Joel Baglole for 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. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. In 2013, Polestar launched the Volvo S60 Polestar. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. The technology is used widely in the. Plus500. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. It was a slower month to kick off the year for SPACs. The vehicles will be produced at its new factory in Casa Grande, Arizona. Heres why you should consider them. Its beginning dates back to 1996. Two years later, it made a move to electric-powered performance vehicles. He particularly enjoys creating model portfolios that stand the test of time. 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. About the Car Design Award. Because if it runs as Polestar it will do so premarket. 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. Owner Earnings per Share (TTM) explanation, calculation, his Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace "We don't need the capital to build the factory. EV maker Polestar going public via a SPAC with Gores Guggenheim. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. The volatility amongst EV manufacturers has been significant in the second half of 2021. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Approval of the SPAC deal was widely expected. The factors still affecting EV stock performance could carry on in the months ahead. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. . 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! 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. And Im not even a total car geek. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC 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. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Will Ashworth has written about investments full-time since 2008. Merger : GGPI - Reddit This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. It was established to help Volvo win the Swedish Touring Car Championship. 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. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. The focus was entirely on internal combustion-powered vehicles. The technical storage or access that is used exclusively for anonymous statistical purposes. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Its safe to say this isnt the best market for an EV company to debut. Mergers and Acquisitions news coverage - MarketWatch GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq As we move into the merger vote, we think GGPI should be trading closer to $20. read more. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . Share of GGPI closed up 12% today on news that the company has a deal . The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC