GGPI Stock News. However, according to Volvo, only 100 were made in the initial year. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. 2023 CNBC LLC. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. Intraday Data provided by FACTSET and subject to terms of use. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Gores Guggenheim went public with its initial public offering (IPO) in March. Amidst production hiccups at rivals, Polestar is delivering. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Therefore, it might make sense to buy now before the merger, rather than afterwards. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Nasdaq Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. A buy under $10 would be an excellent entry point, in my opinion. 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. 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. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. 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. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. News, Media, rumors,and general discussion topics are welcome! The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Also, dont base a decision to buy or not just on a surface level view of the company. 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. GGPI / Polestar trades higher on HTZ deal . Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. At $11.20 it's $24 billion. On July 8,. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. 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. Nordstroms off-price Rack stores are struggling. It could continue to deliver similar performance in the short-term. As we move into the merger vote, we think GGPI should be trading closer to $20. 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. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Post-merger, itll have a market capitalization of $21.8 billion. This announcement comes alongside ongoing Over-The-Air (OTA) updates that are delivering new features to Polestar 2 owners and pre-empts a future option to purchase a performance software upgrade that adds an extra 67-hp for the dual-motor variant. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Subscriber Agreement & Terms of Use | Right now investors are paying. Plus500. The transaction is expected to close in the first half of the year. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. So far this year, there have only been 11 SPAC listings valued at $25 million or more. It was established to help Volvo win the Swedish Touring Car Championship. The technical storage or access that is used exclusively for anonymous statistical purposes. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. We use cookies to optimize our website and our service. 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). Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. At least, based on its success so far, and on future projections. Press question mark to learn the rest of the keyboard shortcuts. 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 decision is yours to make. 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. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. in July and Gores brought $310 million in cash to the deal after redemptions. However, if you own, for China, South Carolina and Europe. See here for a complete list of exchanges and delays. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. SPAC Merger. He particularly enjoys creating model portfolios that stand the test of time. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. GGPI shares starting to regain momentum ahead of merger vote. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. It doesnt matter if you have $500 in savings or $5 million. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Again, such middling performance could carry on, before and after the deal closing. Approval of the SPAC deal was widely expected. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . After the merger, the combined entity. Ventoux CCM Acquisition Corp. . March 1, 2023. 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. quotes delayed at least 15 minutes, all others at least 20 minutes. This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. The deal is expected to close later today. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. 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. 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. 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. The fact that the company is moving close to 30,000 units this. 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. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All rights reserved. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. February 28, 2023. That company provides digital twins of properties. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. In fact, he should be used by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler as an example of the good accomplished with blank-check names. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Join the Conversation! 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 reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. 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. I share my. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). 1125 N. Charles St, Baltimore, MD 21201. 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. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. . Data is a real-time snapshot *Data is delayed at least 15 minutes. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). 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. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds.