Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC 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. 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. Thats well above where it currently trades under the $11.50 level. Attorney Advertising. Thats especially the case with GGPI stock. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. The deal is expected to close later today. 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. 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. 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. Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Instead, it would be a niche producer of EVs. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Provided by Benzinga Since. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Merging with Colombier Acquisition in $200M Deal. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq Polestars listing gives investors access to an interesting opportunity, however. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). 1125 N. Charles St, Baltimore, MD 21201. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. 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. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, butBoardroom Alphacannot guarantee its accuracy and completeness, and thatofthe opinions based thereon. What Is the Best EV Stock to Buy Now? I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. 1125 N. Charles St, Baltimore, MD 21201. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). He was right. Aug. 17 2021, Published 3:11 p.m. 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. We want to hear from you. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. About the Car Design Award. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). 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. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. At $11.20 it's $24 billion. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. Cookie Notice (). 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. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Type a symbol or company name. Navigating stock market volatility since it all began in 2000. Anticipation on GGPI/Polestar merger. See here for a complete list of exchanges and delays. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Plus500. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. So naturally, theCEO had a lot to say on the subject. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans That company provides digital twins of properties. 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. Therefore, it might make sense to buy now before the merger, rather than afterwards. Press question mark to learn the rest of the keyboard shortcuts. Right now investors are paying. All rights reserved. GGPI / Polestar gaining momentum on 5-Year HTZ Deal On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . The focus was entirely on internal combustion-powered vehicles. 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. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. 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. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). The company is headquartered in Sweden but manufactures its EVs in China. Source: Jeppe Gustafsson / Shutterstock.com. It is free and there is no cost or obligation to you. However, it was what he said Polestar is and isnt that caught my attention. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. Its anyones guess when exactly EV stocks will take off again. Post-merger, itll have a market capitalization of $21.8 billion. Press J to jump to the feed. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. $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 a New Era for Tech Stocks. It could continue to deliver similar performance in the short-term. 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. 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. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Defends Financial Benefits of IAA Deal. GGPI shares starting to regain momentum ahead of merger vote. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. The technology is used widely in the. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. All told, expectations are high for PSNY stock once it begins trading. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Lorem ipsum dolor sit amet, consectetur adipiscing elit. 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. The Polestar deal will be supported. 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. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Cision Distribution 888-776-0942 . 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. Will GGPI Stock Spike After the Polestar Merger Announcement? 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. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Its opening more of them anyway. Still think GGPI is undervalued. 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. Share of GGPI closed up 12% today on news that the company has a deal . 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. Contact:Juan E. Monteverde, Esq.MONTEVERDE & ASSOCIATES PCThe Empire State Building350 Fifth Ave. Suite 4405New York, NY 10118United States of America[emailprotected]Tel: (212) 971-1341. Copyright 2023 MarketWatch, Inc. All rights reserved. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. At least, based on its success so far, and on future projections.
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