It previously said it has another model in development called the Precept, which is a larger sedan. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. 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 particular EV play is appealing for two reasons. 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. However, it was what he said Polestar is and isnt that caught my attention. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. A buy under $10 would be an excellent entry point, in my opinion. Prior results do not guarantee a similar outcome with respect to any future matter. 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. 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 combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Despite being outside the top 10, its a reasonable amount of exposure. The technology is used widely in the. The industry leader for online information for tax, accounting and finance professionals. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Post-merger, itll have a market capitalization of $21.8 billion. It could continue to deliver similar performance in the short-term. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. At least two hedge funds sold their stakes in Digital World Acquisition Corp. after that SPAC firm announced plans to merge with former President Donald Trump 's planned social media platform.. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. The vehicles will be produced at its new factory in Casa Grande, Arizona. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. It was established to help Volvo win the Swedish Touring Car Championship. Investors also like the fact a global automotive giant backs Polestar. Thats well above where it currently trades under the $11.50 level. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. 7 Tech Stocks Worth Snatching Up After Their Tumble. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Pending SPAC Mergers - Stock Market MBA quotes delayed at least 15 minutes, all others at least 20 minutes. So naturally, theCEO had a lot to say on the subject. Both stocks are thinly traded over the counter. PublicSq. Our 3 Top Picks. Ends. EV maker Polestar going public via a SPAC with Gores Guggenheim. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. Again, such middling performance could carry on, before and after the deal closing. 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. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. Create your Watchlist to save your favorite quotes on Nasdaq.com. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. The transaction is expected to close in the first half of the year. SPAC Merger | DealFlow's SPAC News Im 66, we have more than $2 million, I just want to golf can I retire? Cookie Notice (). 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. In 2015, Volvo acquired Polestars high-performance business. 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"). By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Written by For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch Two years later, it made a move to electric-powered performance vehicles. GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Yet while its made this major progress, its not resulting in a big move for shares. Polestar touts an asset-light business model as a key differentiator by having existing productions lines provided by backers Volvo and Geely, so it can focus on investing in research. Sign up for free newsletters and get more CNBC delivered to your inbox. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. All rights reserved. You might even get a better price in the process., Around the same time as my article, fellow, Chris Tyler argued that technical analysis of the stock suggested the beginning of December. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Its safe to say this isnt the best market for an EV company to debut. Anyways we could very well see 20-30$. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace 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. 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. All told, expectations are high for PSNY stock once it begins trading. Approval of the SPAC deal was widely expected. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. Excluding employee stock compensation from one measure of earnings make them look more favorable. Type a symbol or company name. He particularly enjoys creating model portfolios that stand the test of time. 2023 InvestorPlace Media, LLC. 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. 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. 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.