However, at one point in mid-November, GGPI stock was trading as high as $16.41. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans However, over a longer timeframe, it could zoom to price levels well above $20 per share. All rights reserved. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim 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. 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. 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. In December, its currently down almost 16%. He lives in Halifax, Nova Scotia. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Recently, I also suggested that, That company provides digital twins of properties. DWACW (Digital World Acquisition) Owner Earnings per Share Initial orders are for the Polestar 2 sedan. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Boardroom Alpha does not accept any liability for any direct,indirector consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC The technology is used widely in the vacation rental industry. quotes delayed at least 15 minutes, all others at least 20 minutes. Amidst production hiccups at rivals, Polestar is delivering. It was established to help Volvo win the Swedish Touring Car Championship. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. Around the same time as my article, fellow InvestorPlace contributor Chris Tyler argued that technical analysis of the stock suggested the beginning of December wasnt the time to buy either. Anywhere in between makes it harder to gain customer loyalty. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. It may not be until the supply chain issues are resolved. Join the Conversation! 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.. Type a symbol or company name. He lives in Halifax, Nova Scotia. Type a symbol or company name. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). PDF Polestar Signs Agreement to be Publicly Listed Through Combination with DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . 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. Create an account to follow your favorite communities and start taking part in conversations. Yet while its made this major progress, its not resulting in a big move for shares. And Im not the only one. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). did not hold (either directly or indirectly) any positions in the securities mentioned in this article. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Featured. Provided by Benzinga Since. 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. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Stock Prodigy Who Found NIO at $2 Says Buy THIS. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). Intraday Data provided by FACTSET and subject to terms of use. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. February 28, 2023. We continue to view GGPI shares as undervalued heading into the merger. Approval of the SPAC deal was widely expected. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Sign up for free newsletters and get more CNBC delivered to your inbox. At $11.20 it's $24 billion. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. However, GGPI stock drifted. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. After the merger, the combined entity. 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. But its a very different market now, amidst a more tepid outlook for growth stocks. Instead, it would be a niche producer of EVs. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. 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. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Plus500. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Our Standards: The Thomson Reuters Trust Principles. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. 2023 CNBC LLC. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. 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. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. The factors still affecting EV stock performance could carry on in the months ahead. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. While EV stocks were hot as recently as last fall, thats far from the case today. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. GGPI Stock News. I share my. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Heres why you should consider them. However, of the two, GELYY stock volumes are a little higher. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). 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. So naturally, theCEO had a lot to say on the subject. 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. 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. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. from 8 AM - 9 PM ET. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Banjo player, artist, and frittata-maker. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Lifes a beach for this Florida FIRE couple, Cant take statins? As the deal approaches a close, GGPI shares have formed a solid base of support. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. And Im not even a total car geek. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. I also said that, at these prices, GGPI stock would seem like a steal in a few years. It doesnt matter if you have $500 in savings or $5 million. 1125 N. Charles St, Baltimore, MD 21201. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Despite being outside the top 10, its a reasonable amount of exposure. However, it was what he said Polestar is and isnt that caught my attention. Will Ashworth has written about investments full-time since 2008. Do this now. First, despite its also-ran reputation, its one of the more promising early stage names in this space. Also, dont base a decision to buy or not just on a surface level view of the company. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. This particular EV play is appealing for two reasons. Sept 27 (Reuters) - 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. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy 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. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Sign up below to get this incredible offer! For the best MarketWatch.com experience, please update to a modern browser. The transaction is expected to close in the first half of the year. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. The funding will be used to. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ).
Gopro And Red Bull Partnership,
Eddie Van Halen Will And Testament,
Articles G
