ggpi merger announcement ggpi merger announcement

Its opening more of them anyway. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. All quotes delayed a minimum of 15 minutes. 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. Join the Conversation! For the best MarketWatch.com experience, please update to a modern browser. 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. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Press J to jump to the feed. 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. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Cookie Notice (). The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). However, over a longer timeframe, it could zoom to price levels well above $20 per share. Copyright 2023 InvestorPlace Media, LLC. "We don't need the capital to build the factory. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. 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. Ventoux CCM Acquisition Corp. . 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. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. 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. It was a slower month to kick off the year for SPACs. . That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Will Ashworth has written about investments full-time since 2008. Type a symbol or company name. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Currently, this stock earns a B rating in my Portfolio Grader. As you might be aware, post-merger, Polestars existing shareholders will own, . See here for a complete list of exchanges and delays. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. Is GGPI a buy now in 2021? Based on a $49K starting price, the deal is valued at ~$3.2B. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Share of GGPI closed up 12% today on news that the company has a deal . Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. $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 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 deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Labor representatives at a Nissan Motor Co Ltd plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said. It was established to help Volvo win the Swedish Touring Car Championship. 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. 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. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. quotes delayed at least 15 minutes, all others at least 20 minutes. 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. Intraday Data provided by FACTSET and subject to terms of use. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Real-time alerts, yields, red flags, filings, investors, and much more. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. In 2015, Volvo acquired Polestars high-performance business. Initial orders are for the Polestar 2 sedan. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. However, GGPI stock drifted. Its beginning dates back to. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Thats well above where it currently trades under the $11.50 level. 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Build your trading network; Follow your favorite assets . Theres even room for more lines. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. in July and Gores brought $310 million in cash to the deal after redemptions. The vehicles will be produced at its new factory in Casa Grande, Arizona. Ultimately, Tyler felt that waiting could get you a better entry point. Amidst production hiccups at rivals, Polestar is delivering. All rights reserved. The technology is used widely in the. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. At writing, its at $9.97 per share, just a penny above its debut price. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Heres what investors should know moving forward. He was right. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. Enthusiasm about the. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. 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. Im 66, we have more than $2 million, I just want to golf can I retire? 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. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. The transaction is expected to close in the first half of the year. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. 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. 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. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. 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. Market is a lot different now versus CCIV/LCID times. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Approval of the SPAC deal was widely expected. Reddit and its partners use cookies and similar technologies to provide you with a better experience. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. . . Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. The technical storage or access that is used exclusively for anonymous statistical purposes. Prior results do not guarantee a similar outcome with respect to any future matter. 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. However, according to Volvo, only 100 were made in the initial year. Got a confidential news tip? Do this now. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. 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. 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. The deal relates primarily to the EV makers Model 3. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. On the date of publication, Will Ashworth. 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"). That company provides digital twins of properties. Create an account to follow your favorite communities and start taking part in conversations. did not have (either directly or indirectly) any positions in the securities mentioned in this article. He lives in Halifax, Nova Scotia. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. Instead, it would be a niche producer of EVs. BA sits down with Aria Glasgow, Head of ESG Advisory at Aon, to discuss the intersection ESG and Human Capital and the risk for corporates. 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. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). This browser is no longer supported at MarketWatch. 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. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). However, of the two, GELYY stock volumes are a little higher. 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. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. 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 CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Hertz pushing to be the largest EV rental fleet, adding zero emission models. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Nordstroms off-price Rack stores are struggling. 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. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. The critical distinction about Polestar is that its not a startup. However, I also said that investors need not rush to buy the SPAC before the merger happens. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). We earn $400,000 and spend beyond our means. 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. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Im a big believer in Alec Gores, the chairman behind this SPAC. Accumulated other comprehensive incom The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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 enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware.