Navigating stock market volatility since it all began in 2000. 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. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. Nordstroms off-price Rack stores are struggling. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Merging with Colombier Acquisition in $200M Deal. Again, such middling performance could carry on, before and after the deal closing. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. GGPI / Polestar gaining momentum on 5-Year HTZ Deal As we move into the merger vote, we think GGPI should be trading closer to $20. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. However, if you own, for China, South Carolina and Europe. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. 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. 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. And Im not even a total car geek. We use cookies to optimize our website and our service. An alternative to Tesla. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. 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. However, over a longer timeframe, it could zoom to price levels well above $20 per share. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. The transaction is expected to close in the first half of the year. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! Build your trading network; Follow your favorite assets . I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Mergers and Acquisitions news coverage - MarketWatch Its a New Era for Tech Stocks. Copy and paste multiple symbols separated by spaces. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Will Ashworth has written about investments full-time since 2008. In 2013, Polestar launched the Volvo S60 Polestar. Prior results do not guarantee a similar outcome with respect to any future matter. Polestar looks to be a nich brand, which makes GGPI stock attractive here. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. It is free and there is no cost or obligation to you. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Banking giant TD still wants to buy First Horizon a year after megadeal was announced, but the purchase price may drop, given lower sector valuations. Banjo player, artist, and frittata-maker. Theres even room for more lines. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Create your Watchlist to save your favorite quotes on Nasdaq.com. (C) 2021 Monteverde & Associates PC. The merger with Polestar via SPAC deal to take it public is finally nearing completion. . In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Defends Financial Benefits of IAA Deal. Yet while its made this major progress, its not resulting in a big move for shares. 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. 2023 CNBC LLC. 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. Cuando utilizas nuestros sitios y aplicaciones, usamos. Ingenlath wants customers that will be loyal to the Polestar brand. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. So, this all gives you two alternatives to GGPI stock: either Volvo or Geely. However, according to Volvo, only 100 were made in the initial year. Our Standards: The Thomson Reuters Trust Principles. Polestar, founded in 2017 by Volvo Car Group (VOLVb.ST) and China's Zhejiang Geely Holding (GEELY.UL), also counts Hollywood actor Leonardo DiCaprio among its investors. Since the Swedish electric vehicle (EV) manufacturer announced its merger with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. All quotes delayed a minimum of 15 minutes. Don't take it as financial . GGPI Stock News. Our 3 Top Picks. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Instead, it would be a niche producer of EVs. Initial orders are for the Polestar 2 sedan. GGPI shares starting to regain momentum ahead of merger vote. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. However, of the two, GELYY stock volumes are a little higher. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. What happens to my Social Security benefit if my husband dies? All Rights Reserved. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. SPAC Merger. It was established to help Volvo win the Swedish Touring Car Championship. GGPI Stock Is Worth 20% More Based on Polestar's Excellent Outlook DWACW (Digital World Acquisition) Owner Earnings per Share Share of GGPI closed up 12% today on news that the company has a deal . Oklahoma's governor set a special vote for March 7 after a pot referendum was pulled off the November ballot, and in Pennsylvania, a lawmaker launched new bill. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Copyright 2023 MarketWatch, Inc. All rights reserved. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Type a symbol or company name. The Company has selected December 31 st as its fiscal year-end. Objective, data-driven assessments for every public company director and officer. 7 Tech Stocks Worth Snatching Up After Their Tumble. In what stands to be a pivotal year for the future of the market, we recap January. The industry leader for online information for tax, accounting and finance professionals. The technical storage or access that is used exclusively for anonymous statistical purposes. . Real-time alerts, yields, red flags, filings, investors, and much more. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . On July 8,. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC What's next for bonds in 2023 after the worst year in history, It broke me: Everyone says you need power of attorney, but nobody tells you how hard it is to use. And Im not the only one. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Under the terms of the agreement, GGPI . When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Its beginning dates back to. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. Its anyones guess when exactly EV stocks will take off again. read more. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. mostrar anuncios y contenido personalizados basados en perfiles de inters; medir la efectividad de los anuncios y el contenido personalizados, y. desarrollar y mejorar nuestros productos y servicios. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy The focus was entirely on internal combustion-powered vehicles. The focus was entirely on internal combustion-powered vehicles. The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Anyways we could very well see 20-30$. Im a big believer in Alec Gores, the chairman behind this SPAC. Our firm's recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Thats especially the case with GGPI stock. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The EV just looks nice. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Gores Guggenheim went public with its initial public offering (IPO) in March. He particularly enjoys creating model portfolios that stand the test of time. American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). See here for a complete list of exchanges and delays. Privacy Notice | Anticipation on GGPI/Polestar merger. Based on a $49K starting price, the deal is valued at ~$3.2B. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). On the date of publication, Will Ashworth. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. So far this year, there have only been 11 SPAC listings valued at $25 million or more. About the Car Design Award. Currently, this stock earns a B rating in my Portfolio Grader. Im a big believer in Alec Gores, the chairman behind this SPAC. Gores Guggenheim and Polestar Announce Effectiveness of | GGPI Stock News Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. 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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. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. It previously said it has another model in development called the Precept, which is a larger sedan. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Post-merger, itll have a market capitalization of $21.8 billion. I also said that, at these prices, GGPI stock would seem like a steal in a few years. The volatility amongst EV manufacturers has been significant in the second half of 2021. In 2015, Volvo acquired Polestars high-performance business. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Insurance Doesnt Have to Be Boring. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. 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. 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. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. 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. It doesnt matter if you have $500 in savings or $5 million. Intraday data delayed at least 15 minutes or per exchange requirements. Then I realized it was just a survey. The company is an established EV maker outside the U.S. but not headquartered in China. did not have (either directly or indirectly) any positions in the securities mentioned in this article. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. 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. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Right now investors are paying. It was established to help Volvo win the Swedish Touring Car Championship. 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. All rights reserved. After the merger, the combined entity. Will GGPI Stock Spike After the Polestar Merger Announcement? 1125 N. Charles St, Baltimore, MD 21201. Market is a lot different now versus CCIV/LCID times. Therefore, it might make sense to buy now before the merger, rather than afterwards. At the end of November, I argued that GGPI stock was a better buy for aggressive investors than, f a stock is destined to be a long-term winner (five to 10 years out), there is no rush to run out and buy it. From the day the Polestar 1 was launched, I have been a fan of the brands designs. He was right. 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. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake.