Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Copyright 2023 MarketWatch, Inc. All rights reserved. Heres why you should consider them. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. 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. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Based on a $49K starting price, the deal is valued at ~$3.2B. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Cision Distribution 888-776-0942 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. 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. The critical distinction about Polestar is that its not a startup. 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. Enthusiasm about the. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Create your Watchlist to save your favorite quotes on Nasdaq.com. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. 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. Plus500. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. All Rights Reserved. Therefore, it might make sense to buy now before the merger, rather than afterwards. SPAC Merger. However, what he said next did. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). This relationship gives Polestar access to manufacturing in Chinas as well as facilities in Europe and the U.S. Geely has a 2022 target of 1.65 million vehicles. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Share of GGPI closed up 12% today on news that the company has a deal . All rights reserved. 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. He particularly enjoys creating model portfolios that stand the test of time. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Gores Guggenheim went public with its initial public offering (IPO) in March. Illusion versus reality. The focus was entirely on internal combustion-powered vehicles. Moreover, Polestar put together a very good slide deck presentation . read more. 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. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Anticipation on GGPI/Polestar merger. Copyright 2023 InvestorPlace Media, LLC. GGPI: Gores Guggenheim, Inc. Class A: $0: 10/25/2021: On 9/27/2021 the company announced a pending merger with Polestar Automotive, a global pure play, premium electric vehicle ("EV") company based in Sweden. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. ET It has been over a month since the rumor started floating that the SPAC Gores Guggenheim (GGPI) could merge with premium EV manufacturer Polestar. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. 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 investment in public equity, of $250 million from institutional investors. . 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. It was established to help Volvo win the Swedish Touring Car Championship. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. In December, its currently down almost 16%. 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. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Comprehensive research and analytics on every SPAC, sponsor, and deal. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. The technology is used widely in the. Polestar looks to be a nich brand, which makes GGPI stock attractive here. I recommend taking an in-depth look at this company, its lineup of mass affluent and luxury EVs, and its game plan to take on Tesla (NASDAQ:TSLA), Lucid (NASDAQ:LCID), and the incumbent automakers looking to grab a piece of the electric vehicle market. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. It was a slower month to kick off the year for SPACs. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Source: Jeppe Gustafsson / Shutterstock.com. Ventoux CCM Acquisition Corp. . Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Type a symbol or company name. 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. Ends. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. He particularly enjoys creating model portfolios that stand the test of time. We earn $400,000 and spend beyond our means. Is GGPI a buy now in 2021? Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. files S-4 for merger with Blade Therapeutics (BBTX). 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Juan Monteverde, founder and managing partner of the firm Monteverde & Associates PC ("M&A Firm"), a national securities firm ratedTop 50in the 2018-2020 ISS Securities Class Action Services Report and headquartered at theEmpire State Buildingin New York City, is investigatingGores Guggenheim. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. GGPI shares starting to regain momentum ahead of merger vote. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. 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. Intraday data delayed at least 15 minutes or per exchange requirements. 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. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. Press question mark to learn the rest of the keyboard shortcuts. Featured. 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 beginning next year. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. You might even get a better price in the process.. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. Polestar / Gores Guggenheim Inc.(GGPI) made a splash this morning, announcing a partnership with Hertz (HTZ) that includes purchasing up to 65,000 electric vehicles (EVs) over five years. Shares of GGPI are down a little over 2% as of this writing. 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. 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. Right now investors are paying. Cookie Notice (). 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. Amidst production hiccups at rivals, Polestar is delivering. Place to discuss GGPI and Polestar. 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. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Its beginning dates back to. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Under the terms of the agreement, GGPI . Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. 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. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). 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. Ultimately, Tyler felt that waiting could get you a better entry point. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. proporcionarte nuestros sitios y aplicaciones; autenticar usuarios, aplicar medidas de seguridad y evitar el spam y los abusos, y. medir el uso que haces de nuestros sitios y aplicaciones. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. 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. Prior results do not guarantee a similar outcome with respect to any future matter. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. First, despite its also-ran reputation, its one of the more promising early stage names in this space. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Our Standards: The Thomson Reuters Trust Principles. Join the Conversation! 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. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. Heres what investors should know moving forward. Instead, get to know the company a little better. 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. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. It previously said it has another model in development called the Precept, which is a larger sedan. 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. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. 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. 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. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Despite being outside the top 10, its a reasonable amount of exposure. 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. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. He was right. Cuando utilizas nuestros sitios y aplicaciones, usamos. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Thats well above where it currently trades under the $11.50 level. That said, unlike LCID, which was a pre-revenue, pre-production company, Polestar is very much established, having met its production target of 29,000 cars in 2021. Ultimately, Tyler felt that waiting could get you a better entry point. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Owner Earnings per Share (TTM) explanation, calculation, his 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. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. The fact that the company is moving close to 30,000 units this. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . He lives in Halifax, Nova Scotia. As we move into the merger vote, we think GGPI should be trading closer to $20. So naturally, theCEO had a lot to say on the subject. The transaction is expected to close in the first half of the year. The volatility amongst EV manufacturers has been significant in the second half of 2021. Provided by Benzinga Since. Hertz pushing to be the largest EV rental fleet, adding zero emission models. However, I also said that investors need not rush to buy the SPAC before the merger happens. 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. EV maker Polestar going public via a SPAC with Gores Guggenheim. I share my. The technology is used widely in the vacation rental industry. (C) 2021 Monteverde & Associates PC. He lives in Halifax, Nova Scotia. Its anyones guess when exactly EV stocks will take off again. Recently, I also suggested that, That company provides digital twins of properties. The decision is yours to make. 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.. For the best MarketWatch.com experience, please update to a modern browser. 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. March 1, 2023. Silicon Valley Confronts the End of Growth. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. 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. The Polestar deal will be supported. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Get this delivered to your inbox, and more info about our products and services. It may not be until the supply chain issues are resolved. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. 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. Polestar itself is a joint venture between, However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds, Additionally, a possible third alternative here is to buy the. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. in July and Gores brought $310 million in cash to the deal after redemptions. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Since the Swedish electric vehicle (EV) manufacturer announced its merger. Many EV enthusiasts see its focus on performance vehicles as a differentiator. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. We continue to view GGPI shares as undervalued heading into the merger. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. 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. Currently, this stock earns a B rating in my Portfolio Grader. Excluding employee stock compensation from one measure of earnings make them look more favorable. About the Car Design Award. Im 66, we have more than $2 million, I just want to golf can I retire? Navigating stock market volatility since it all began in 2000. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Got a confidential news tip? The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Approval of the SPAC deal was widely expected. , including Geely at a 3.22% weighting. Banjo player, artist, and frittata-maker. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. 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. 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. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. After the merger, the combined entity. 1125 N. Charles St, Baltimore, MD 21201. This particular EV play is appealing for two reasons. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The EV just looks nice. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. 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. February 28, 2023. But its a very different market now, amidst a more tepid outlook for growth stocks. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Joel Baglole for In 2015, Volvo acquired Polestars high-performance business. The focus was entirely on internal combustion-powered vehicles. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. 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. Its a New Era for Tech Stocks.
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