Anticipation on GGPI/Polestar merger. A Division of NBCUniversal. 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. 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. Will Ashworth has written about investments full-time since 2008. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Reddit and its partners use cookies and similar technologies to provide you with a better experience. Got a confidential news tip? Its a New Era for Tech Stocks. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Critics of the practice include Warren Buffett. The merger with Polestar via SPAC deal to take it public is finally nearing completion. API access to institutional grade SPAC database. While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. Type a symbol or company name. 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. 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. 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. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. With all that said, your question is between taking the risk of GGPI tanking after merger vs maybe missing out a huge chunk of gains. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. And Im not even a total car geek. 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.. After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 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. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Polestar joins other EV makers in the public market, including Tesla (TSLA.O) and Lucid Motors (LCID.O), which went public in a $24 billion SPAC deal in February. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Because if it runs as Polestar it will do so premarket. Create your Watchlist to save your favorite quotes on Nasdaq.com. It may not be until the supply chain issues are resolved. However, according to Volvo, only 100 were made in the initial year. Type a symbol or company name. Subscriber Agreement & Terms of Use | It doesnt matter if you have $500 in savings or $5 million. 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. 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. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. However, it was what he said Polestar is and isnt that caught my attention. Visit a quote page and your recently viewed tickers will be displayed here. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. What Is the Best EV Stock to Buy Now? For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Get this delivered to your inbox, and more info about our products and services. 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. At writing, its at $9.97 per share, just a penny above its debut price. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. Featured. 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. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. This browser is no longer supported at MarketWatch. in July and Gores brought $310 million in cash to the deal after redemptions. $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 Again, such middling performance could carry on, before and after the deal closing. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. quotes delayed at least 15 minutes, all others at least 20 minutes. As you might be aware, post-merger, Polestars existing shareholders will own, . Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Currently, this stock earns a B rating in my Portfolio Grader. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). For the company going public, a SPAC merger serves as an alternative to a traditional IPO. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. In the six weeks since, its moved sideways. Deal Announcement for ISAA /HYPEBEAST . Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. The factors still affecting EV stock performance could carry on in the months ahead. All rights reserved. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. At least, based on its success so far, and on future projections. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Don't take it as financial . 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. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. 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. Hertz pushing to be the largest EV rental fleet, adding zero emission models. It could continue to deliver similar performance in the short-term. Two years later, it made a move to electric-powered performance vehicles. Will Ashworth has written about investments full-time since 2008. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Merging with Colombier Acquisition in $200M Deal. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. 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.

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