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. EQT Buys Majority Stake in South Korean Security Provider SK Shieldus, Nagarro 4Q Ebitda Rose; Backs 2023 Outlook, SFS Group 2022 Sales Rose Boosted By Hoffman Acquisition, Ipsen Completes Acquisition of Albireo Pharma. Type a symbol or company name. On the date of publication, Will Ashworth. 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. PDF Polestar Signs Agreement to be Publicly Listed Through Combination with Privacy Notice |
After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. SPAC Merger. Ultimately, Tyler felt that waiting could get you a better entry point. Got a confidential news tip? The technology is used widely in the vacation rental industry. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. 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. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. GGPI Gores Guggenheim Inc - Ordinary Shares - Class A The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. To the extent anyof the information contained herein may bedeemed to be investment advice, such information is impersonal and nottailored to the investment needs of any specific person. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Heres why you should consider them. Historical and current end-of-day data provided by FACTSET. 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. Don't take it as financial . You might even get a better price in the process.. Plus500. 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. from 8 AM - 9 PM ET. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. It will also have a more daring design,, The CEO came out and said Polestar wasnt going to be, As I stated in January, I think GGPI stock soon to be. The transaction is expected to close in the first half of the year. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. The technical storage or access that is used exclusively for anonymous statistical purposes. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim The focus was entirely on internal combustion-powered vehicles. 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 deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. 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. Investors also like the fact a global automotive giant backs Polestar. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. Cision Distribution 888-776-0942 The company, which delivered about 10,000 vehicles last year, said it expects to sell about 290,000 vehicles per year by 2025 and plans to launch three new models by 2024. Silicon Valley Confronts the End of Growth. See here for a complete list of exchanges and delays. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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. 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. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Create an account to follow your favorite communities and start taking part in conversations. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. 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. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Right now investors are paying. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. Instead, get to know the company a little better. . It was established to help Volvo win the Swedish Touring Car Championship. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, 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. Its opening more of them anyway. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency Again, such middling performance could carry on, before and after the deal closing. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. GGPI / Polestar trades higher on HTZ deal . 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. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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. A buy under $10 would be an excellent entry point, in my opinion. However, what he said next did. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. He was right. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. in July and Gores brought $310 million in cash to the deal after redemptions. First, despite its also-ran reputation, its one of the more promising early stage names in this space. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Real-time alerts, yields, red flags, filings, investors, and much more. 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. Polestar looks to be a nich brand, which makes GGPI stock attractive here. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). In what stands to be a pivotal year for the future of the market, we recap January. Enthusiasm about the. Hedge funds sells stakes in Trump SPAC firm DWAC after merger news - CNBC 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. SPAC Merger | DealFlow's SPAC News Press question mark to learn the rest of the keyboard shortcuts. When typing in this field, a list of search results will appear and be automatically updated as you type. Provided by Benzinga Since. [I]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. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim Inc, assuming no share redemptions by public stockholders of the blank-check firm. Copyright 2023 InvestorPlace Media, LLC. Share of GGPI closed up 12% today on news that the company has a deal . Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. Anyways we could very well see 20-30$. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. It doesnt matter if you have $500 in savings or $5 million. Featured. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Recently, I also suggested that, That company provides digital twins of properties. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Is GGPI a buy now in 2021? The latest deal will provide a key test of investor appetite for SPAC deals after other such transactions in the electric vehicle sector soured over the past few months. However, over a longer timeframe, it could zoom to price levels well above $20 per share. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. 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. So far this year, there have only been 11 SPAC listings valued at $25 million or more. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. 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. Visit a quote page and your recently viewed tickers will be displayed here. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). The Gravity performance luxury SUV is expected to come to market in North America in 2023. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Copyright 2023 MarketWatch, Inc. All rights reserved. Todays announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. The company's listing plan comes as automakers shift their focus to environmentally friendly vehicles amid rising pressure from lawmakers and investors concerned about climate change. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. EV maker Polestar going public via a SPAC with Gores Guggenheim. Source: Jeppe Gustafsson / Shutterstock.com. But its a very different market now, amidst a more tepid outlook for growth stocks. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). 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. 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. Polestar have confirmed the previously rumoured SPAC merger with GGPI bringing the EV manufacturer to the NASDAQ with a valuation of $20 billion. Ultimately, Tyler felt that waiting could get you a better entry point. did not have (either directly or indirectly) any positions in the securities mentioned in this article. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. In December, its currently down almost 16%. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. 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 52nd wealthiest person. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year.