The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Puedes cambiar tus opciones en cualquier momento haciendo clic en el enlace Panel de control de privacidad de nuestros sitios y aplicaciones. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Gores Guggenheim (GGPI): Polestar Merger Should Entice EV Bulls Then I realized it was just a survey. However, over a longer timeframe, it could zoom to price levels well above $20 per share. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. read more. Currently, this stock earns a B rating in my Portfolio Grader. 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"). The technology is used widely in the. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Defends Financial Benefits of IAA Deal. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Provided by Benzinga Since. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. SPAC Merger | DealFlow's SPAC News 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. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. It was a slower month to kick off the year for SPACs. 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. EV maker Polestar going public via a SPAC with Gores Guggenheim. Silicon Valley Confronts the End of Growth. Sign up for free newsletters and get more CNBC delivered to your inbox. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. 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. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. Featured. Despite being outside the top 10, its a reasonable amount of exposure. Accumulated other comprehensive incom Anywhere in between makes it harder to gain customer loyalty. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. This browser is no longer supported at MarketWatch. Gores Guggenheim and Polestar Expected to Close Business - Yahoo! Attorney Advertising. Why Chubb Stock Is a Buy. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. Will GGPI Stock Rise More After Polestar Merger Date in 2022? 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. 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. 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. He was right. files S-4 for merger with Blade Therapeutics (BBTX). Heres what investors should know moving forward. Yet while its made this major progress, its not resulting in a big move for shares. Its a New Era for Tech Stocks. Anyways we could very well see 20-30$. Still think GGPI is undervalued. 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC The industry leader for online information for tax, accounting and finance professionals. Nasdaq Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. 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. The volatility amongst EV manufacturers has been significant in the second half of 2021. 2023 CNBC LLC. Our 3 Top Picks. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. 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. Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. Owner Earnings per Share (TTM) explanation, calculation, his SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Pending SPAC Mergers - Stock Market MBA 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. A Division of NBCUniversal. 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. Anticipation on GGPI/Polestar merger. Lorem ipsum dolor sit amet, consectetur adipiscing elit. The transaction is expected to close in the first half of the year. Valuation remains discounted, in our view, at an implied market cap of $26.1 billion ($12.40 and 2.125B shares outstanding), which implies 3.9x 2023E sales. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. 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. Polestars listing gives investors access to an interesting opportunity, however. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. Amidst a proxy fight with Trian, Walt Disney Co. (DIS) announced that it will cut ~7k jobs as part of a $5.5B cost savings plan. DWACW (Digital World Acquisition) Owner Earnings per Share Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube The technical storage or access that is used exclusively for anonymous statistical purposes. Press question mark to learn the rest of the keyboard shortcuts. Thats well above where it currently trades under the $11.50 level. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Joel Baglole for 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. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). A buy under $10 would be an excellent entry point, in my opinion. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. As we move into the merger vote, we think GGPI should be trading closer to $20. Mergers and Acquisitions Lightspeed Commerce Oper Chief Brandon Nussey Steps Down Shopping at Kroger can be up to four times cheaper than eating out, CEO says ACI 0.00% Broadcom stock moves. 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. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet In December, its currently down almost 16%. 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. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. About the Car Design Award. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Mergers and Acquisitions news coverage - MarketWatch