Insurance Doesnt Have to Be Boring. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. Yet while its made this major progress, its not resulting in a big move for shares. Defends Financial Benefits of IAA Deal. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. 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. On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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. Second, it currently trades at an attractive valuation relative to its prospects. All rights reserved. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Merging with Colombier Acquisition in $200M Deal. Cookie Notice (). 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. Heres why you should consider them. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. About the Car Design Award. Its opening more of them anyway. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. The focus was entirely on internal combustion-powered vehicles. It previously said it has another model in development called the Precept, which is a larger sedan. "We don't need the capital to build the factory. In the six weeks since, its moved sideways. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. On the date of publication, Will Ashworth. Recently, I also suggested that, That company provides digital twins of properties. files S-4 for merger with Blade Therapeutics (BBTX). 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. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Stock Prodigy Who Found NIO at $2 Says Buy THIS. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. . When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . 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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. Theres even room for more lines. 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. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Ventoux CCM Acquisition Corp. . Will Ashworth has written about investments full-time since 2008. 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. Presumably, the deal, which will result in the company taking on the Polestar name, and GGPI stock becoming PSNY stock, will close not too long after that. A recovery may not happen until the market has absorbed the changes in economic and market conditions. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Im 66, we have more than $2 million, I just want to golf can I retire? At the time of this writing, the stock is down 2.83% on the day, closing in on $11. He particularly enjoys creating model portfolios that stand the test of time. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Source: Jeppe Gustafsson / Shutterstock.com. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. The deal comes at a time when large SPAC mergers have become rare, as the business of blank-check dealmaking deteriorated rapidly over the summer after investors were spooked by the poor financial performance of many SPACs and a regulatory crackdown led by the U.S. Securities and Exchange Commission over their disclosures. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. 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. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. It doesnt matter if you have $500 in savings or $5 million. 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. Mr. Monteverde is recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013, 2017-2019, an award given to less than 2.5% of attorneys in a particular field. Joel Baglole for Its beginning dates back to. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Will Ashworth has written about investments full-time since 2008. Instead, get to know the company a little better. All Rights Reserved. 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. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). Ive learned in recent years that businesses operating in the middle have less chance of success. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. SPAC Merger. 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. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. The transaction is expected to close in the first half of the year. 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. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. The deal announcement stated it would close before June 30, 2022. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. GGPI shares starting to regain momentum ahead of merger vote. 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. Since the Swedish electric vehicle (EV) manufacturer announced its merger. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. 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. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. 1125 N. Charles St, Baltimore, MD 21201. 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. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Copy and paste multiple symbols separated by spaces. 2023 CNBC LLC. 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. It was established to help Volvo win the Swedish Touring Car Championship.

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