Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace After many months of wait, the tie-up between Gores Guggenheim and Polestar is nearing completion. 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. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. It was established to help Volvo win the Swedish Touring Car Championship. He lives in Halifax, Nova Scotia. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers. 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. Polestars listing gives investors access to an interesting opportunity, however. EV maker Polestar going public via a SPAC with Gores Guggenheim. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). 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. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. This browser is no longer supported at MarketWatch. While EV stocks were hot as recently as last fall, thats far from the case today. So naturally, theCEO had a lot to say on the subject. 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. These symbols will be available throughout the site during your session. Im a big believer in Alec Gores, the chairman behind this SPAC. 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. Source: Jeppe Gustafsson / Shutterstock.com. 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. Ultimately, Tyler felt that waiting could get you a better entry point. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Privacy Notice | Gores Guggenheim went public with its initial public offering (IPO) in March. I also said that, at these prices, GGPI stock would seem like a steal in a few years. 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. Ends. 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. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. First, despite its also-ran reputation, its one of the more promising early stage names in this space. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Why Chubb Stock Is a Buy. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. URGENT: The M&A Firm is Investigating the Merger of Gores Guggenheim 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. Type a symbol or company name. Investors also like the fact a global automotive giant backs Polestar. Lucid Motors strikes SPAC deal to go public with $24 - TechCrunch That company provides digital twins of properties. 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. 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. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. Illusion versus reality. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). 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. Polestar Announces 270-Mile EPA Range, Power Upgrades, and Efficiency Visit a quote page and your recently viewed tickers will be displayed here. February 28, 2023. 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. Will GGPI Stock Rise More After Polestar Merger Date in 2022? The company is headquartered in Sweden but manufactures its EVs in China. . But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. The technical storage or access that is used exclusively for anonymous statistical purposes. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Thats especially the case with GGPI stock. It could continue to deliver similar performance in the short-term. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Cookie Notice (). It previously said it has another model in development called the Precept, which is a larger sedan. The deal relates primarily to the EV makers Model 3. Type a symbol or company name. Silicon Valley Confronts the End of Growth. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. Copyright 2023 InvestorPlace Media, LLC. Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. 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. . Under the terms of the agreement, GGPI . Defends Financial Benefits of IAA Deal. DWACW (Digital World Acquisition) Owner Earnings per Share Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Instead, get to know the company a little better. At $11.20 it's $24 billion. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. 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. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. On the date of publication, Will Ashworth. Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. 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. 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. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube He lives in Halifax, Nova Scotia. Intraday data delayed at least 15 minutes or per exchange requirements. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Both stocks are thinly traded over the counter. This particular EV play is appealing for two reasons. 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. Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! Sign up for free newsletters and get more CNBC delivered to your inbox. In the six weeks since, its moved sideways. Still think GGPI is undervalued. Press question mark to learn the rest of the keyboard shortcuts. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019).