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. 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.. 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. Second, it currently trades at an attractive valuation relative to its prospects. You might even get a better price in the process., Around the same time as my article, fellow, Chris Tyler argued that technical analysis of the stock suggested the beginning of December. 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GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Ventoux CCM Acquisition Corp. . As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). Press question mark to learn the rest of the keyboard shortcuts. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. A buy under $10 would be an excellent entry point, in my opinion. 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. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Since the Swedish electric vehicle (EV) manufacturer announced its merger. So naturally, theCEO had a lot to say on the subject. 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. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. Two years later, it made a move to electric-powered performance vehicles. PublicSq. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. In December, its currently down almost 16%. Type a symbol or company name. Im 66, we have more than $2 million, I just want to golf can I retire? In 2015, Volvo acquired Polestars high-performance business. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. Our Standards: The Thomson Reuters Trust Principles. 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. The focus was entirely on internal combustion-powered vehicles. 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 $20 billion. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). The transaction is expected to close in the first half of the year. Press J to jump to the feed. The EV just looks nice. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Cuando utilizas nuestros sitios y aplicaciones, usamos. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). The volatility amongst EV manufacturers has been significant in the second half of 2021. "We don't need the capital to build the factory. Type a symbol or company name. The premium EV maker's offering includes two models a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 which are currently on roads across Europe, North America and Asia. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. Even if its an SUV such as the Polestar 3, it will have a sleek silhouette, meaning there will be less emphasis on cargo space and more emphasis on propulsion. Join the Conversation! See here for a complete list of exchanges and delays. Our firm's recent successes include changing the law in a significant victory that lowered the standard of liability under Section 14(e) of the Exchange Act in the Ninth Circuit. Intraday Data provided by FACTSET and subject to terms of use. Anyways we could very well see 20-30$. 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. 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. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. 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. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Post-merger, itll have a market capitalization of $21.8 billion. All rights reserved. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). All rights reserved. Critics of the practice include Warren Buffett. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Gores Guggenheim went public with its initial public offering (IPO) in March. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. Deal Announcement for ISAA /HYPEBEAST . On the date of publication, neither LouisNavellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. 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. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. I entered GGPI and will increase my position tomorrow tho. 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). 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. After a bustling 2021, the entire SPAC market has slowed markedly amid the global market. As you might be aware, post-merger, Polestars existing shareholders will own, . Novembers SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs. Right now investors are paying. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Its a New Era for Tech Stocks. If you own the shares of the EV maker already, dont worry about its poor performance recently, I wrote in January. 7 Tech Stocks Worth Snatching Up After Their Tumble. 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. 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. However, of the two, GELYY stock volumes are a little higher. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Enthusiasm about the. Copyright 2023 MarketWatch, Inc. All rights reserved. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. GGPI Stock News. 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. We earn $400,000 and spend beyond our means. 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