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. Amidst production hiccups at rivals, Polestar is delivering. News, Media, rumors,and general discussion topics are welcome! While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. 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. New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. 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. 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. Its beginning dates back to 1996. Thereafter, our firm successfully preserved this victory by obtaining dismissal of a writ of certiorari as improvidently granted at the United States Supreme Court. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. 7 Tech Stocks Worth Snatching Up After Their Tumble. proporcionarte nuestros sitios y aplicaciones; autenticar usuarios, aplicar medidas de seguridad y evitar el spam y los abusos, y. medir el uso que haces de nuestros sitios y aplicaciones. Polestar joins other EV makers in the public market, including Tesla (TSLA.O) and Lucid Motors (LCID.O), which went public in a $24 billion SPAC deal in February. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Accumulated other comprehensive incom You might even get a better price in the process.. The deal announcement stated it would close before June 30, 2022. On the date of publication, Will Ashworth. 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. Im a big believer in Alec Gores, the chairman behind this SPAC. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. We earn $400,000 and spend beyond our means. Currently, this stock earns a B rating in my Portfolio Grader. GGPI / Polestar trades higher on HTZ deal . Also, over the years the firm has recovered or secured over a dozen cash common funds for shareholders in mergers & acquisitions class action cases. "We don't need the capital to build the factory. Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. The higher the price point, the easier it is to pull off. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. . EV maker Polestar going public via a SPAC with Gores Guggenheim. We continue to view GGPI shares as undervalued heading into the merger. In 2015, Volvo acquired Polestars high-performance business. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Subscriber Agreement & Terms of Use | The decision is yours to make. 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. SPAC Merger. 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 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. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Aug. 17 2021, Published 3:11 p.m. Our Standards: The Thomson Reuters Trust Principles. All Rights Reserved. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Despite being outside the top 10, its a reasonable amount of exposure. Merging with Colombier Acquisition in $200M Deal. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. All rights reserved. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). See here for a complete list of exchanges and delays. Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. Sign up below to get this incredible offer! Why Chubb Stock Is a Buy. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Its beginning dates back to. 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. Excluding employee stock compensation from one measure of earnings make them look more favorable. Join the Conversation! Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . either via e-mail at [emailprotected] or by telephone at (212) 971-1341. from 8 AM - 9 PM ET. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. Im a big believer in Alec Gores, the chairman behind this SPAC. The vehicles will be produced at its new factory in Casa Grande, Arizona. Based on a $49K starting price, the deal is valued at ~$3.2B. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. However, thats an entirely different subject than whether you should buy GGPI at todays prices. Investors also like the fact a global automotive giant backs Polestar. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. quotes delayed at least 15 minutes, all others at least 20 minutes. 1125 N. Charles St, Baltimore, MD 21201. . Initial orders are for the Polestar 2 sedan. However, I also said that investors need not rush to buy the SPAC before the merger happens. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Whats our next move? 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. Place to discuss GGPI and Polestar. Comprehensive research and analytics on every SPAC, sponsor, and deal. 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. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. 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. The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). Instead, get to know the company a little better. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. February 28, 2023. 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. Copy and paste multiple symbols separated by spaces. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. It previously said it has another model in development called the Precept, which is a larger sedan. 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. It could continue to deliver similar performance in the short-term. 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. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. And Im not the only one. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. The partnership with Polestar builds on Hertzs announcement last October to offer its customers the largest EV rental fleet in North America and one of the largest in the world. Anticipation on GGPI/Polestar merger. API access to institutional grade SPAC database. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. The latest deal will provide a key test of investor appetite for SPAC deals after other such transactions in the electric vehicle sector soured over the past few months. Theres even room for more lines. Don't take it as financial . Anyways we could very well see 20-30$. The Company has selected December 31 st as its fiscal year-end. Enthusiasm about the. We use cookies to optimize our website and our service. No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. At $11.20 it's $24 billion. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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