ggpi merger announcement10 marca 2023
Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. 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. Amidst production hiccups at rivals, Polestar is delivering. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Share of GGPI closed up 12% today on news that the company has a deal . 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. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. SPAC Merger. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Will Ashworth has written about investments full-time since 2008. Gores Guggenheim went public with its initial public offering (IPO) in March. Navigating stock market volatility since it all began in 2000. Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. 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. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. As the deal approaches a close, GGPI shares have formed a solid base of support. The opinions expressed in this article are those of the writer, subject to the, Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term, Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Apple tops ranking of global companies with the most 'green' revenue, UPDATE 2-North Korea says UN should demand end to S.Korea-US military drills, US Treasury puts cost of outbound investment risk program at $10 million, US Jobs Report and Powell Testimony Take Center Stage: Eco Week. Based on a $49K starting price, the deal is valued at ~$3.2B. Two years later, it made a move to electric-powered performance 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 $20 billion. Polestar, founded in 2017 by Volvo Car Group (VOLVb.ST) and China's Zhejiang Geely Holding (GEELY.UL), also counts Hollywood actor Leonardo DiCaprio among its investors. Anyways we could very well see 20-30$. All Rights Reserved. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. The transaction is expected to close in the first half of the year. 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 aim of the Polestar range is to be sportier and to have a stronger focus on the driver. , including Geely at a 3.22% weighting. Cision Distribution 888-776-0942 The fact that the company is moving close to 30,000 units this. For the best MarketWatch.com experience, please update to a modern browser. Inc. ("GGPI" or the "Company") (GGPI)a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. All quotes are in local exchange time. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). 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. Objective, data-driven assessments for every public company director and officer. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. The Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. The focus was entirely on internal combustion-powered vehicles. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. 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Boardroom Alpha does not accept any liability for any direct,indirector consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed. The vehicles will be produced at its new factory in Casa Grande, Arizona. Enthusiasm about the. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Then I realized it was just a survey. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. 1125 N. Charles St, Baltimore, MD 21201. 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. Critics of the practice include Warren Buffett. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. 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. Defends Financial Benefits of IAA Deal. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. Plus500. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. An alternative to Tesla. On the date of publication, Will Ashworth. Deal Announcement for ISAA /HYPEBEAST . Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The company is headquartered in Sweden but manufactures its EVs in China. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. So naturally, theCEO had a lot to say on the subject. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Attorney Advertising. Nelzon Peltz and Trian dropped their proxy fight against Walt Disney Co. (DIS) following Disneys cost cutting, reorg, and board appointments. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Its a New Era for Tech Stocks. Copyright Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. 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. 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. At the time of this writing, the stock is down 2.83% on the day, closing in on $11. Approval of the SPAC deal was widely expected. Create your Watchlist to save your favorite quotes on Nasdaq.com. 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. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Despite being outside the top 10, its a reasonable amount of exposure. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://www.monteverdelaw.com/case/gores-guggenheim-inc, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Adamis Pharmaceuticals Corp. - ADMP, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Ranger Oil Corp. - ROCC. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. Thats well above where it currently trades under the $11.50 level. Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. All rights reserved. He was right. February 28, 2023. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. Join the Conversation! Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. And Im not the only one. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. As you might be aware, post-merger, Polestars existing shareholders will own, . 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. Written by Lorem ipsum dolor sit amet, consectetur adipiscing elit. He particularly enjoys creating model portfolios that stand the test of time. 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. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. 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 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.. 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. Moreover, Polestar put together a very good slide deck presentation . Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. After the merger, the combined entity. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. 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. 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 decision is yours to make. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. All told, expectations are high for PSNY stock once it begins trading. He lives in Halifax, Nova Scotia. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Ventoux CCM Acquisition Corp. . See here for a complete list of exchanges and delays. 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. Our Standards: The Thomson Reuters Trust Principles. Press J to jump to the feed. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. In 2015, Volvo acquired Polestars high-performance business. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). I share my. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. However, GGPI stock drifted. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. As you might be aware, post-merger, Polestars existing shareholders will own 94% of the company. 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. However, according to Volvo, only 100 were made in the initial year. Got a confidential news tip? Investors also like the fact a global automotive giant backs Polestar. Insurance Doesnt Have to Be Boring. As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. Our 3 Top Picks. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. 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. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. Accumulated other comprehensive incom I also said that, at these prices, GGPI stock would seem like a steal in a few years. 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. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. The deal relates primarily to the EV makers Model 3. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. I recommend taking an in-depth look at this company, its lineup of mass affluent and luxury EVs, and its game plan to take on Tesla (NASDAQ:TSLA), Lucid (NASDAQ:LCID), and the incumbent automakers looking to grab a piece of the electric vehicle market. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. 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. 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. A buy under $10 would be an excellent entry point, in my opinion. However, over a longer timeframe, it could zoom to price levels well above $20 per share. 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"). Copy and paste multiple symbols separated by spaces. See here for a complete list of exchanges and delays. 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. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds for the purpose of effecting a merger, capital stock exchange, asset. DWAC (Digital World Acquisition) Accumulated other comprehensive income (loss) as of today (March 02, 2023) is $0.00 Mil. Anticipation on GGPI/Polestar merger. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. $GGPI $PSNY @Polestar introduces Tech and Design updates on Polestar 2 The battery is improved increased cell chemistry that provides a higher capacity -This leads to increased range,faster charging, and higher motor output in addition to the design element changes listed in the article 2023 InvestorPlace Media, LLC. In 2013, Polestar launched the Volvo S60 Polestar. Nasdaq The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Data is a real-time snapshot *Data is delayed at least 15 minutes. The focus was entirely on internal combustion-powered vehicles. (C) 2021 Monteverde & Associates PC. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. 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. Privacy Notice | 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 beginning next year. Type a symbol or company name. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Aug. 17 2021, Published 3:11 p.m. A Division of NBCUniversal. Shares of GGPI are down a little over 2% as of this writing. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). Real-time alerts, yields, red flags, filings, investors, and much more. "We don't need the capital to build the factory. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The critical distinction about Polestar is that its not a startup. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. Get in Now on Tiny $3 Forever Battery Stock, Early Bitcoin Millionaire Reveals His Next Big Crypto Trade On Air. We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. You might even get a better price in the process.. Instead, get to know the company a little better. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Despite being outside the top 10, its a reasonable amount of exposure. Featured. Post-merger, itll have a market capitalization of $21.8 billion. Currently, this stock earns a B rating in my Portfolio Grader. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. Heres what investors should know moving forward. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Provided by Benzinga Since. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . New pill cuts cholesterol, heart attacks, Seniors:Heres an easy wayto cut your risk of a heart attack or stroke by nearly 80%. As reference, LCID, which is still in early production, trades at ~10x 2023E sales.
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