Despite being outside the top 10, its a reasonable amount of exposure. Its beginning dates back to 1996. Yet while its made this major progress, its not resulting in a big move for shares. 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. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. And Im not the only one. GGPI Stock Heats Up as Polestar SPAC Merger Closes - Nasdaq from 8 AM - 9 PM ET. Lorem ipsum dolor sit amet, consectetur adipiscing elit. That company provides digital twins of properties. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. Don't take it as financial . While EV stocks were hot as recently as last fall, thats far from the case today. Polestar SPAC Merger Makes GGPI Stock a Hot Item - InvestorPlace Then I realized it was just a survey. 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. Right now investors are paying. . We can put the money raised into developing the technology and the market," Thomas Ingenlath, Polestar's chief executive, said in an interview. NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Juan Monteverde, founder and managing partner of the firm Monteverde & Associates PC ("M&A Firm"), a national securities firm ratedTop 50in the 2018-2020 ISS Securities Class Action Services Report and headquartered at theEmpire State Buildingin New York City, is investigatingGores Guggenheim. Polestar itself is a joint venture between, However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds, Additionally, a possible third alternative here is to buy the. 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. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Oklahoma voters go to polls on cannabis measure, while Pennsylvania eyes adult-use bill, U.S. companies embark on record borrowing spree, despite paying highest rates since 2009, Salesforce Reports Financial Results Like a Tech Start-Up, Activist Investors Are Finding the Tables Turned, Sleep Country Canada Up 7.7% as 4Q Profit Gets Hush Brand Adjustment Boost, Daseke Chief Operating Officer Rick Williams to Retire, HP Enterprise Posts Strong Earnings Beat, Lifts Guidance, TD bank may reprice major acquisition of First Horizon, analyst says, Lightspeed Commerce Oper Chief Brandon Nussey Steps Down, Shopping at Kroger can be up to four times cheaper than eating out, CEO says, Broadcom stock moves higher after earnings, forecast beat, Ritchie Bros. 7 Tech Stocks Worth Snatching Up After Their Tumble. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. We continue to view GGPI shares as undervalued heading into the merger. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. See here for a complete list of exchanges and delays. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Prior results do not guarantee a similar outcome with respect to any future matter. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. Polestar CEO Thomas Ingenlath recently discussed the companys plans with Automotive News. Investors also like the fact a global automotive giant backs Polestar. The stock did rise the day after the shareholder vote announcement, but since then, its drifting lower. 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. The EV just looks nice. 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. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Aug. 17 2021, Published 3:11 p.m. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. See here for a complete list of exchanges and delays. Both stocks are thinly traded over the counter. Written by Polestar Is The 9th SPAC Merger For The Gores Group: Here's How The 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. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. It was established to help Volvo win the Swedish Touring Car Championship. Critics of the practice include Warren Buffett. 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. 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. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Around the same time as my article, fellow InvestorPlace contributor Chris Tyler argued that technical analysis of the stock suggested the beginning of December wasnt the time to buy either. From the day the Polestar 1 was launched, I have been a fan of the brands designs. However, what he said next did. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. Real-time alerts, yields, red flags, filings, investors, and much more. As the deal approaches a close, GGPI shares have formed a solid base of support. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Plus500. 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. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. 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. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds 52nd wealthiest person. The technology is used widely in the. Type a symbol or company name. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Share of GGPI closed up 12% today on news that the company has a deal . Copyright Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. 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. It may not be until the supply chain issues are resolved. It previously said it has another model in development called the Precept, which is a larger sedan. Despite being outside the top 10, its a reasonable amount of exposure. 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. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. Will GGPI Stock Spike After the Polestar Merger Announcement? The deal is expected to close later today. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. EV maker Polestar going public via a SPAC with Gores Guggenheim. 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. mostrar anuncios y contenido personalizados basados en perfiles de inters; medir la efectividad de los anuncios y el contenido personalizados, y. desarrollar y mejorar nuestros productos y servicios. read more. The volatility amongst EV manufacturers has been significant in the second half of 2021. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. The higher the price point, the easier it is to pull off. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. All quotes are in local exchange time. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC Subscriber Agreement & Terms of Use | Attorney Advertising. This browser is no longer supported at MarketWatch. If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. It was a slower month to kick off the year for SPACs. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity.