Polestars listing gives investors access to an interesting opportunity, however. Provided by Benzinga Since. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. At least 73 SPACs that had planned to go public this year have since been canceled due to deteriorating market conditions. See here for a complete list of exchanges and delays. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Also, dont base a decision to buy or not just on a surface level view of the company. The EV just looks nice. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. It predicts it will rake in $1.6 billion in revenue this year and double that number next year. All Rights Reserved. It will also have a more daring design, InsideEVs reported Ingenlaths comments. Valuation remains discounted, in our view, at an implied market cap of $26.1 billion ($12.40 and 2.125B shares outstanding), which implies 3.9x 2023E sales. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Real-time alerts, yields, red flags, filings, investors, and much more. If youre investing in AI stocks, watch out for these revenue and earnings tricks, After loss against Meta, Lina Khans ability to rein in Big Tech with the FTC is being questioned, Veris Residential and Rogers Stock See Action From Activist Investors, The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability: Prices fell the most in these U.S. states, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans 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. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Will GGPI Stock Spike After the Polestar Merger Announcement? At writing, its at $9.97 per share, just a penny above its debut price. Why Chubb Stock Is a Buy. 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. 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. Is GGPI a buy now in 2021? 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. 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. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. Currently, this stock earns a B rating in my Portfolio Grader. Silicon Valley Confronts the End of Growth. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. In December, its currently down almost 16%. I also said that, at these prices, GGPI stock would seem like a steal in a few years. 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 critical distinction about Polestar is that its not a startup. 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. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. Decembers SPAC market review takes a look by the numbers of the months SPAC activity and how the market currently stands going into 2023. However, at one point in mid-November, GGPI stock was trading as high as $16.41. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. A Division of NBCUniversal. 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. Colombier was founded by Omeed Malik, founder and CEO of Farvahar Partners. Right now investors are paying. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. The higher the price point, the easier it is to pull off. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. GGPI / Polestar gaining momentum on 5-Year HTZ Deal Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. And Im not the only one. 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. 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. Polestar, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor Leonardo DiCaprio among its investors. In turn, GGPI stock has fallen back to its original SPAC price of $10 per 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. We use cookies to optimize our website and our service. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. The Gores Group led by chairman Alec Gores and CEO Mark Stone announced the deal between Gores Guggenheim Inc (NASDAQ: GGPI) and electric vehicle company Polestar. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. 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. Despite being outside the top 10, its a reasonable amount of exposure. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. from 8 AM - 9 PM ET. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim, assuming no share redemptions by public stockholders of the blank-check firm. in July and Gores brought $310 million in cash to the deal after redemptions. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. Copyright 2023 InvestorPlace Media, LLC. Prior results do not guarantee a similar outcome with respect to any future matter. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. The focus was entirely on internal combustion-powered vehicles. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. ggpi-10q_20210630.htm It was established to help Volvo win the Swedish Touring Car Championship. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. Objective, data-driven assessments for every public company director and officer. Electric-car maker Polestar strikes $20-billion deal with Gores - CNBC 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. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. 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. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. This browser is no longer supported at MarketWatch. Two years later, it made a move to electric-powered performance vehicles. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Get this delivered to your inbox, and more info about our products and services. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. 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. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds .
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