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. It is free and there is no cost or obligation to you. 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. These symbols will be available throughout the site during your session. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Im a big believer in Alec Gores, the chairman behind this SPAC. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. However, over a longer timeframe, it could zoom to price levels well above $20 per share. 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. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. GGPI / Polestar trades higher on HTZ deal . 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. The focus was entirely on internal combustion-powered vehicles. 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Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. LOS ANGELES & GOTHENBURG, Sweden, June 21, 2022 -- ( BUSINESS WIRE )--Gores Guggenheim, Inc. ("Gores Guggenheim" or the "Company") (NASDAQ: GGPI, GGPIU and GGPIW), a special purpose acquisition. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. A key advantage we have highlighted repeatedly is Polestars existing partnerships / manufacturing relationships. You might even get a better price in the process.. Polestar SPAC Merger CONFIRMED! - Is GGPI a buy? - YouTube BA sits down with Aria Glasgow, Head of ESG Advisory at Aon, to discuss the intersection ESG and Human Capital and the risk for corporates. 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. 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. The CEO came out and said Polestar wasnt going to be Volvo (OTCMKTS:VLVLY) or some other brand looking for mass appeal. I think this stock may continue to trade in the low teens until the de-SPAC merger happens in 2022. Mergers and Acquisitions news coverage - MarketWatch News, Media, rumors,and general discussion topics are welcome! Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. , including Geely at a 3.22% weighting. Type a symbol or company name. EV maker Polestar going public via a SPAC with Gores Guggenheim. 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. 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. The company is an established EV maker outside the U.S. but not headquartered in China. Since the Swedish electric vehicle (EV) manufacturer announced its merger with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Intraday Data provided by FACTSET and subject to terms of use. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. However, if you own, for China, South Carolina and Europe. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. from 8 AM - 9 PM ET. 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. None of the information contained in this reportconstitutes, oris intended to constitute a recommendation by Boardroom Alphaofany particular security or trading strategy or a determination by BAthat any security or trading strategy is suitable for any specificperson. The volatility amongst EV manufacturers has been significant in the second half of 2021. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. ggpi-10q_20210630.htm Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. Accumulated other comprehensive incom All quotes delayed a minimum of 15 minutes. Our Standards: The Thomson Reuters Trust Principles. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. So naturally, theCEO had a lot to say on the subject. Whats our next move? He particularly enjoys creating model portfolios that stand the test of time. See here for a complete list of exchanges and delays. I share my. 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. Our 3 Top Picks. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. 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. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Will GGPI Stock Spike After the Polestar Merger Announcement? This particular EV play is appealing for two reasons. SPAC Merger. 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. This is because either your product or service appeals to the top 20% of household incomes or the bottom 20%. . Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. It was a slower month to kick off the year for SPACs. Shares of GGPI are down a little over 2% as of this writing. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy Gores Guggenheim Is a Buy, But Consider an Alternative in the - Yahoo! The transaction is expected to close in the first half of the year. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. 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. read more. He lives in Halifax, Nova Scotia. Recently, I also suggested that, That company provides digital twins of properties. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. "We don't need the capital to build the factory. Sign up below to get this incredible offer! Moreover, Polestar put together a very good slide deck presentation . It may not be until the supply chain issues are resolved. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. did not have (either directly or indirectly) any positions in the securities mentioned in this article. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. Post-merger, itll have a market capitalization of $21.8 billion. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. EQT Buys Majority Stake in South Korean Security Provider SK Shieldus, Nagarro 4Q Ebitda Rose; Backs 2023 Outlook, SFS Group 2022 Sales Rose Boosted By Hoffman Acquisition, Ipsen Completes Acquisition of Albireo Pharma. 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. Ive learned in recent years that businesses operating in the middle have less chance of success. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. Silicon Valley Confronts the End of Growth. In 2013, Polestar launched the Volvo S60 Polestar.
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