Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. However, if you own, for China, South Carolina and Europe. Will Ashworth has written about investments full-time since 2008. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Omg guys I saw GGPI merger in my smartphone notifications and my heart was pounding . Reddit and its partners use cookies and similar technologies to provide you with a better experience. Thats well above where it currently trades under the $11.50 level. He particularly enjoys creating model portfolios that stand the test of time. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Post-merger, itll have a market capitalization of $21.8 billion. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. So far this year, there have only been 11 SPAC listings valued at $25 million or more. Rubicon Technologies (RBT) CEO Jevan Anderson resigned, Marblegate is merging with itself, and the rest of the days digest. He particularly enjoys creating model portfolios that stand the test of time. GGPI Stock News. 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. Si no quieres que nosotros ni nuestros socios utilicemos cookies y datos personales para estos propsitos adicionales, haz clic en Rechazar todo. "We don't need the capital to build the factory. Once the deal is completed, Polestar will trade under the ticker symbol PSNY on the Nasdaq. The decision is yours to make. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. PublicSq. On July 8,. The vehicles will be produced at its new factory in Casa Grande, Arizona. GGPI Stock Heats Up as Polestar SPAC Merger Closes, Do Not Sell My Personal Information (CA Residents Only). Critics of the practice include Warren Buffett. Create an account to follow your favorite communities and start taking part in conversations. Copy and paste multiple symbols separated by spaces. Initial orders are for the Polestar 2 sedan. Polestars listing gives investors access to an interesting opportunity, however. All quotes delayed a minimum of 15 minutes. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. SPAC Merger. This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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 company is an established EV maker outside the U.S. but not headquartered in China. Anywhere in between makes it harder to gain customer loyalty. It is free and there is no cost or obligation to you. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). As a result, I think its chances of survival are much higher than brands such as, On the date of publication, Will Ashworth. While EV stocks were hot as recently as last fall, thats far from the case today. 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. Its beginning dates back to. Intraday Data provided by FACTSET and subject to terms of use. Both stocks are thinly traded over the counter. 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. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. He lives in Halifax, Nova Scotia. The technical storage or access that is used exclusively for statistical purposes. 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. Anticipation on GGPI/Polestar merger. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Enthusiasm about the. with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. 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"). Polestar has been developing electric vehicles since 2017, the latest of which is a performance roadster. Transaction is expected to be completed in the second quarter of 2022. Visit a quote page and your recently viewed tickers will be displayed here. The deal announcement stated it would close before June 30, 2022. Heres why you should consider them. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. "We will build in America for Americans," says Thomas Ingenlath, Polestar CEO. 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.. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. We use cookies to optimize our website and our service. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. 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. Subscriber Agreement & Terms of Use | Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Banking giant TD still wants to buy First Horizon a year after megadeal was announced, but the purchase price may drop, given lower sector valuations. 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. Currently, this stock earns a B rating in my Portfolio Grader. 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 good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. 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. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. However, of the two, GELYY stock volumes are a little higher. Theres even room for more lines. 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. A buy under $10 would be an excellent entry point, in my opinion. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. In December, its currently down almost 16%. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Second, it currently trades at an attractive valuation relative to its prospects. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. GGPI shares starting to regain momentum ahead of merger vote. On the date of publication, neither LouisNavellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. (C) 2021 Monteverde & Associates PC. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. GGPI / Polestar trades higher on HTZ deal . The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . Market is a lot different now versus CCIV/LCID times. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. Also, dont base a decision to buy or not just on a surface level view of the company. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. Build your trading network; Follow your favorite assets . The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. The industry leader for online information for tax, accounting and finance professionals. 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. At $11.20 it's $24 billion. For 2022 and 2023, Polestar has guided to $3.2 B and $6.7B in sales, respectively. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. So naturally, theCEO had a lot to say on the subject. After the merger, the combined entity. . By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising.
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