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It will also have a more daring design, InsideEVs reported Ingenlaths comments. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. But its a very different market now, amidst a more tepid outlook for growth stocks. Copyright 2023 InvestorPlace Media, LLC. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Copyright 2023 MarketWatch, Inc. All rights reserved. Polestar touts an asset-light business model as a key differentiator by having existing productions lines provided by backers Volvo and Geely, so it can focus on investing in research. Gores Guggenheim Stock News and Forecast: GGPI stock sets - FXStreet Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. 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. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ:GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Mergers and Acquisitions news coverage - MarketWatch As I stated in January, I think GGPI stock soon to be PSNY once the merger is completed is an excellent long-term buy, primarily because it already has sold 29,000 vehicles (2021), it. This report contains opinions and is provided for informationalpurposes only it does not constitute investment, legal or tax advice. The merger with Polestar via SPAC deal to take it public is finally nearing completion. Get this delivered to your inbox, and more info about our products and services. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. GGPI Stock Will Pop Post Merger, But There's Still Time to Buy 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. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. Ultimately, Tyler felt that waiting could get you a better entry point. Ventoux CCM Acquisition Corp. . 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. In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. Prior to merger deal announcements, SPAC stocks tend to stay close to $10 a share. The Company has selected December 31 st as its fiscal year-end. Im 66, we have more than $2 million, I just want to golf can I retire? As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. As you might be aware, post-merger, Polestars existing shareholders will own, . It was a slower month to kick off the year for SPACs. Critics of the practice include Warren Buffett. The factors still affecting EV stock performance could carry on in the months ahead. Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). On July 8,. Stock Prodigy Who Found NIO at $2 Says Buy THIS Now, Man Who Called Black Monday: Prepare Now.. However, for now, it seems to have its feet on the ground, providing investors with very reasonable growth projections. Approval of the SPAC deal was widely expected. On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. Sign up for free newsletters and get more CNBC delivered to your inbox. It is free and there is no cost or obligation to you. SPAC Merger. Press question mark to learn the rest of the keyboard shortcuts. Based on a $49K starting price, the deal is valued at ~$3.2B. It may not be until the supply chain issues are resolved. GGPI Stock News. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. "We don't need the capital to build the factory. Joel Baglole for He particularly enjoys creating model portfolios that stand the test of time. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. 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. For this, if youre very aggressive, Id suggest taking a half position today and waiting to see if it falls lower. Polestar Provides Next Glimpse of Polestar 3 and Reaffirms Growth Plans Thats especially the case with GGPI stock. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. The transaction is expected to close in the first half of the year. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Two years later, it made a move to electric-powered performance vehicles. Then I realized it was just a survey. It will also have a more daring design,, The CEO came out and said Polestar wasnt going to be, As I stated in January, I think GGPI stock soon to be. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. 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. EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC Consumers looking for more ways to save money helped Kroger beat profit expectations and provide an upbeat outlook. Theres even room for more lines. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. All told, expectations are high for PSNY stock once it begins trading. 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. 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. We use cookies to optimize our website and our service. 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. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. We want to hear from you. 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. Create an account to follow your favorite communities and start taking part in conversations. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. Attorney Advertising. Targeted companies such as Disney and Salesforce are learning how to grab the momentum back from activists, and communicate more effectively. Changing market conditions (namely, rising interest rates) have put pressure on their valuations. Thats well above where it currently trades under the $11.50 level. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. 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. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. Additionally, a possible third alternative here is to buy the First Trust Nasdaq Global Auto Index Fund (NASDAQ:CARZ). GGPI/ Polestar revs up on HTZ Deal. DWAC Slammed by Elon's TWTR Stake. Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger 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. 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. either via e-mail at [emailprotected] or by telephone at (212) 971-1341. , including Geely at a 3.22% weighting. You might even get a better price in the process.. Despite being outside the top 10, its a reasonable amount of exposure. The volatility amongst EV manufacturers has been significant in the second half of 2021.