ggpi merger announcement

Historical and current end-of-day data provided by FACTSET. Check out our February podcast with CEO Thomas Ingenlath, and detailed analysis of GGPI here. With that in mind, I continue to believe in Alec Gores real-world record of success with SPACs. Salesforce Inc. (CRM) surges after hours following earnings amidst potential activist activity and todays SPAC, IPO, and Exec News. 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. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. From the day the Polestar 1 was launched, I have been a fan of the brands designs. Si quieres personalizar tus opciones, haz clic en Gestionar configuracin de privacidad. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Cision Distribution 888-776-0942 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. Special purpose acquisition company (SPAC) Gores Guggenheim (NASDAQ: GGPI) continues to be on schedule with its planned merger with electric vehicle (EV) maker Polestar. Its beginning dates back to. I also said that, at these prices, GGPI stock would seem like a steal in a few years. 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. Moreover, Polestar put together a very good slide deck presentation . All told, expectations are high for PSNY stock once it begins trading. Under the terms of the agreement, GGPI . All rights reserved. The focus was entirely on internal combustion-powered vehicles. The deal relates primarily to the EV makers Model 3. GGPI Stock News. For aggressive, long-term investors who seek exposure to electric vehicles and dont already own GGPI stock, it is an excellent name to buy. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. 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. Fifty years from now, it might turn out that Polestars affiliation with Volvo did little to catapult it into the EV big leagues. 2023 CNBC LLC. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. I entered GGPI and will increase my position tomorrow tho. Will Be Even Bigger Than Your Wildest Expectation, 7 Over-$100 Stocks That Are Worth Every Penny, Louis Navellier and the InvestorPlace Research Staff. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. On July 8,. Because if it runs as Polestar it will do so premarket. Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. Share of GGPI closed up 12% today on news that the company has a deal . Its beginning dates back to 1996. 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. Intraday data delayed at least 15 minutes or per exchange requirements. Gores Guggenheim completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds . The Company completed the Public Offering on March 25, 2021 (the "IPO Closing Date"). On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Strong underwriting, an Asia expansion, and a history of consistent dividend raises make the shares attractive. Lastly, the fact that Ingenlath doesnt want to be something to everyone suggests that he fully understands Polestars target market. Polestar's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. Initial orders are for the Polestar 2 sedan. The factors still affecting EV stock performance could carry on in the months ahead. Ultimately, Tyler felt that waiting could get you a better entry point. This is a collection of 34 auto manufacturers, including Geely at a 3.22% weighting. Featured. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Article printed from InvestorPlace Media, https://investorplace.com/2022/03/ggpi-stock/. For Hertz, the partnership builds on the companys ongoing commitment to lead in electrification and shared mobility. GGPI shares starting to regain momentum ahead of merger vote. But its a very different market now, amidst a more tepid outlook for growth stocks. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. He was right. Get this delivered to your inbox, and more info about our products and services. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. The five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. Right now investors are paying. 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. did not have (either directly or indirectly) any positions in the securities mentioned in this article. in July and Gores brought $310 million in cash to the deal after redemptions. EV maker Polestar going public via a SPAC with Gores Guggenheim. 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. However, I also said that investors need not rush to buy the SPAC before the merger happens. The post GGPI Stock Heats Up as Polestar SPAC Merger Closes appeared first on InvestorPlace. 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. Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. However, if you own Gores Guggenheim (NASDAQ:GGPI) stock, one sentence by Ingenlath stands out in a good way. 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. (C) 2021 Monteverde & Associates PC. 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. Barring unforeseen developments, Polestar ought to deliver considerable wealth to its patient shareholders in the future.. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Click here for more information: https://www.monteverdelaw.com/case/gores-guggenheim-inc. This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. So naturally, theCEO had a lot to say on the subject. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://www.monteverdelaw.com/case/gores-guggenheim-inc, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Adamis Pharmaceuticals Corp. - ADMP, SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of Ranger Oil Corp. - ROCC. Anyways we could very well see 20-30$. As we move into the merger vote, we think GGPI should be trading closer to $20. Critics of the practice include Warren Buffett. Supply chain headwinds, which have resulted in EV makers walking back revenue and delivery targets, have played a role as well. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. 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. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. However, of the two, GELYY stock volumes are a little higher. Cookie Notice (). GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). While EV stocks were hot as recently as last fall, thats far from the case today. Banjo player, artist, and frittata-maker. He particularly enjoys creating model portfolios that stand the test of time. SPAC Merger. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Also, dont base a decision to buy or not just on a surface level view of the company. Type a symbol or company name. Prior results do not guarantee a similar outcome with respect to any future matter. In 2014, it mass-produced both the S60 and V60 for sale in eight markets. 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. Visit a quote page and your recently viewed tickers will be displayed here. 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. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. That company provides digital twins of properties. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Today's announcement is a significant catalyst as investor anticipation intensifies toward an announced merger vote date. Silicon Valley Confronts the End of Growth. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away.

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