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Enthusiasm about the. PublicSq. The transaction is expected to close in the first half of the year. Our lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions. An alternative to Tesla. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. 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. Bruce Ogilvie and Jeff Walker discuss Alliance Entertainment going public via Adara Acquisition Corp. (ADRA). 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 five-year agreement gives renters an alternative to Tesla (TSLA), which announced a relationship with Hertz in November 2021. The focus was entirely on internal combustion-powered vehicles. 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. 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. As reference, LCID, which is still in early production, trades at ~10x 2023E sales. Before today, GGPI stock traded at $10.84 per share, down about 7% year-to-date (YTD). Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Merging with Colombier Acquisition in $200M Deal. On July 8,. This particular EV play is appealing for two reasons. It is free and there is no cost or obligation to you. 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. Provided by Benzinga Since. Plus500. Ultimately, Tyler felt that waiting could get you a better entry point. 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. Create an account to follow your favorite communities and start taking part in conversations. The industry leader for online information for tax, accounting and finance professionals. The deal announcement stated it would close before June 30, 2022. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Novembers SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. 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. All quotes are in local exchange time. (C) 2021 Monteverde & Associates PC. 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. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. 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. See here for a complete list of exchanges and delays. Polestar / Gores Guggenheim Inc.(GGPI) made a splash this morning, announcing a partnership with Hertz (HTZ) that includes purchasing up to 65,000 electric vehicles (EVs) over five years. The company is headquartered in Sweden but manufactures its EVs in China. Joel Baglole for While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. Polestar, founded in 2017 by Volvo Car Group (VOLVb.ST) and China's Zhejiang Geely Holding (GEELY.UL), also counts Hollywood actor Leonardo DiCaprio among its investors. Im a big believer in Alec Gores, the chairman behind this SPAC. Im a big believer in Alec Gores, the chairman behind this SPAC. The reverse merger between GGPI and Polestar is one of the few large SPAC deals to happen this year. The merger between Polestar and Gores Guggenheim (NASDAQ:GGPI) is expected to happen in the first half of 2022. Therefore, it might make sense to buy now before the merger, rather than afterwards. 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. It was established to help Volvo win the Swedish Touring Car Championship. Heres why you should consider them. 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. 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. Our 3 Top Picks. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. 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. Now, with volatility likely to continue into 2022, some possible alternatives exist as a short-term solution for risk-averse EV investors. Contact:Juan E. Monteverde, Esq.MONTEVERDE & ASSOCIATES PCThe Empire State Building350 Fifth Ave. Suite 4405New York, NY 10118United States of America[emailprotected]Tel: (212) 971-1341. That said, unlike LCID, which was a pre-revenue, pre-production company, Polestar is very much established, having met its production target of 29,000 cars in 2021. Despite being outside the top 10, its a reasonable amount of exposure. It was a slower month to kick off the year for SPACs. Anticipation on GGPI/Polestar merger. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. Approval of the SPAC deal was widely expected. While EV stocks were hot as recently as last fall, thats far from the case today. Banjo player, artist, and frittata-maker. 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. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Illusion versus reality. Visit a quote page and your recently viewed tickers will be displayed here. 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 deal is expected to close later today. SPAC Merger. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. Why Chubb Stock Is a Buy. 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. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. Financial Market Data powered by FinancialContent Services, Inc. All rights reserved. On 11/4/2021 the company announced a proposed merger with TradeStation Group, Inc, who provides award-winning trading and . 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. Under the terms of the agreement, GGPI . SPAC Merger. Create your Watchlist to save your favorite quotes on Nasdaq.com. We use cookies to optimize our website and our service. The premium EV maker's offering includes two models: a hybrid car known as Polestar 1 and a fully electric Polestar 2. It may not be until the supply chain issues are resolved. The Car Design Award was established in 1984 by Fulvio Cinti, founder and editor-in-chief of Auto&Design for more than thirty years. This news follows the September announcement of Polestar's intention to list on Nasdaq in connection with its proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. See here for a complete list of exchanges and delays. Yet while its made this major progress, its not resulting in a big move for shares. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Ultimately, Tyler felt that waiting could get you a better entry point. Establishing itself in the European market, it could see tremendous growth as it enters the U.S. market. Nasdaq Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Nordstrom says it will end its business in Canada to help shore up profit after reporting weaker-than-expected sales results and forecasts. The company's listing plan comes as automakers shift their focus to environmentally friendly vehicles amid rising pressure from lawmakers and investors concerned about climate change. However, at one point in mid-November, GGPI stock was trading as high as $16.41. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. 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Yet if youve done your research, and are bullish on the future prospects of this promising EV play, consider GGPI stock a buy. 1125 N. Charles St, Baltimore, MD 21201. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. 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. GGPI hasn't announced a definitive merger date with Polestar but the two companies expect to complete the business combination in the first half of 2022. Type a symbol or company name. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. Will Ashworth has written about investments full-time since 2008. The EV just looks nice. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. Polestar was first established in 1996by Swedish automotive giantVolvo (OTCMKTS:VLVLY). Availability is expected to begin in Spring 2022 in Europe and late 2022 in North America and Australia. The post Gores Guggenheim Is a Buy, But Consider an Alternative in the Short Term appeared first on InvestorPlace. It predicts it will rake in $1.6 billion in revenue this year and double that number next year.