- Gores Guggenheim (NASDAQ:GGPI) shareholders will vote on its merger with Polestar on June 22
- The company’s board is in favor of the merger
- Shares of GGPI stock are down 14% year-to-date (YTD)
Source: Jeppe Gustafsson / Shutterstock.com
Shares of Gores Guggenheim (NASDAQ:GGPI) are in the spotlight after the company announced that shareholders will be able to vote on its merger with Polestar on June 22. Gores first announced its business combination last year on Sept. 27, so shareholders have been patiently waiting for the voting date. Gores’ board has recommended shareholders and warrant holders vote in favor of the business combination. The board also stated that shareholders and warrant holders should vote in advance of the meeting on June 22.
Yesterday, the company’s Form F-4, or registration statement, was approved by the U.S. Securities and Exchange Commission (SEC). This is another step in the right direction for the two entities.
GGPI Stock Investors Gear Up for June 22
If shareholders vote in favor of the merger, Gores Guggenheim will cease to be tradable and instead be replaced by Polestar. Investors do not yet know what the ticker for Polestar will be.
Polestar lowered its 2022 sales guidance from 65,000 vehicles to 50,000 vehicles during an investor presentation. The company stated that the “reduction for 2022 is 100% attributable to the lockdowns in China.” Last year, Polestar delivered 29,000 vehicles. Still, Polestar expects to deliver 290,000 vehicles by the end of 2o25.
During Q1, Polestar delivered 13,600 vehicles, which more than doubled the delivery figure from a year ago. The company has an advantage over other electric vehicle (EV) startups because its parent company is Volvo (OTCMKTS:VLVLY), which is owned by Chinese automaker Geely (OTCMKTS:GELYF). As a result, Polestar can tap into Volvo’s and Geely’s expertise and supply chain connections. The EV company is also steadily expanding its international exposure. Polestar currently operates in 23 markets, up from 19 last year.
Earlier this week, Polestar announced a collaboration with StoreDot. StoreDot manufactures “fast-charging silicon-dominant batteries” for EVs. The charging company is also working on its “100in5” technology, which seeks to provide EVs with 100 miles of range with five minutes of charging. Furthermore, the two companies will collaborate to explore the possibility of adding StoreDot’s fast-charging technology to Polestar’s vehicles.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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