GGPI & Polestar Vote Finally Arrives as the Stock Spikes

by | Jun 22, 2022

Will GGPI break the deSPAC curse?

Gores Guggenheim (GGPI) shareholders went to vote today as the stock surged ~12% to $10.85 on the day. This helped it more than recover from the dip it suffered when it went ex-redemption. We’re awaiting details on the vote, but expect redemptions to be low. It is expected to close on the 24th and start trading as PSNY.

GGPI / Polestar Surges on SPAC Vote Day

GGPI surged as shareholders went to vote on their SPAC deal with Polestar

ICYMI here is some of our recent coverage on Polestar including our conversation with CEO Thomas Ingenlath:

Polestar CEO Thomas Ingenlath joins the Know Who Drives Return Podcast

A Quick Look at other EV deSPACs

GGPI/Polestar is the latest in a long line of EV related SPACs to deSPAC. For the most part, it has been a painful process with many losing significant value for shareholders.

Status | Today’s Change ~ Today’s Close | SPAC -> deSPAC
De-SPAC | -2.94% ~ $ 1.65 | SNPR – Tortoise Acquisition Corp II -> VOLTA INC (VLTA)
De-SPAC | .74% ~ $ 5.45 | NBAC – Newborn Acquisition Corp. -> NUVVE HOLDING CORP (NVVE)
De-SPAC | -1.93% ~ $ 5.60 | VTIQ – VectoIQ Acquisition Corp -> NIKOLA CORP (NKLA)
De-SPAC | -3.10% ~ $ 5.63 | ACTC – ArcLight Clean Transition Corp -> PROTERRA INC (PTRA)
De-SPAC | -5.60% ~ $ 7.76 | CLII – Climate Change Crisis Real Impact I Acquisition Corp -> EVGO INC (EVGO)
De-SPAC | -.22% ~ $ 9.02 | SPAQ – Spartan Energy Acquisition Corp. -> FISKER INC (FSR)
De-SPAC | .33% ~ $ 9.11 | KCAC – Kensington Capital Acquisition Corp -> QUANTUMSCAPE CORP (QS)
De-SPAC | -1.25% ~ $ 14.25 | SBE – Switchback Energy Acquisition Corporation -> CHARGEPOINT HOLDINGS INC (CHPT)
De-SPAC | .73% ~ $ 18.03 | CCIV – Churchill Capital Corp IV -> LUCID GROUP INC (LCID)

An Update on Warrant Prices

SPAC warrants continue to trade lower and lower with no bounce in sight. Both warrants for SPACs with deals and those searching are at their lows. With redemptions continuing to average over 80%, deal terminations becoming more regular alongside liquidations, expect warrants to remain at historically low prices.

Source: Boardroom Alpha

Elsewhere in SPACs

  • EJF Acquisition (EJFA) officially deSPAC’d and will trade as Pagaya (PGY) tomorrow. It has suffered a similar deSPAC fate as most and since ex-redemption has now dropped to under $6. Company has not yet released redemption numbers, but expect them to be high.
  • Golden Path Acquisition (GPCO) used its first of 9 extensions to 7/24 and added $0.033 to trust. That brings current NAV to ~$10.13.
  • ICYMI yesterday, Lamar Partnering and Lionheart IV, from Lionheart Capital. Lionheart is the team behind the disaster that is MSP Recovery. Bloomberg with a nice recent take on the MSP Recovery story, its going concern and precipitous drop in share value.
  • On Friday, June 24th, Northern Lights Acquisition (NLIT) shareholders will vote on their deal with Safe Harbor financial
  • GDST / Roxe deal became definitive:

Biggest Daily Movers

Biggest Gainers

11.87% ~ $ 10.84 | GGPI – Gores Guggenheim, Inc (Announced)
.80% ~ $ 9.94 | GIAC – Gesher I Acquisition Corp. (Announced)
.70% ~ $ 10.05 | MNTN – Everest Consolidator Acquisition Corp (Pre-Deal)
.62% ~ $ 9.69 | IPAX – Inflection Point Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.74 | CORS – Corsair Partnering Corporation (Pre-Deal)
.61% ~ $ 9.82 | RACB – Research Alliance Corp. II (Pre-Deal)
.60% ~ $ 10.00 | BYNO – byNordic Acquisition Corporation (Pre-Deal)
.50% ~ $ 9.99 | SHUA – SHUAA Partners Acquisition Corp I (Pre-Deal)
.50% ~ $ 9.99 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
.45% ~ $ 9.98 | LGTO – LEGATO MERGER CORP. II (Announced)
.41% ~ $ 9.80 | BGSX – Build Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.80 | CRZN – Corazon Capital V838 Monoceros Corp (Pre-Deal)
.41% ~ $ 9.80 | PLMI – Plum Acquisition Corp. I (Pre-Deal)
.41% ~ $ 9.81 | FZT – FAST Acquisition Corp. II (Pre-Deal)
.41% ~ $ 9.82 | DISA – Disruptive Acquisition Corp I (Pre-Deal)
.40% ~ $ 9.93 | NFNT – Infinite Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.94 | CHWA – CHW Acquisition Corp (Announced)
.40% ~ $ 9.98 | WNNR – Andretti Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.99 | TETE – Technology Telecommunication Acquisition Corp (Pre-Deal)
.36% ~ $ 9.81 | GTPB – GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)

Biggest Losers

-9.42% ~ $ 9.23 | RICO – Agrico Acquisition Corp. (Announced)
-8.65% ~ $ 8.77 | NLIT – Northern Lights Acquisition Corp. (Announced)
-8.52% ~ $ 9.95 | KNSW – KnightSwan Acquisiton Corp (Pre-Deal)
-2.53% ~ $ 9.65 | GHIX – Gores Holdings IX, Inc. (Pre-Deal)
-2.34% ~ $ 27.91 | DWAC – Digital World Acquisition Corp. (Announced)
-1.27% ~ $ 10.07 | KINZ – KINS Technology Group Inc. (Pre-Deal)
-1.06% ~ $ 9.84 | TZPS – TZP Strategies Acquisition Corp. (Pre-Deal)
-1.00% ~ $ 9.95 | HCMA – HCM Acquisition Corp (Pre-Deal)
-.99% ~ $ 10.05 | TOAC – Talon 1 Acquisition Corp (Pre-Deal)
-.81% ~ $ 9.79 | DNZ – D and Z Media Acquisition Corp. (Pre-Deal)
-.80% ~ $ 9.89 | DUNE – Dune Acquisition Corporation (Announced)
-.71% ~ $ 9.75 | GBBK – Global Blockchain Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.82 | VII – 7GC & Co. Holdings Inc. (Pre-Deal)
-.70% ~ $ 9.98 | LFAC – LF Capital Acquisition Corp. II (Pre-Deal)
-.61% ~ $ 9.80 | TRCA – Twin Ridge Capital Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.83 | OHAA – Opy Acquisition Corp. I (Pre-Deal)
-.60% ~ $ 9.88 | HMA – Heartland Media Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.93 | GDNR – Gardiner Healthcare Acquisitions Corp. (Pre-Deal)
-.60% ~ $ 10.01 | PAFO – Pacifico Acquisition Corp. (Announced)
-.51% ~ $ 9.84 | MCAG – Mountain Crest Acquisition Corp. V (Pre-Deal)

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Monthly SPAC Review

No Results Found

The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.

SPAC Research & Analysis

Automotive Tech in Focus

Two DAs today in auto tech, one would represent China’s biggest U.S. listing since Didi. WeWork fires its CFO. And the rest of the day’s news in SPACs.

MSP Recovery Sinks

MSP Recovery (MSPR) sinks, falling 53% on its debut. Biote gets approval. Lots of extension votes ahead. And the rest of the day’s news in SPACs.

MSP Recovery Debuts Tomorrow

Medicare and Medicaid secondary payer reimbursement recovery specialist MSP Recovery (MSPR) begins trading tomorrow. Extension for TINV/Grindr. And the rest of the day’s news in SPACs.

Know Who Drives Return Podcast

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

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. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.