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Polestar Going Public via Gores/Guggenheim SPAC in $20B Deal

Gores, Guggenheim announced a $20B deal to take EV maker Polestars public. Tuesday brings 7 SPACs to merger vote setting up a wave of possible redemptions and de-SPACs.

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Starting off the week with another deal for Alec Gores, one of the most prolific SPAC sponsors out there. The deal for Polestar, at $20B (details below), is the largest new SPAC M&A announced since Lionheart's $33B deal to take MSP Recover public announced back in July. 

Tuesday brings the largest slate of SPACs set to vote on their mergers, as 7 are currently scheduled to make their shareholder votes official. One of those, dMYI, pre-announced that they had only received "single digit percentage" in redemptions and expect $600M in proceeds. DMYI closed up another 5.7% today to $11.94. 

Gores, Guggenheim Strike $20B Deal for Polestar

Bit of a mega-merger to kick off the week in SPAC land as Gores Guggenheim, Inc. (GGPI) struck a $20B deal for EV maker Polestar. GGPI, which sports an $800M trust value currently, also announced a $250M PIPE as part of the financing for the deal. 

Polestar is valued at $20B, or 3.0x 2023E revenue. Existing Polestar investors include Volvo Car Group and Leonardo DiCaprio. GGPI rose +4.6% today to $10.45

polestarrev

Another deal for SPAC veterans Alec Gores and Mark Stone, they have 9 SPACs together and Gores has had a few others. 

Latest Podcast Out

The latest Know Who Drives Return podcast is up. Thanks to Matthew Tuttle from Tuttle Capital for joining. Great discussion on SPACs, FOMO, tail risk and more.

In case you missed it, DMYI / IonQ has surged over the past week and we spoke to dMY CEO Niccolo de Masi just the other day:

Upcoming Merger Votes

Reminder, keep an eye our for the SPAC GAMMA trade, lots of retail investors are looking for ways to capitalize on SPACs with high redemptions.

If you want a primer on the trade, this is a quick read.

Remember, buyer beware if you are playing this trade as it's extremely volatile, and these stocks have consistently, and relatively quickly, fallen back to earth -- after all, should a stock that 90%+ of shareholders chose to redeem signal a good buy?

Sep 28 | $ 10.04 | STPC - Star Peak Corp II --> Benson Hill, Inc.
Sep 28 | $ 10.07 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
Sep 28 | $ 9.96 | SPFR - Jaws Spitfire Acquisition Corporation --> VELO3D
Sep 28 | $ 11.94 | DMYI - dMY Technology Group Inc III --> ionQ, Inc.
Sep 28 | $ 9.68 | PTK - PTK Acquisition Corp. --> Valens Semiconductor
Sep 28 | $ 10.14 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd
Sep 28 | $ 10.00 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences
Sep 29 | $ 10.00 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
Sep 30 | $ 9.99 | KCAC - Kensington Capital Acquisition Corp. II --> Wallbox
Oct 04 | $ 10.01 | LSAQ - LIFE SCI ACQ II --> Science 37
Oct 05 | $ 9.99 | STWO - ACON S2 Acquisition Corp --> Ess Technology Inc
Oct 05 | $ 10.09 | ITAC - Industrial Tech Acquisitions Inc --> Arbe Robotics Ltd
Oct 12 | $ 9.97 | KURI - Alkuri Global Acquisition Corp. --> Babylon

Today's Price Action

Biggest Gainers

5.66% ~ $ 11.94 | DMYI - dMY Technology Group Inc III (Announced)
4.71% ~ $ 10.45 | GGPI - Gores Guggenheim, Inc (Announced)
4.59% ~ $ 10.26 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
1.49% ~ $ 12.29 | FST - FAST ACQ CP (Announced)
1.42% ~ $ 10.00 | HLXA - HELIX ACQUISITION CORP (Pre-Deal)
1.37% ~ $ 10.39 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.18% ~ $ 10.30 | GLSPT - Global SPAC Partners Co. (Pre-Deal)
1.06% ~ $ 10.06 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
1.03% ~ $ 10.84 | LEGO - LEGATO MERGER CORP. (Announced)
1.00% ~ $ 10.12 | BOWX - BowX Acquisition Corp (Announced)
.93% ~ $ 9.79 | LOKM - Live Oak Mobility Acquisition Corp. (Pre-Deal)
.90% ~ $ 10.14 | CAHC - CA Healthcare Acquisition Corp. (Announced)
.82% ~ $ 9.79 | PTIC - PropTech Investment Corporation II (Pre-Deal)
.72% ~ $ 9.74 | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)
.71% ~ $ 9.93 | FTAA - FTAC Athena Acquisition Corp. (Announced)
.69% ~ $ 9.94 | CAS - Cascade Acquisition Corp (Pre-Deal)
.67% ~ $ 9.78 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.62% ~ $ 9.74 | BGSX - Build Acquisition Corp. (Pre-Deal)

Biggest Losers

-4.06% ~ $ 9.68 | PTK - PTK Acquisition Corp. (Announced)
-3.82% ~ $ 12.07 | TDAC - Trident Acquisitions Corp (Announced)
-2.71% ~ $ 9.70 | LATN - Union Acquisition Corp. II (Announced)
-2.10% ~ $ 9.78 | TCAC - Tuatara Capital Acquisition Corporation (Pre-Deal)
-1.88% ~ $ 9.89 | SV - Spring Valley Acquisition Corp (Announced)
-1.84% ~ $ 9.62 | APTM - Alpha Partners Technology Merger Corp. (Pre-Deal)
-1.45% ~ $ 10.20 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
-.92% ~ $ 9.66 | ALPA - ALPHA HEALTHCARE ACQUISITION CORP III (Pre-Deal)
-.82% ~ $ 9.69 | FZT - FAST Acquisition Corp. II (Pre-Deal)
-.80% ~ $ 9.90 | ARYE - ARYA Sciences Acquisition Corp V (Pre-Deal)
-.79% ~ $ 10.04 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-.72% ~ $ 9.67 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.71 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
-.71% ~ $ 9.79 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
-.62% ~ $ 9.66 | PICC - Pivotal Investment Corporation III (Pre-Deal)
-.61% ~ $ 9.70 | OSTR - Oyster Enterprises Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.74 | MEAC - Mercury Ecommerce Acquisition Corp (Pre-Deal)
-.60% ~ $ 9.87 | ARTA - Artisan Acquisition Corp. (Announced)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)

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