GGPI - Why Gores Guggenheim Stock Sank 11% in January
Shares of Gores Guggenheim (NASDAQ: GGPI) tumbled another 11.2% in January, according to data from S&P Global Market Intelligence , following a 13% decline in December .
The special purpose acquisition company (SPAC) plans to take electric vehicle (EV) maker Polestar public in a reverse merger. Its stock spiked to well over $16 per share in November on the public debut by rival EV maker Rivian , which caused the whole sector to rally. But since then, the stocks have all cooled off considerably.
A Polestar EV. Image source: Polestar.
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Why Gores Guggenheim Stock Sank 11% in January