- Gores Guggenheim (GGPI) stock is slipping ahead of a special purpose acquisition company (SPAC) merger vote next week.
- New U.S. Securities and Exchange Commission (SEC) regulations seem to be scaring investors.
- GGPI stock is also down today on electric vehicle (EV) sales updates.
Gores Guggenheim (NASDAQ:GGPI) stock is falling on Thursday as investors prepare for its special purpose acquisition company merger vote.
That SPAC merger vote is set to take place on June 22, which is next week. The company is reminding investors to vote on the deal that would combine GGPI with Swedish EV company Polestar.
Unfortunately for GGPI stock shareholders, the last several months have been rough, with shares down about 25% since the start of the year. It doesn’t look like things are getting any better, either.
First off, the SEC is currently cracking down on SPAC mergers. That includes introducing new regulations that would require similar disclosures to that of an initial public offering (IPO).
New sales estimates for EVs from Jefferies have also come to light. Analysts at the firm dropped EV sales estimates to 8.7 million in 2022 and 11.5 million in 2023. The prior estimates were for 9 million and 11.8 million, respectively.
These lower sales estimates have several stocks in the space slipping today. GGPI stock isn’t immune to that either, as it’s planning to merge with an EV company.
All of this has GGPI stock seeing heavy trading. As of this writing, more than 5 million shares of the stock have changed hands. That’s above its daily average trading volume of roughly 3 million shares.
GGPI stock is down 10% as of Thursday afternoon.
Investors seeking out more stock market news are in luck!
We’ve got all the hottest stock news traders need to know about for Thursday! That includes what’s going on with Sidus Space (NASDAQ:SIDU) and SoFi (NASDAQ:SOFI) shares, as well as the latest inflation news. You can read up on these matters at the following links!
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On the date of publication, William White 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.