Recently, I also suggested that Matterport (NASDAQ:MTTR) was an excellent buy under $20. The fact that the company is moving close to 30,000 units this. 86% of retail CFD accounts lose money, Registration on or use of this site constitutes acceptance of our, Stock Prodigy Who Found NIO at $2 Says Buy THIS. The technology is used widely in the vacation rental industry. The enterprise hardware company saw surprising strength in the January quarter in computing and networking hardware. It is the biggest blank-check merger in the EV sector since Lucid Motors struck a $24-billion deal with Michael Klein's Churchill Capital IV Corp. in February. Its opening more of them anyway. It is free and there is no cost or obligation to you. Current equity holders of Polestar, who will roll their entire interest in the combined company, will retain about 94% ownership, it said. News, Media, rumors,and general discussion topics are welcome! Will Ashworth has written about investments full-time since 2008. Instead, get to know the company a little better. The transaction is expected to close in the first half of the year. At least two hedge funds sold their stakes in Digital World Acquisition Corp. after that SPAC firm announced plans to merge with former President Donald Trump 's planned social media platform.. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you. Since the Swedish electric vehicle (EV) manufacturer announced its merger. 7 Tech Stocks Worth Snatching Up After Their Tumble. Nosotros, Yahoo, somos parte de la familia de marcas de Yahoo. Although its unclear whether it zooms or sits idle in the near-term, over a longer timeframe it could really take off. The investigation focuses on whether GGPI and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company by 1) failing to conduct a fair process, and 2) whether the transaction is properly valued. Twitter Reports 40% Drop in Revenue and Adjusted Earnings to Investors: WSJ. Korn Ferrys Head of Board Effectiveness Anthony Goodman talks board evaluations, universal proxies, and more with David Drapkin. What's next for bonds in 2023 after the worst year in history, It broke me: Everyone says you need power of attorney, but nobody tells you how hard it is to use. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds of over $1 billion, including $800 million from the special purpose acquisition company (SPAC), and a PIPE, or private investment in public equity, of $250 million from institutional investors. Its beginning dates back to. Despite being outside the top 10, its a reasonable amount of exposure. That said, unlike LCID, which was a pre-revenue, pre-production company, Polestar is very much established, having met its production target of 29,000 cars in 2021. Higher interest rates aren't deterring companies with high credit ratings from borrowing in the U.S. corporate bond market at a record clip in 2023. AONs Aria Glasgow on Managing ESG and Human Capital Risk, Korn Ferrys Anthony Goodman on the Importance of Board Evaluations, Podcast: Getaround CEO Sam Zaid on Carsharing and Going Public, What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners, Podcast: Li-Cycles (LICY) Ajay Kochhar on Lithium Ion Battery Recycling and EVs, SPAC Podcast: Alliance Entertainment & Adara Acquisition. This morning, shares of Gores Guggenheim (NASDAQ:GGPI) stock started the day up 5% on news that shareholders have approved its merger with Swedish electric vehicle maker Polestar. The company raised $550 million in external funding in April and announced plans in June to build Polestar 3 electric sport utility vehicles at Volvo's U.S. plant in South Carolina beginning next year. Volvo said on Monday it will make additional equity investments in Polestar of up to $600 million and is expected to hold about 50 percent of the combined company. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines. It previously said it has another model in development called the Precept, which is a larger sedan. Subscriber Agreement & Terms of Use | InvestorPlace->, InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Polestar itself is a joint venture between, However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds, Additionally, a possible third alternative here is to buy the. It will also have a more daring design, InsideEVs reported Ingenlaths comments. You should notrely solely upon the research herein forpurposes of transacting securities or other investments, and you areencouraged to conduct your own research and due diligence, and to seekthe advice of a qualifiedsecurities professional beforeyou make anyinvestment. Many EV enthusiasts see its focus on performance vehicles as a differentiator. Polestar is a Swedish electric vehicle manufacturer backed by Volvo and Volvo's de facto . If you havent bought it, thats great news because you still have time to get in before GGPI takes off post-merger. On May 25, the blank-check company formally announced the date on which shareholders will vote to approve the transaction (June 22). However, thats an entirely different subject than whether you should buy GGPI at todays prices. Type a symbol or company name. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Plus500. Ingenlaths comments in Automotive News laid out Polestars three-pronged production plan for China, South Carolina and Europe. SPAC Merger. Its beginning dates back to 1996. The Polestar deal will be supported by cash proceeds of around $800 million from Gores Guggenheim, assuming no share redemptions by public stockholders of the blank-check firm. Polestar joins other EV makers in the public market, including Tesla (TSLA.O) and Lucid Motors (LCID.O), which went public in a $24 billion SPAC deal in February. 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However, because Geely owns 78.4% of Volvo Cars stock not to mention nearly 97% of its voting power Polestar will ultimately be controlled by the Chinese car company and billionaire Li Shufu, the worlds 52nd wealthiest person. After a bustling 2021, the entire SPAC market has slowed markedly amid theglobal marketdownturn. Polestar is unique in that while its not the flashiest vehicle, the companys main selling proposition is to make reliable cars without gimmicks. In 2013, Polestar launched the Volvo S60 Polestar. in July and Gores brought $310 million in cash to the deal after redemptions. The focus was entirely on internal combustion-powered vehicles. Anyways we could very well see 20-30$. February 28, 2023. Theres even room for more lines. The company, which delivered about 10,000 vehicles last year, said it expects to sell about 290,000 vehicles per year by 2025 and plans to launch three new models by 2024. GGPI Stock Price - Gores Guggenheim, Inc. is a blank check company. Under the terms of the agreement, GGPI . An alternative to Tesla. Most important, the company is well underway with production and revenue generation ($1.6B in 2021 sales). Amidst a proxy fight with Trian, Walt Disney Co. (DIS) announced that it will cut ~7k jobs as part of a $5.5B cost savings plan. Second, it currently trades at an attractive valuation relative to its prospects. All Rights Reserved. Its anyones guess when exactly EV stocks will take off again. Not bad, given that, if it grows as expected, itll generate $17.6 billion in annual sales by 2025. Anywhere in between makes it harder to gain customer loyalty. (C) 2021 Monteverde & Associates PC. The funding will be used to. All rights reserved. Create your Watchlist to save your favorite quotes on Nasdaq.com. In the six weeks since, its moved sideways. Build your trading network; Follow your favorite assets . American Airlines (AAL) announces its new chairman of the board as Gregory D. Smith, the former CEO of Boeing (BA). With all that said, your question is between taking the risk of GGPI tanking after merger vs maybe missing out a huge chunk of gains. Li-Cycle (LICY) CEO Ajay Kochhar joins Know Who Drives Return to discuss lithium ion battery recycle in the latest podcast episode. As you might be aware, post-merger, Polestars existing shareholders will own, . As the deal approaches a close, GGPI shares have formed a solid base of support. The deal also includes a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors. Shares of GGPI are down a little over 2% as of this writing. At writing, its at $9.97 per share, just a penny above its debut price. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. This announcement comes alongside ongoing Over-The-Air (OTA) updates that are delivering new features to Polestar 2 owners and pre-empts a future option to purchase a performance software upgrade that adds an extra 67-hp for the dual-motor variant. The combination of Gores Guggenheim and Polestar is one of the biggest SPAC deals of the year. The company is headquartered in Sweden but manufactures its EVs in China. Inc. ("GGPI" or the "Company") (GGPI) a special purpose acquisition company, relating to the proposed merger with Polestar Automotive Holding Limited. He particularly enjoys creating model portfolios that stand the test of time. Boardroom Alpha does not accept any liability for any direct,indirector 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. Also, dont base a decision to buy or not just on a surface level view of the company. Ive learned in recent years that businesses operating in the middle have less chance of success. Instead, it would be a niche producer of EVs. Enthusiasm about the. The premium EV maker's offering includes two models a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 which are currently on roads across Europe, North America and Asia. $GGPI $PSNY @Polestar introduces Tech and Design updates on Polestar 2 The battery is improved increased cell chemistry that provides a higher capacity -This leads to increased range,faster charging, and higher motor output in addition to the design element changes listed in the article The Polestar deal will be supported. Hertz pushing to be the largest EV rental fleet, adding zero emission models. On the date of publication, neither LouisNavellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. Emulex Corp. v. Varjabedian, 139 S. Ct. 1407 (2019). Labor representatives at a Nissan Motor Co Ltd plant in the central Mexican state of Morelos have reached an agreement with the Japanese carmaker to hike pay 9% as of April, the union said. Polestar said at the Beijing Motor Show last year that it has another model in development called the Precept, which is a larger sedan. Matterport merged with Gores Holdings VI back in July and Gores brought $310 million in cash to the deal after redemptions. He has also been selected by Martindale-Hubbell as a 2017-2021 Top Rated Lawyer. The focus was entirely on internal combustion-powered vehicles. The deal relates primarily to the EV makers Model 3. . The opinions expressed in this article are those of the writer, subject to the, 5 Hypergrowth Stocks With 10X Potential in 2023, Robert Bollinger: Meet the Man Behind Mullens Push Into Commercial EVs, A.I. [I]f a stock is destined to be a long-term winner (five to 10 years out), there is no rush to run out and buy it. GGPI Stock News. Polestar, founded in 2017 by Volvo Car Group (VOLVb.ST) and China's Zhejiang Geely Holding (GEELY.UL), also counts Hollywood actor Leonardo DiCaprio among its investors. Gores has done as good a job as anyone demonstrating that blank-check companies can deliver the goods. Enthusiasm about the deal, which was announced last fall, has seen a big drop in recent months. SPAC Merger. The decision is yours to make. But no matter when exactly the recovery begins, it may be worthwhile to lock down positions before it happens rather than after it happens. The EV just looks nice. Nevertheless, even as EV stock mania has waned, the EV trend isnt going away. Sam Zaid, CEO of Getaround, joins David Drapkin on the podcast to discus what makes carsharing company Getaround so special and their journey to go public. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. At $11.20 it's $24 billion. Post-merger, itll have a market capitalization of $21.8 billion. The good news for GGPI stock is that relatively speaking Polestar seems far less likely than peers to be one of those companies. On July 8,. The contrast between the stock buildup of CCIV/LCID versus GGPI/PSNY is readily apparent. Got a confidential news tip? GGPI hasn't announced a definitive merger date with Polestar but the two companies expect to complete the business combination in the first half of 2022. You might even get a better price in the process., Around the same time as my article, fellow, Chris Tyler argued that technical analysis of the stock suggested the beginning of December. As I stated in January, I think GGPI stock soon to be PSNY once the merger is completed is an excellent long-term buy, primarily because it already has sold 29,000 vehicles (2021), it expects to produce 65,000 in 2022 and 290,000 annually by 2025. Since the Swedish electric vehicle (EV) manufacturer announced its merger with the special purpose acquisition company (SPAC) on Sept. 27, GGPI stock has gained about 14% or so. The aim of the Polestar range is to be sportier and to have a stronger focus on the driver. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. The latest deal will provide a key test of investor appetite for SPAC deals after other such transactions in the electric vehicle sector soured over the past few months. We continue to like Polestars long term outlook and view the company as an emerging contender in the EV space. Thats well above where it currently trades under the $11.50 level. As background, Polestar is jointly owned by Volvo and its parent company Chinese OEM Geely (GELYY). In addition to the Geely relationship, Polestar has access to Volvos manufacturing infrastructure. PSQ Holdings is a marketplace that connects who it describes as "freedom-loving" Americans. In what stands to be a pivotal year for the future of the market, we recap January. once the merger is completed is an excellent long-term buy, primarily because it already has sold 29,000 vehicles (2021), it expects to produce 65,000 in 2022 and 290,000 annually by 2025. Our 3 Top Picks. Deal Announcement for ISAA /HYPEBEAST . The higher the price point, the easier it is to pull off. Oklahoma's governor set a special vote for March 7 after a pot referendum was pulled off the November ballot, and in Pennsylvania, a lawmaker launched new bill. Attorney Advertising. Presumably, the deal, which will result in the company taking on the Polestar name, and GGPI stock becoming PSNY stock, will close not too long after that. Heres why you should consider them. While the vast majority of these vehicles will be sold in China, the company is also making a push into other Asian markets. Ingenlath wants customers that will be loyal to the Polestar brand. Nordstroms off-price Rack stores are struggling. Sign up below to get this incredible offer! On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. Polestar delivered about 10,000 vehicles globally last year and expects to sell about 290,000 vehicles per year by 2025. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. I entered GGPI and will increase my position tomorrow tho. In other words, hes saying if you buy a Polestar, youll be getting something unique and special. Banking giant TD still wants to buy First Horizon a year after megadeal was announced, but the purchase price may drop, given lower sector valuations. In fact, as its already reached the billion dollar mark in terms of sales, calling it early stage may be a misnomer. The company's listing plan comes as automakers shift their focus to environmentally friendly vehicles amid rising pressure from lawmakers and investors concerned about climate change. The SPAC merger deal was announced on Sept. 27, where GGPI SPAC agreed to merge with the Swedish private EV car maker Polestar. InvestorPlace is one of Americas largest, longest-standing independent financial research firms. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Of course, shares of many EV companies are down this year, including market leader Tesla (NASDAQ:TSLA). Okapis Bruce Goldfarb joins the podcast to discuss the new Universal Proxy Rules and what it means for investors and board members. Aug. 17 2021, Published 3:11 p.m. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Last year, a record 613 SPAC listings occurred on U.S. exchanges, raising a total of $145 billion. He lives in Halifax, Nova Scotia. Still think GGPI is undervalued. A Division of NBCUniversal. Do this now. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. Shares of Gores Guggenheim pared some earlier gains and were up over 4% in morning trading. Gores Guggenheim believes the deal will raise about $850 million in gross proceeds. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. I also said that, at these prices, GGPI stock would, The critical distinction about Polestar is that its not a startup. The post Keep an Eye on Gores Guggenheim Stock, as it Gears Up for its EV Merger appeared first on InvestorPlace. This particular EV play is appealing for two reasons. While retail investors on social media tend to focus on powertrain modes and the time from 0-60mph, Polestar management is focused on building a sustainable, dependable car. If youre investing in AI stocks, watch out for these revenue and earnings tricks, After loss against Meta, Lina Khans ability to rein in Big Tech with the FTC is being questioned, Veris Residential and Rogers Stock See Action From Activist Investors, The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability: Prices fell the most in these U.S. states, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated. Prior results do not guarantee a similar outcome with respect to any future matter. That said, I suppose you could also argue that GGPI will move significantly higher once its trading under its new symbol, PSNY. Because if it runs as Polestar it will do so premarket. Navigating stock market volatility since it all began in 2000. This news follows the September announcement of Polestar's intention to list on Nasdaq in connection with its proposed business combination with Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU), which is expected to close in the first half of 2022. GGPI shares have been trading in a steady ~$11 range prior to days announcement (shares are up 8% intraday). This deal received tremendous fanfare as the single-largest ever purchase for electric cars for 100,000 vehicles as well as a partnership with Uber (UBER) to provide 50,000 of those vehicles to its delivery drivers. Copy and paste multiple symbols separated by spaces. Get this delivered to your inbox, and more info about our products and services. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. company, and Gores Guggenheim, Inc. ("Gores Guggenheim") (Nasdaq: GGPI, GGPIW and GGPIU), a special purpose acquisition company ("SPAC") formed by affiliates of The Gores Group and Guggenheim Capital, LLC, announced today that they have entered into a definitive business combination agreement (the "Business Combination Agreement"). Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. All rights reserved. SPACs are publicly listed companies that are raised with the intention of merging with a private company at a later date. But there is reason to believe that quality, well-run EV companies like PSNY will survive and thrive in the years ahead. 5 Penny Cryptos With the Most Potential for Growth, 3 Cream-of-the-Crop Growth Stocks to Buy for 2023, Gores Guggenheim Stock Will Pop Post Merger, But Theres Still Time to Buy. In turn, GGPI stock has fallen back to its original SPAC price of $10 per share. Even as the Polestar deal, which shareholders will vote to approve later this month, is on the verge of closing. An analyst thinks theres a good chance that PayPal will make an acquisition in the next few months and runs through the most likely -- and least likely -- scenarios. While EV stocks were hot as recently as last fall, thats far from the case today. Para obtener ms informacin sobre cmo utilizamos tus datos personales, consulta nuestra Poltica de privacidad y Poltica de cookies. I recommend taking an in-depth look at this company, its lineup of mass affluent and luxury EVs, and its game plan to take on Tesla (NASDAQ:TSLA), Lucid (NASDAQ:LCID), and the incumbent automakers looking to grab a piece of the electric vehicle market. Nasdaq So far this year, there have only been 11 SPAC listings valued at $25 million or more. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Post merger, the combined company will be named Polestar Automotive Holding UK Ltd. and will trade under the symbol "PSNY" on the Nasdaq. Again, such middling performance could carry on, before and after the deal closing. Even if its an SUV such as the Polestar 3, it will have a sleek silhouette, meaning there will be less emphasis on cargo space and more emphasis on propulsion. Intraday data delayed at least 15 minutes or per exchange requirements. The deal is expected to close later today. "We don't need the capital to build the factory. However, at one point in mid-November, GGPI stock was trading as high as $16.41. For the company going public, a SPAC merger serves as an alternative to a traditional IPO. On the date of publication, Will Ashworth. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds of over $1 billion, including $800 million from the special purpose acquisition company (SPAC), and a PIPE, or private. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Provided by Benzinga Since. The vehicles will be produced at its new factory in Casa Grande, Arizona. Heres what investors should know moving forward. Data is a real-time snapshot *Data is delayed at least 15 minutes. Source: Jeppe Gustafsson / Shutterstock.com. Anticipation on GGPI/Polestar merger. However, what he said next did. We earn $400,000 and spend beyond our means. Sure, its excellent that Polestar plans to be sportier, more focused on the driving experience, than it does on being a luxury ride, but these particular words didnt move me. It formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. At least, based on its success so far, and on future projections. A recovery may not happen until the market has absorbed the changes in economic and market conditions. Investors still bullish on EV stocks can purchase shares of Polestar once PSNY stock starts trading tomorrow morning. Once the reverse merger is finalized, shares of Polestar will begin trading on the Nasdaq tomorrow under the PSNY ticker symbol. The company is an established EV maker outside the U.S. but not headquartered in China. It could continue to deliver similar performance in the short-term. Intraday Data provided by FACTSET and subject to terms of use. Objective, data-driven assessments for every public company director and officer. Assuming a post-merger tally of approximately 2.15 billion shares, a stock price of $20 on GGPI equates to a $43 billion market cap. Broadcom continued to produce better results and forecast better near-term sales than Wall Street expects Thursday, and shares rose in extended trading. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Gores Guggenheim, Inc. (Nasdaq: GGPI, GGPIW, and GGPIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. . either via e-mail at [emailprotected] or by telephone at (212) 971-1341. While its debatable how much of a deal pop well see on close, the fundamentals here are whats most important. Critics of the practice include Warren Buffett. Last month, Hertz added Teslas mid-size SUV Model Y to its electric vehicle fleet. Cuando utilizas nuestros sitios y aplicaciones, usamos. GGPI shares have been trading in a steady ~$11 range prior to day's announcement (shares are up 8% intraday). Cookie Notice (). Shares of the blank-check firm pared earlier gains and were up around 3% before the bell. DWACW (Digital World Acquisition) Owner Earnings per Share (TTM) as of today (March 02, 2023) is . As a result, I think its chances of survival are much higher than brands such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN). Currently, this stock earns a B rating in my Portfolio Grader. 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. The industry leader for online information for tax, accounting and finance professionals. Place to discuss GGPI and Polestar. That is, when EV companies, in the process of ramping up production, can get their facilities firing on all cylinders. Polestar's listing plan comes as automakers shift their focus to environment-friendly vehicles, amid rising pressure from lawmakers and investors concerned about climate change. 2023 CNBC LLC. As a result, Geely owns 50.5% of Polestars equity while Volvo owns 49.5%. We were listed in theTop 50in the 2018-2020 ISS Securities Class Action Services Report. Polestar itself is a joint venture between Volvo (OTCMKTS:VLVLY) and Geely (OTCMKTS:GELYY). Still, I wouldnt view this as a reason to dismiss it as an investment opportunity. Under the terms of the agreement, GGPI shareholders will retain less than 6% ownership of the combined company. However, GGPI stock drifted. LOS ANGELES & GOTHENBURG, Sweden, June 21, 2022 -- ( BUSINESS WIRE )--Gores Guggenheim, Inc. ("Gores Guggenheim" or the "Company") (NASDAQ: GGPI, GGPIU and GGPIW), a special purpose acquisition. Owner Earnings per Share (TTM) explanation, calculation, his Based on a $49K starting price, the deal is valued at ~$3.2B. The critical distinction about Polestar is that its not a startup. Is GGPI a buy now in 2021? Joel Baglole for As we move into the merger vote, we think GGPI should be trading closer to $20. Source: Jeppe Gustafsson / Shutterstock.com, CEO Thomas Ingenlath recently discussed the companys plans with, CEO had a lot to say on the subject. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. The technical storage or access that is used exclusively for anonymous statistical purposes.
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