Gores Guggenheim SPAC $25M Settlement Claim by June 17, 2026, Did You Hold GGPI Stock Before the Polestar Merger?

Gores Guggenheim Sponsor LLC and related defendants agreed to pay $25,000,000 to settle a class action lawsuit alleging they misled stockholders about the benefits of Gores Guggenheim’s merger with Polestar Automotive Holding UK PLC. Investors who held Gores Guggenheim Inc. Class A common stock (NASDAQ: GGPI) at any time between September 27, 2021 and June 23, 2022 — and did not redeem their shares before the merger closed — may be eligible to file a claim. The claim deadline is June 17, 2026.

Quick Facts

Field	Detail
Settlement Amount	$25,000,000
Claim Deadline	June 17, 2026
Who Qualifies	Record and beneficial holders of GGI Class A common stock, Sept. 27, 2021–June 23, 2022, who did not redeem shares before the merger
Payout Per Person	Pro rata share of net fund; minimum $10 threshold applies
Proof Required	Yes — broker confirmation slips and account statements required
Settlement Status	Proposed — fairness hearing May 18, 2026
Administrator	A.B. Data Ltd.
Official Website	GGIStockholderSettlement.com

Current Status & What Happens Next

• The settlement is proposed and awaiting final approval at a fairness hearing scheduled for May 18, 2026 at 1:30 p.m. in the Court of Chancery of the State of Delaware, C.A. No. 2023-0863-LWW.
• The deadline to object or file a notice of intention to appear at the hearing is April 27, 2026.
• This is a non-opt-out class under Delaware Court of Chancery Rules 23(b)(1) and 23(b)(2) — eligible class members cannot exclude themselves. Every eligible stockholder is bound by the outcome whether or not they file a claim.

What Is the Gores Guggenheim Lawsuit About?

Gores Guggenheim, Inc. was a special purpose acquisition company — commonly called a SPAC — formed in 2021 by affiliates of The Gores Group, LLC and Guggenheim Capital, LLC. The company raised approximately $800 million in its April 2021 IPO on Nasdaq under the ticker symbol GGPI. Its stated purpose was to merge with a target company and take it public. In September 2021, Gores Guggenheim announced a business combination agreement with Polestar, the Swedish electric vehicle manufacturer backed by Volvo Cars and Geely. The merger closed on June 23, 2022.

Plaintiffs Terry May, Elizabeth May, Virgil Ecoffey, and Terry Jandreau alleged that Gores Guggenheim Sponsor LLC and several individual and corporate defendants released materially false and misleading public statements about the financial benefits of the Polestar merger. Specifically, the lawsuit claimed the defendants misled stockholders into not exercising their redemption rights — the built-in SPAC mechanism that allows public shareholders to exchange their shares for approximately $10 per share before the merger closes. By allegedly overstating Polestar’s prospects, the defendants allegedly dissuaded class members from redeeming and caused them to hold shares that lost significant value after the merger.

The lawsuit, captioned May v. Gores Guggenheim Sponsor LLC, C.A. No. 2023-0863-LWW, is pending in the Court of Chancery of the State of Delaware. The defendants deny all allegations and maintain they acted properly at all times. Both parties agreed to settle to avoid the cost, risk, and disruption of continued litigation.

Who Is Eligible to File a Claim?

The settlement class covers investors who held GGI Class A common stock during the class period and did not redeem their shares. Specifically:

• You may qualify if you were a record or beneficial holder of Gores Guggenheim Inc. Class A common stock — including shares held as part of a public unit — at any time between September 27, 2021 and June 23, 2022.
• You may qualify if you held your GGPI shares through the redemption deadline of June 17, 2022 and chose not to redeem them before the Polestar merger closed.
• You may qualify if you held shares through a broker, bank, or other nominee — both direct holders and street-name holders are included.
• You may qualify if you are an executor, administrator, guardian, conservator, or trustee filing on behalf of an eligible beneficial holder, provided you submit proof of your authority.
• You do not qualify if you redeemed your GGPI Class A shares before the June 17, 2022 redemption deadline, or if you are an excluded party such as the named defendants or their immediate family members.

If you are unsure whether your account qualifies, contact the settlement administrator at (866) 905-8130 or [email protected].

Related article: First Chatham Bank Data Breach $475K Settlement, Are You Eligible for a $100 Cash Payment Before June 3

How Much Can You Receive?

The total settlement fund is $25,000,000. After deducting attorneys’ fees of up to $6,250,000, litigation expenses, service awards of up to $30,000 total, and administration costs, the remaining net fund distributes pro rata to all eligible class members who file valid claims. Claims calculating to less than $10 will not receive a payout.

Your individual payment depends on the court-approved plan of allocation, which uses this specific formula:

For eligible shares sold before the close of trading on August 22, 2023:

• If you sold for less than $10 per share: your loss per share = $10 minus your sale price, plus $0.10
• If you sold for $10 or more per share: your loss per share = $0.10 only

For eligible shares still held as of the close of trading on August 22, 2023:

• Your loss per share = $6.51 ($10 minus $3.59, the closing price of Polestar ADS on August 22, 2023, plus $0.10)

The settlement administrator sets any total loss calculating to a negative number to $0. If the total of all approved claims exceeds the net fund, payments reduce pro rata. If the net fund exceeds total losses, the surplus distributes pro rata to all eligible claimants.

For a comparable example of how pro rata distributions work in securities settlements, the Rivian $250M securities class action settlement used a similar recognized loss formula where each investor’s payout reflected their actual purchase price and sale timing.

How to File a Claim

Step 1 — Gather your brokerage records for GGI Class A common stock. You will need broker confirmation slips and account statements showing all holdings, purchases, and sales of GGI Class A shares between September 27, 2021 and August 22, 2023.

Step 2 — Visit the official settlement website at GGIStockholderSettlement.com to file your claim online or download the PDF Proof of Claim and Release form.

Step 3 — Complete the Proof of Claim and Release form. You must provide the last four digits of your Social Security number or taxpayer identification number, along with all holdings, purchases, and sales of eligible GGI Class A shares and Polestar ADS through August 22, 2023.

Step 4 — If you are filing on behalf of multiple beneficial owners — for example, as a broker or institutional nominee — submit a separate claim for each beneficial account holder. Institutional electronic filing is available at GGIStockholderSettlement.com/institutional-electronic-filing. Contact the administrator for the required file format.

Step 5 — Submit your completed claim form online or mail the paper form postmarked by June 17, 2026 to: GGI Stockholder Settlement, c/o A.B. Data Ltd., P.O. Box 173106, Milwaukee, WI 53217.

Step 6 — Save your confirmation number or a copy of your mailed form. If your name or address changes before payment, update your details at GGIStockholderSettlement.com/report-change-of-name-or-address.

Estimated time to complete: 15–30 minutes (longer for investors with multiple transactions or institutional accounts).

Important Deadlines & Dates

Milestone	Date
Gores Guggenheim IPO	April 2021
Polestar Merger Announced / Class Period Begins	September 27, 2021
GGI Redemption Deadline	June 17, 2022
Class Period Ends / Merger Closed	June 23, 2022
Plan of Allocation End Date	August 22, 2023
Stipulation of Settlement Filed	February 20, 2026
Objection / Notice of Appearance Deadline	April 27, 2026
Fairness Hearing	May 18, 2026 at 1:30 p.m. (Delaware Court of Chancery)
Claim Filing Deadline	June 17, 2026
Opt-Out Deadline	N/A — non-opt-out class
Expected Payment Date	TBD — after final approval and resolution of any appeals

Frequently Asked Questions

Do I need a lawyer to file a claim in the Gores Guggenheim settlement? 

No. Plaintiffs’ Counsel — Grant & Eisenhofer P.A. — represents all class members at no cost. You can file a claim yourself online at GGIStockholderSettlement.com. If you held shares through a broker, your broker may file on your behalf — confirm this with your brokerage well before the June 17, 2026 deadline.

Is the Gores Guggenheim settlement legitimate? 

Yes. This is a court-supervised class action pending in the Court of Chancery of the State of Delaware, C.A. No. 2023-0863-LWW. The official settlement website is GGIStockholderSettlement.com, administered by A.B. Data Ltd. You can also reach the administrator directly at (866) 905-8130 or [email protected].

When will I receive my Gores Guggenheim settlement payment? 

Payments go out after the court grants final approval at the May 18, 2026 fairness hearing and after any appeals fully resolve. The administrator will then distribute payments to all eligible claimants. Check GGIStockholderSettlement.com for payment timeline updates.

What if I missed the Gores Guggenheim claim deadline?

 If you do not file a valid claim by June 17, 2026, you will not receive any payment. Because this is a non-opt-out class, you cannot exclude yourself — you remain bound by the settlement and give up your right to sue the defendants separately over these claims regardless of whether you file.

Will my Gores Guggenheim settlement payment affect my taxes?

 It may. Securities settlement payments are often treated as a reduction in your cost basis or as capital gain income depending on your holding period and the nature of the payment. Consult a tax professional or financial advisor for guidance specific to your situation before filing your claim.

What does “non-opt-out class” mean — can I exclude myself?

 No. This settlement is certified under Delaware Court of Chancery Rules 23(b)(1) and 23(b)(2), which do not permit class members to opt out. Every eligible stockholder is automatically part of the class and bound by the outcome. Your only choices are to file a claim for a payment, object to the settlement terms by April 27, 2026, or do nothing — but you cannot preserve your right to sue separately.

I held GGPI shares through my broker — does my broker file for me?

 It depends on your broker. Some institutional nominees and brokers file claims on behalf of their customers. Contact your broker directly to confirm. If your broker does not file for you, you must file your own claim at GGIStockholderSettlement.com by June 17, 2026 — you are ultimately responsible as the beneficial owner.

What is a SPAC redemption right and why does it matter for eligibility? 

A SPAC redemption right allows public shareholders to exchange their shares for cash — typically around $10 per share — before a merger closes. Class members who exercised this right and redeemed their GGPI shares before June 17, 2022 already received their cash back and are excluded from this settlement. Only shareholders who chose not to redeem and held shares through the merger closing on June 23, 2022 are eligible to claim.

Sources & References

• GGIStockholderSettlement.com — Official Settlement Website
• Official Notice of Pendency and Proposed Settlement — PDF
• Stipulation and Agreement of Settlement, February 20, 2026 — PDF

Also see: Catalent $78M Securities Class Action Settlement — Eligibility, Claim Deadline & Payout Details— another securities settlement where investors who held shares through a period of alleged misrepresentation are eligible for a pro rata cash payment.

Last Updated: March 22, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.