Written by Cláudio Afonso | LinkedIn | X
Shares of Polestar have been steadily declining this year as the electric vehicle (EV) manufacturer adjusts its annual delivery guidance and misses multiple deadlines for filing its annual report.
Polestar‘s stock is now trading 10 percent lower slightly above its all-time low of $0.74 per share, risking non-compliance with Nasdaq’s requirement to maintain a share price above $1.
Polestar delivered approximately 7,200 units in the first quarter, a 40 percent decline compared to the same period in 2023, when the company delivered 12,000 units.
The situation worsened with Volvo decreasing its stake in Polestar, increasing the company’s need to raise additional funds either through its parent company Geely or independently.
| 5 Day | -39.33% |
| 1 Month | -36.25% |
| 3 Month | -42.57% |
| Year to Date | -66.71% |
| 1 Year | -77.48% |
CEO Thomas Ingenlath recently addressed shareholders, emphasizing the company’s commitment to succeeding with its latest models, Polestar 3 and Polestar 4. Ingenlath also mentioned that the final prototype of the Polestar 5 will be completed this year.
NEVER MISS AN UPDATE
The manufacturer has recently received a deficiency notice from Nasdaq for failing to file its annual report for the fiscal year 2023. Polestar said it is committed to regaining compliance and satisfying all of Nasdaq’s listing requirements.
In a statement, the brand says it “is working to file its Annual Report on Form 20-F as soon as practicable and to report its preliminary unaudited financial and operational results for the first quarter of 2024 soon thereafter”.
In a recent SEC filing, Polestar stated it is “unable” to file its 2023 Annual Report, which was initially scheduled for February 29 and later postponed to the last day of April. Despite the notice, Polestar’s securities will continue to be listed on Nasdaq as the company has 60 calendar days from the date of the notice to submit a compliance plan to Nasdaq. If accepted, Polestar may be granted an additional 180 calendar days, or until November 11, to regain compliance.
The EV manufacturer has also obtained a waiver from its lenders under its USD 950 million three-year loan facility for the late filing.
NEVER MISS AN UPDATE
Polestar claimed in the SEC filing the existence of “certain errors” in the 2021 and 2022 annual and interim financial statements adding that it will file Form 20-F “as soon as practicable”.
Following the adjustments needed to correct both 2021 and 2022 statements, the company anticipates a decrease of less than 5 percent in its net loss for 2021 and an increase of less than 5 percent for 2022.
Written by Cláudio Afonso | LinkedIn | X
NEVER MISS AN UPDATE
The post Polestar Shares Plummet 40% in 5 Trading Days As Filing Delay Continues first appeared on EV.