Polestar Receives Nasdaq Notice for Failing to Submit Annual Report
TapTechNews on May 18th, Polestar announced on May 17th that the company received a notice from Nasdaq, confirming that it doesn't comply with the Nasdaq listing rules as it failed to submit the annual report by December 31, 2023, which requires the timely submission of all necessary periodic financial reports to the US Securities and Exchange Commission.
Polestar said the notice won't have a direct impact on the listing of the company's securities. As long as the company continues to meet other listing requirements, the securities will continue to trade on Nasdaq. The company has 60 days from the date of the notice to submit a compliance plan to Nasdaq.
Polestar indicated that the company is striving to submit the annual report as soon as possible when feasible and will report the unaudited preliminary financial and operating results for the first quarter of 2024 shortly.
According to TapTechNews, Polestar is an electric vehicle brand jointly created by Volvo Car Group and Zhejiang Geely Holding Group. On June 24, 2022, Polestar and the special purpose acquisition company (SPAC) GoresGuggenheim announced the completion of the business combination and officially landed on Nasdaq, starting trading with the new stock code PSNY. On June 29, Polestar rang the opening bell at the New York Nasdaq Stock Exchange and officially went public.
However, in February this year, Volvo announced that it would reduce its stake in Polestar Automobile to 18% and allocate 62.7% of the latter's equity to Geely. A few days later, Polestar announced that it obtained 950 million US dollars (TapTechNews note: currently about 6.869 billion Chinese yuan) in external financing, thus filling the funding gap.
Related readings:
Volvo Plans to Reduce Stake in Polestar Automobile to 18% and Allocate 62.7% of Equity to Geely
Polestar Automobile Announces Obtaining 950 Million US Dollars in External Financing