Polestar's stock is close to collapse again. The value, which has fallen below $1, means that the car brand risks being delisted from the New York Stock Exchange.
Polestar is once again facing being delisted from the New York Stock Exchange. The Chinese automaker's stock has fallen below $1, which could lead to a delisting from the Nasdaq.
According to Nasdaq Rule 5450, stocks that trade below $1 for 30 consecutive days must be delisted. Polestar's stock closed Monday night at 97 cents, and if it doesn't rise, the company could receive a warning from Nasdaq.
The future of the debt-ridden company is uncertain. After a brief rise when Michael Lohscheller took over as CEO from the fired Thomas Ingenlath, Polestar's stock has plummeted again.
This is evident from the stock overview at Yahoo Finance !
The new management has chosen to postpone the publication of the third quarter financial statements until January 16. On that date, or at least in the days surrounding it, Polestar's future will be decided when the new management presents an update on the company's strategy and business plan.
Polestar needs to convince investors that it has a plan to turn things around, or it risks being delisted.
The Chinese car brand has also had to scrap parts of a new prestigious building in Sweden. What was supposed to be a huge headquarters, Polestar can't find anyone who wants to build for them.
The very brand they rely on to make a living – namely the cars – is not doing too well either. Not only are they complaining that they are de facto banned in the US due to a ban on Chinese hardware and software – the cars are also full of bugs.
Boosted has, among other things, told how otherwise brand new cars cannot accelerate as promised, have buttons that do not work, and a speedometer that disappears.
