Friday, June 21, 2024

Polestar receives a new warning – will be thrown off the stock exchange in 60 days

The Chinese car brand Polestar has received a new warning because the stock exchange in New York has not yet received an annual report.

Polestar has 60 days to complain. But then it's also out. In other words, out of share trading on the stock exchange in New York.

The warning is so accurate because Polestar has not yet – and within the original deadline – delivered the annual accounts for 2023.

Reuters writes that.

Specifically, Polestar has not – within the agreed time – submitted its annual accounts to the American authorities that regulate stock trading, and this is against the rules.

READ ALSO: Denmark's cheapest new car is an 11-year-old Mitsubishi

Polestar has repeatedly apologized for delaying the publication of the annual accounts and the results of the first quarter in 2024. The latest was in April.

In a press release, Polestar writes that it is 'determined to fulfill its obligations towards the Nasdaq exchange and that it will publish the annual accounts 'as soon as possible'.

However, it is not certain that Polestar will go public if the accounts are not published in 60 days. There is another safety line in the form of 180 days, which the car brand can get in order to settle the accounts.

One is the accounting, another is what Polestar actually writes in it. The first three months of 2024 have not been anything to write home about.

Not only has Volvo parted ways with the brand, which owes 20 billion Swedish kroner in production costs. Sales are also poor. In fact, it fell by as much as 40 percent.

From January to March this year, Polestar only managed to sell 7,200 cars. And it is not only in Denmark, but in all markets where Polestar is present.

Still, the brand's management believes that the upcoming Polestar 3 and 4 models can save the entire business. On the other hand, managing director Thomas Ingenlath will now no longer rule out a model that does not only run on electricity. Read more about it here .

Read more exciting news from the world of cars right here!

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