Friday, June 21, 2024

The value of Polestar has collapsed after a new threat

If Polestar does not present accounts, the car brand will be delisted from the stock exchange in New York in 60 days. The threat has caused the stock to collapse.

Over the course of Tuesday this week, the value of the Chinese car brand Polestar collapsed on the stock exchange in New York.

The downturn began immediately after it was announced that the car brand has not submitted accounts on time. In the course of the past five days, Polestar's share has thus lost as much as 34.3 percent of an already low value.

This appears from the stock portal Yahoo Finance .

20 percent of the fall can be attributed to the stock market's reaction in the first two days after the US bourse's warning.

READ ALSO: 20-year-old arrested – hid 22 camera traps under his bed

The news also means that Polestar's share is now worth less than one dollar apiece. And it is below the permissible limit. According to the rules of the Nasdaq exchange, a share that does not maintain a level above 1 dollar continuously for 30 days can be delisted. So thrown out of business.

If you look at Polestar's development since the brand went public in 2021, shareholders have lost more than 128 billion Danish kroner.

The brand, which Chinese Volvo recently passed on to its owner, Geely Holding, is now in a situation similar to Fisker's.

Fisker Inc. received a warning in February this year that the brand would be thrown off the stock exchange if it did not succeed in getting the share above one dollar in value. That day never came. And right now it is expected that Fisker Inc. may file for bankruptcy at any moment.

In fact, things are so bad for the brand headed by the Danish designer Henrik Fisker that the founder's house, which is currently for sale, is worth more. Read more about it here .

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

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