The Swedish-Chinese electric car brand Polestar is in the starting pits to launch several completely new models.
At the same time, there is a storm around the company, which is suffering heavy losses and has had to fire employees. In addition, group sibling Volvo recently distributed its Polestar shares to its shareholders.
Now Nasdaq has warned the company that it is breaking the rules on the New York Stock Exchange, where the stock is listed. The share is therefore threatened with delisting, according to a press release.
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Has not released its annual report
The problem is that Polestar has not released either its annual accounts for 2023 or the report for the last quarter of 2023. The reports were originally due in February this year, and the date was later moved to April 30.
This is against Nasdaq’s rules that financial reports must be submitted in good time.
The reason for the delays is that Polestar has found errors in the accounting for 2021 and 2022, which affects the financial statements for 2023.
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Polestar has 60 days
In order for Polestar not to have its share delisted, a plan must be submitted within 60 days for how the deficiency is to be remedied.
If this is accepted, Nasdaq can grant up to 180 days to correct the problems.
If Polestar had its share delisted, it would not have become the first electric car stock to be delisted from Nasdaq in the past year.
In March, the electric car startup Fisker had its share delisted because the share price was far too low. Today, Fisker is on the verge of bankruptcy, and has, among other things, closed its headquarters and shut down production.
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