Polestar woes deepen with threat of stock delisting

AutoExec Summary: Polestar, the Chinese-Swedish electric vehicle specialist, faces potential delisting from the Nasdaq after repeatedly missing deadlines to submit its financial reports. The company has 60 days to present a compliance plan following its failure to file the 2023 annual report and Q1 2024 results. Polestar’s Class A share price has significantly declined from a high of US$15.33 in November 2021 to US$1.13 as of May 20, 2024. The brand has also announced workforce reductions and secured US$950 million in funding, falling short of its break-even target.

Brands mentioned: Polestar, Volvo, Geely