Written by Cláudio Afonso | LinkedIn | X
Geely‘s electric vehicle brand Polestar has been facing intense pressure amid missed deadlines with the Securities and Exchange Commission as its stock reached a new all-time low earlier this week.
On Friday, the company announced that it expects to file its Annual Report for 2023 on Form 20-F and publish its preliminary unaudited financial and operational results for the first quarter of 2024 “by the end of June”.
In a recent SEC filing, the company said it is “unable” to file its 2023 Annual Report which was originally scheduled to the published on February 29 before being delayed to the last day of April.
In a video-statement, the chief executive Thomas Ingenlath said, “As previously reported, we identified certain errors in our audited 2021 and 2022 accounts.
“These predominantly predate our NASDAQ listing and are expected to have an impact of less than 5 percent in each respective year – positively in one and negatively in the other,” he added.
The CEO guaranteed that the company is “dedicating the necessary time and efforts to correct” the errors from the previous reports.
“We are dedicating the necessary time and efforts to correct them, in collaboration with our auditors. We are making good progress and expect to publish the annual results for 2023 and Q1 results for 2024 by the end of June,” he added.
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In April, the company reported the first quarter deliveries of “approximately 7,200” units, a 40 percent crash when compared to the same period of 2023. By then, the manufacturer had delivered 12,000 units marking a yearly growth of 26 percent.
The deliveries include 1,200 units of the brand’s latest model Polestar 4 which will start production also in South Korea during the second half of 2025.
Additionally, the company disclosed on Friday that it received a deficiency notice from Nasdaq for failing to file its annual report for the fiscal year 2023.
The electric vehicle manufacturer stated that it has not complied with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (SEC).
The EV manufacturer has obtained a waiver from its lenders under its USD 950 million three-year loan facility for the late filing of the Annual Report on Form 20-F.
Written by Cláudio Afonso | LinkedIn | X
