Written by Cláudio Afonso | LinkedIn | X
Polestar, an electric vehicle brand under the Geely Group, announced late Wednesday that it has received a notice from Nasdaq Stock Market LLC indicating non-compliance with the $1.00 minimum bid price requirement, as per Nasdaq Listing Rule 5450(a)(1).
As of the time of writing, Polestar shares are trading 4.80 percent higher at $0.968 per share. On June 26, the stock hit a new all time low at $0.65.
The company led by the former Volvo designer Thomas Ingenlath has now 180 days — until 2 January 2025 — to regain compliance by having a closing price for its shares above $1.00 per share for ten consecutive days.
The Nasdaq rule mandates that companies listed on the Nasdaq Global Market must maintain a minimum bid price of $1 per share. If a company’s stock price falls below this threshold for 30 consecutive business days, the company risks being delisted.
“If the Company does not regain compliance by the Compliance Deadline, the Company may be afforded an additional 180 calendar day period to regain compliance as provided by the Nasdaq Listing Rules,” Polestar explained in a statement.
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Earlier in the week, the company reported global deliveries of “approximately 13,000” units in the second quarter of the year.
The result represents a growth of about 80 percent from the first three months of the year and takes Polestar’s year-to-date deliveries to 20,200 vehicles.
Polestar registered 660 vehicles in the United Kingdom during June, resulting in a year on year drop of 41.33 percent (from 1,125 units) and a month over month recover from the 314 vehicles registered in May 2024, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).
Last week, the company delivered the first units of the Polestar 3 at its headquarters in Gothenburg, Sweden. Earlier in the day, the company said it would start offering a new entry-level variant for the SUV with the introduction of a new Long Range Single Motor variant.
The brand’s first fully electric model, Polestar 2, has now a refreshed version, featuring design updates, a revamped pack structure, increased range, and more individual options.
Written by Cláudio Afonso | LinkedIn | X
