Written by Cláudio Afonso | LinkedIn | X
Geely-backed EV brand Polestar said Tuesday it received a notice from Nasdaq following a stock price surge over the past six weeks, allowing the company to regain compliance with Nasdaq’s listing rule.
After hitting a new all-time low of $0.61 per share on August 5, Polestar’s stock has surged 197 percent over the past six weeks, as parent company Geely undergoes a major restructuring that includes changes to CEO Thomas Ingenlath and CFO Per Ansgar, effective from October.
Amid the changes, Polestar’s incoming Chairman, Winfried Vahland, said earlier this month that Geely “remains deeply committed to Polestar’s success” adding the company is “well-positioned for continued innovation and growth.”
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Michael Lohscheller, the former CEO of Opel, the Vietnamese EV maker VinFast and also Nikola, will replace Ingenlath on the first of October. Jean-Francois Mady, former SVP of global accounting operations and finance transformation at Stellantis, will replace Per Ansgar as the CFO on October 21.
Additionally, Maximilian Missoni has also left the company last month after being a key member of Ingenlath’s leadership team over the first seven years of Polestar’s existence. The designer was announced as a new hire by BMW last Friday.
Polestar’s stock surge has allowed the electric vehicle brand to close above $1.00 for more than ten consecutive business days regaining compliance with the Nasdaq.
Available in 27 markets globally, the company reiterated Tuesday its plans to launch Polestar 5 and the roadster Polestar 6 by 2026.
Written by Cláudio Afonso | LinkedIn | X
