Polestar Automotive Holding UK PLC 6-K, filed Sep 17, 2024
Polestar Automotive Holding UK PLC (PSNY)
About this 6-K
Polestar Automotive Holding UK PLC filed this 6-K on September 17, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2024
Commission File Number: 001-41431
Polestar Automotive Holding UK PLC
Assar Gabrielssons Väg 9
405 31 Göteborg, Sweden
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K
On September 17, 2024, Polestar Automotive Holding UK PLC (“Polestar”) issued a press release announcing receipt of a notification letter from the Nasdaq Stock Market (“Nasdaq”) stating that the Company has regained compliance with the minimum bid price requirement set forth under the Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). A copy of the press release is attached hereto as Exhibit 99.1.
As previously announced, the Company was notified by Nasdaq on July 5, 2024, that the Company was not in compliance with the Minimum Bid Price Requirement as the bid price of the Company’s American depositary shares (“ADSs”) closed below $1.00 for 30 consecutive business days. In its notification letter, Nasdaq confirmed that for ten consecutive business days, from August 29, 2024, to September 12, 2024, the closing bid price of the Company’s ADSs has been $1.00 per ADS or greater. Accordingly, the Company has regained compliance with Listing Rule 5450(a)(1).
EXHIBIT INDEX
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release of Polestar Automotive Holding UK PLC, dated September 17, 2024 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| POLESTAR AUTOMOTIVE HOLDING UK PLC | ||||||
| Date: September 17, 2024 | By: | /s/ Per Ansgar | ||||
| Name: | Per Ansgar | |||||
| Title: | Chief Financial Officer | |||||
Exhibit 99.1
Polestar fully compliant with Nasdaq listing rules
GOTHENBURG, SWEDEN – 17 September 2024. Polestar (Nasdaq: PSNY) has received notice that with the closing bid price of the Company’s American Depositary Shares (“ADSs”) exceeding $1.00 for at least ten consecutive business days, Polestar has regained compliance with Nasdaq’s Listing Rule 5450(a)(1). As previously announced, Polestar was notified by Nasdaq on July 5, 2024, that it was not in compliance with the minimum bid price requirement as the Company’s ADSs had closed below $1.00 for 30 consecutive trading days.
Per Ansgar, Polestar CFO, says: “Following the publication of our Annual Report on form 20-F in mid-August we regained reporting compliance. Clearing the remaining deficiency on the low bid price makes Polestar fully compliant with Nasdaq listing rules, and enables us to focus on business execution, as we ramp up deliveries of our two performance SUVs.”
Ends.
Contacts
Bojana Flint
Head of IR
Bojana.flint@polestar.com
Theo Kjellberg
Head of Corporate Communications
theo.kjellberg@polestar.com
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific.
Polestar plans to have a line-up of five performance EVs by 2026. Polestar 2, the electric performance fastback, launched in 2019. Polestar 3, the SUV for the electric age, launched in late 2022. Polestar 4, the SUV coupé transformed, is launching in phases through 2023 and into 2024. Polestar 5, an electric four-door GT and Polestar 6, an electric roadster, are coming soon.
The Polestar 0 project supports the company’s ambitious goal of creating a truly climate-neutral production car by 2030. The research initiative also aims to create a sense of urgency to act on the climate crisis, by challenging employees, suppliers and the wider automotive industry, to drive towards zero.
Forward Looking Statements
This press release contains statements that are not historical facts, but rather forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Polestar or its management believes or anticipates may occur in the future. All forward-looking statements are based upon, as applicable, our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including those risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission by Polestar. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.