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Polar Star received NASDAQ violation notification! Official response

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >


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On May 17th, Polestar announced that it had received a notice from NASDAQ because it did not submit its annual report in time. In the notice, Nasdaq pointed out that Polar did not comply with the Nasdaq listing rules because it did not submit its annual report for the year ended December 31, 2023, and required Polar to submit all necessary periodic financial reports to the Securities and Exchange Commission in a timely manner.

Polar Star responded to the matter: the notice will not have a direct impact on the listing of the company's securities, and the company's securities will continue to be traded on Nasdaq. Efforts are being made to submit the annual report as soon as practicable and the preliminary unaudited financial and operational results for the first quarter of 2024 will be published as soon as possible.

At the same time, it is also pointed out that according to the listing rules of the NASDAQ Stock Exchange in New York, there are 60 natural days from the date of receipt of the NASDAQ notice to submit a compliance plan to the NASDAQ Stock Exchange in New York. If the NASDAQ Stock Exchange in New York accepts the plan, the company will be given up to 180 additional natural days from the due date of the company's annual report, or until November 11, 2024, to restore compliance. In addition, in the announcement, Polar Star also revealed that it has obtained the consent of the lender under the $950 million three-year financing line, exempting it from the responsibility of delaying the submission of the company's annual report, and will make every effort to restore compliance to meet all listing requirements of the NASDAQ Stock Exchange in New York.

It is understood that in June 2022, Polaris listed on Nasdaq in the United States through a merger with Gores Guggenheim, a special purpose acquisition company, under the stock symbol "PSNY". As of May 17, it closed at US $1.24 per share, with a new market capitalization of US $2.642 billion. Polar Star is a high-end electric car brand jointly launched by Geely and Volvo. Previously a car retrofit manufacturer, it became a supplier of performance models to Volvo in 2005. In 2009, Volvo included Polar Star in its racing and performance car research and development department. In 2015, Volvo acquired Polar Star wholly and became Volvo's electrified high-performance R & D department. In October 2017, Volvo and Geely jointly announced the formation of a joint venture brand Polestar. At present, Polar has launched Polestar 1, Polestar 2, Polestar 3, Polestar 4, Polestar 5, Polestar 6 and other models.

It is worth mentioning that the global sales of polar star cars are not ideal, and the data show that last year, the cumulative global sales of polar star cars were only 54600. In recent years, the sales performance of polar stars in the Chinese market has also been gradually declining. Data show that from 2012 to 2023, Polar sold 2048, 1717 and 1100 cars in China, respectively, less than the new car-building power sold in a month. Of course, the poor sales of Star cars in China has something to do with its brand positioning, because its positioning is the high-end main performance, and the price range is mostly between 20 and 1.5 million, compared with the new car-building vehicles in China. the price doesn't have a big advantage.

In April, officials released the latest first-quarter sales figures, with global sales of 7200 cars in the first quarter, down 40 per cent from the same period last year. Officials said the decline in sales was mainly due to a slowdown in demand. China, as a big car consumer, of course, the polar stars are also making adjustments. In March this year, in order to boost domestic sales, the government launched a time-limited car purchase activity for its Polestar 4 models, which dropped by 60, 000 yuan. After the price reduction, the price of Polestar 4 is 23. 99-399900 yuan. Although the extent of the price reduction is still very sincere, but the official launch of only 100 units, such a limited quantity, it is very difficult to increase the sales of star stars in China.

According to the official plan, the global delivery target for 2025 is 155000 to 165000 vehicles. However, judging from the current sales of Star cars, it is not easy to achieve the goal. However, the authorities are very confident. Polestar 3 and Polestar 4 luxury SUV models will lay the foundation for strong revenue and profit growth in the second half of the year and support the 2025 sales target, said Thomas Ingenlath, Polaris chief executive.

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