The firm recently announced it needs to rectify accounting misstatements made in 2021 and 2022
The carmaker has delayed the release of its 2023 annual report and Q4 2023 report. Despite once having a value of $21 billion, Polestar now has a market capitalization of just $1.65 billion. The company has ramped up advertising spending in Q2. Polestar ’s stock recently plunged to an all-time low of 73 cents, putting its Nasdaq listing in jeopardy if it does not reverse its fortunes.
Polestar says it’s delayed the release as it needs to finalize statements regarding accounting misstatements made in 2021 and 2022, which need to be rectified in the 2023 report. The company adds that these changes will decrease its net loss by less than 5% for 2021 and increase it by less than 5% for 2022. Due to the delayed release of the financial reports, Polestar received a deficiency notice from the Nasdaq, meaning it’s not in compliance with stock exchange regulations.
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