- Polestar got a Nasdaq warning after failing to meet minimum price rules.
- The stock’s been under one dollar since September, near record lows.
- EV maker has until April 29 to regain compliance or risk getting delisted.
Polestar originally sounded like a great idea. Take the best of Volvo, throw in some sportier styling, and add a pinch of extra performance.
Despite this solid foundation, Polestar hasn’t lived up to their potential. That’s clear today as the company’s stock is in danger of getting delisted.
More: Polestar 6 Roadster Delayed To Churn Out More Crossovers
In a brief announcement, the Swedish automaker revealed they have received a warning from the Nasdaq that they are “not currently in compliance with the $1.00 minimum bid price requirement.” Shares closed at $0.84 today and that’s near the 52-week low of $0.82. It’s also a long way from their 52-week high of $1.42.
Looking at the price chart, it appears Polestar stock has been below the $1 threshold since late September. That’s not an encouraging sign, but the company has until April 29 to regain compliance.
Polestar / Refinitiv
This is easier said than done as it requires the closing price to be at least $1 or more for ten consecutive business days. If they fail to achieve that, they may get an additional 180 day extension.
While things aren’t looking good for shareholders, Polestar does have some positive momentum. Third quarter retail sales climbed 13% to 14,192 units, while year-to-date retail sales surged 36% to 44,482 vehicles.
On top of that, the company finally introduced the production version of the 5 at the Munich Motor Show. The Porsche Taycan competitor features a bold design, a 112 kWh battery pack, and up to 872 hp (650 kW / 884 PS).
Furthermore, the automaker unveiled a significantly improved 3 on October 1. It features an all-new 800V electrical architecture, new batteries, and upgraded electric motors. This means the crossover is faster, more powerful, and more efficient.
