- Polestar says its annual report has been delayed as it finalizes statements regarding accounting misstatements made in 2021 and 2022.
- The company claims it is committed to regaining compliance and “satisfying all of Nasdaq’s listing requirements.”
- Polestar sold just 7,200 vehicles in the first quarter of 2024.
Polestar has received a deficiency notice from the Nasdaq for failing to release its annual report promptly, meaning it’s not in compliance with stock exchange regulations. Consider it a not-so-subtle nudge to get their paperwork in order, lest they find themselves unceremoniously booted from the exchange.
The electric car manufacturer says it has 60 days from the date of notice to submit a plan of compliance to Nasdaq. If this plan is accepted, it may be granted an additional 180 calendar days to regain compliance. In a press release, Polestar said it is working to file its annual report “as soon as practicable” and is “fully committed to regaining compliance and satisfying all of Nasdaq’s listing requirements.”
Read: Polestar 2 EV Lease Slashed To $299 With Down Payment Starting At $999
In late April, Polestar revealed it was delaying the publication of its fourth-quarter and full-year 2023 financial results for a second time and has not yet provided a date for when they will be published. The firm said the delay has been triggered in part by the need to finalize statements regarding accounting misstatements that were made in 2021 and 2022 and will be rectified in the 2023 report.
Polestar believes these restatements will decrease its net loss by less than 5% for 2021 and increase by less than 5% for 2022.
A spokesperson told Reuters the carmaker also requires more time to complete work for the internal control of its financing reporting.
Polestar has had a difficult start to 2024. Sales of its models slipped by 40% in the first quarter with just 7,200 vehicles being sold compared to the 12,076 sold a year earlier. Despite this, the company’s representatives are putting on a brave face and believe a ramp-up in deliveries of the Polestar 3 and Polestar 4 will make up for the sluggish first quarter.
Deliveries of the Polestar 4 started in China in the first quarter and it will reach global markets later this year. Global deliveries of the larger Polestar 3 will begin in the second quarter of 2024.
