Polestar's Stock Is on the Brink as Nasdaq Warns of Trouble | Carscoops

      Polestar has become a penny stock, leading to dissatisfaction at Nasdaq.

      The company received a warning from Nasdaq for not meeting the minimum price requirements.

      The stock has been below one dollar since September, approaching record low levels.

      The electric vehicle manufacturer has until April 29 to comply or face delisting.

      Polestar initially seemed like a promising venture, combining Volvo’s strengths with sportier aesthetics and enhanced performance.

      However, despite this strong foundation, Polestar has not fulfilled its potential, which is evident as the company’s stock is at risk of delisting.

      In a brief statement, the Swedish carmaker announced they received a warning from Nasdaq indicating they are “not currently in compliance with the $1.00 minimum bid price requirement.” The shares ended the day at $0.84, close to the 52-week low of $0.82 and far from their high of $1.42.

      Reviewing the price trend, it’s apparent that Polestar’s stock has remained under the $1 mark since late September. While this isn’t a promising development, the company has until April 29 to restore compliance.

      Achieving this is no small feat, as it necessitates the closing price being at least $1 for ten consecutive trading days. If successful, they might be granted an additional 180-day extension.

      Although the outlook appears bleak for shareholders, Polestar does show some signs of positive progress. In the third quarter, retail sales increased by 13% to 14,192 units, while retail sales for the year thus far have surged by 36% to 44,482 vehicles.

      Additionally, the automaker finally launched the production version of the 5 at the Munich Motor Show. This competitor to the Porsche Taycan boasts a striking design, a 112 kWh battery, and up to 872 hp (650 kW / 884 PS).

      Moreover, the company revealed a significantly upgraded version of the 3 on October 1. It features a completely new 800V electrical architecture, new batteries, and enhanced electric motors, making the crossover faster, more powerful, and more efficient.