Swedish EV maker Polestar gets Nasdaq notice on potential de-listing

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May 17, 2024 4:28 PM EDT

FILE PHOTO: The Polestar 4 electric SUV is displayed at the New York International Auto Show Press Preview, in Manhattan, New York City, U.S., March 27, 2024. REUTERS/Brendan McDermid/File Photo/File photo

(Reuters) -Swedish electric vehicle firm Polestar said on Friday it was notified by the Nasdaq for not meeting the exchange's listing rules related to the timely filing of the company's annual report with the U.S. securities regulator.

The company said it is working to file its annual report for the fiscal year ended Dec. 31 and to report its first-quarter financial results of 2024.

Polestar has 60 days from the date of the notice to submit a plan of compliance to Nasdaq, it said in a statement.

A deficiency notice from Nasdaq is a formal alert sent to a company that is not meeting the minimum standards for continued listing. It serves as a warning to rectify the issues or face potential delisting.

In April, the company said it would delay the publication of its fourth-quarter and full-year 2023 financial results for a second time.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber)


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