Polestar's stock rises as it maintains Nasdaq listing requirements

By Steve Gelsi

Stock has bounced back in recent weeks after falling below $1 in May

Polestar Automotive Holding's stock was up about 3.3% on Tuesday after the electric-vehicle maker said it has satisfied requirements to remain on the Nasdaq.

The Gothenbrug, Sweden-based company said it received notice that with the closing bid prices of its American Depositary Shares (ADSs) were above $1.00 for at least 10 consecutive business days.

Polestar had been notified on July 5 by Nasdaq that it was not meeting the minimum bid price requirement because its stock had closed below $1.00 for 30 consecutive trading days.

The stock initially fell below $1 a share in May but it bounced back in recent weeks.

One potential boost has been a growing expectation in the stock market for a U.S. Federal Reserve interest-rate cut, which would make financing cars more affordable.

On the minus side, enthusiasm over growth in EVs has cooled this year, with auto makers such as Ford Motor Co. (F) cutting back plans to produce more.

Polestar's stock has traded between 61 cents a share and $2.94 a share in the past year, according to MarketWatch data.

In recent trading, the stock rose 5 cents to $1.87 a share.

At last check, Polestar's market cap was about $4 billion.

Also read: EV maker Polestar stock up as it forecasts stronger second half

-Steve Gelsi

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09-17-24 1009ET

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