(Reuters) -Polestar said on Friday it was notified by the Nasdaq for not meeting the exchange's listing rules related to maintaining a minimum bid price of $1, as the Swedish EV firm's shares fall pressured by intensifying competition.
Polestar has rolled out discounts and leasing incentives to boost EV sales, but faces larger rivals such as Tesla and BYD, with Wall Street cautious about its growth potential despite strong demand from its home market of Europe.
Its U.S.-listed shares closed at 84 cents on Friday and have lost about 20% of their value this year after dropping over 50% last year.
Nasdaq's notice indicates the company has 180 days, or until April 29, 2026, to regain compliance by having the closing price of the U.S.-listed shares meet or exceed $1 per share for at least ten consecutive business days, Polestar said.
If Polestar does not gain compliance by then, it may get an additional 180-day extension, the company said.
This marks Polestar's second tryst with Nasdaq non-compliance, after it faced a potential delisting last year due to its inability to file its annual report with the U.S. securities regulator in a timely manner.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Alan Barona)
