Is Polestar Automotive Stock a Buy?
Polestar Automotive (NASDAQ: PSNY), like all companies, wants to put its best foot forward when it reports earnings, which is why the lead headline in the second quarter of 2024 was an 82% sequential increase in deliveries. That sounds great, but if deliveries jumped 82% in just one quarter there's got to be a bigger story going on. The bigger story isn't great. Here's some key facts you need to know before you buy this electric vehicle (EV) stock.
In mid-August, a Polestar press release said that it had "filed its Annual Report on Form 20-F for the fiscal year ended 31 December 2023 with the U.S. Securities and Exchange Commission. As a result, the Company has regained reporting compliance, meeting the requirements of Nasdaq Listing Rule 5250(c)(1)."
Being out of compliance means that a company is, for some reason, not living up to the exchange's expectations. In this case, the shortfall was obviously a failure to provide regulators with required financial statements. Polestar has also recently received a notice about its stock price falling below $1 per share, which is troubling, as well.
Source Fool.com
