Polestar Auto's stock price plummets, facing the risk of delisting from Nasdaq

Polestar's stock price has recently fallen sharply to 73 cents, a record low, and is facing the risk of delisting from Nasdaq. The company went public through a reverse merger in 2022, with a valuation of up to $21 billion, but its stock price has fallen by about 95%, and its market value has shrunk to $1.65 billion. Polestar received a violation notice from Nasdaq for not submitting its 2023 annual report. The company said it is working hard to submit its annual report as soon as possible and will announce unaudited preliminary financial and operating results for the first quarter of 2024 soon.