PSNY - Why Electric Vehicle Stock Polestar Automotive Hit a Roadblock Today
2024-05-01 18:55:10 ET
Hump Day proved to be something of a street obstacle for electric vehicle (EV) maker Polestar Automotive (NASDAQ: PSNY) . On a large piece of quite discouraging news, investors sold out of the company's stock early in the day, before it recovered to land weakly in positive territory at market close. The market is currently looking for bargains in the EV space, and some obviously consider Polestar to be a potential recovery story.
Late Tuesday, Polestar divulged in a regulatory filing that it is currently unable to file its annual and fourth-quarter reports to the Securities and Exchange Commission (SEC) by the filing deadline.
This has actually passed, as it was April 30. The EV manufacturer said it is unable to compile all data needed for completion. This includes "the evaluation and quantification of certain errors" in 2021 and 2022 financial documents. It did not get more specific.
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Why Electric Vehicle Stock Polestar Automotive Hit a Roadblock Today