Polestar (PSNY) falls into a lack of positive catalysts
Polestar Automotive Holding UK PLC (NASDAQ: PSNY) 10 stocks crash violently on Monday’s roar.
Polestar Automotive fell 3.6% on Monday, closing at $1.07 amid a lack of fresh catalysts to boost the appetite of investments.
In recent news, Polestar Automotive Holding UK PLC (NASDAQ: PSNY) has announced plans to raise $200 million in fresh funding through private placement.
In a statement, Polestar Automotive Holding UK PLC (NASDAQ: PSNY) said it sold more than 190 million Class A American depositary stocks to PSD Investments at a price of $1.05.
The company said revenue from the transaction will be used for working capital requirements and general corporate purposes.
An untouched electric car parked in front of a modern Gothenburg skyline.
Before trading closes, PSD Investment plans to convert 20 million shares of Class B ADS stock into Class A advertising stocks to keep the overall voting power of Polestar stock below 50%.
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Read next: Best AI stocks to buy now and According to the billionaire, 30 best stocks to buy now.
Disclosure: None. This article was originally published Insider Monkey.