Polestar (Nasdaq: PSNY) (the “Company”) today announces that it plans to change the ratio of its Class A, Class B, Class C-1 and Class C-2 American Depositary Shares (collectively, the “ADSs”) to the respective Class A, Class B, Class C-1 and Class C-2 ordinary shares (the “ADS Ratio”) from the current ADS Ratio of one (1) ADS to one (1) ordinary share, to a new ADS Ratio of one (1) ADS to thirty (30) ordinary shares (the “ADS Ratio Change”).
The Company anticipates that the ADS Ratio Change will be effective prior to the end of 2025.
There will be no change to the Company’s Class A, Class B, Class-1 or Class C-2 ordinary shares.
As of the effective date of the ADS Ratio Change, the Company’s Class A ADSs will continue to be traded on the Nasdaq Global Market under the symbol “PSNY” and the Company’s Class C-1 ADSs will continue to be traded on Nasdaq under the symbol “PSNYW”.
The Company will file post-effective amendments to its registration statements on Form F-6 with the United States Securities and Exchange Commission to reflect the ADS Ratio Change.
No new fractional ADSs will be issued in connection with the ADS Ratio Change. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank for the Company’s ADS program, Citibank N.A. (the “Depositary Bank”) and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the Depositary Bank.
Aside from ADS holders who will receive cash following the sale of their fractional entitlements, the ADS Ratio Change will not impact any ADS holder’s percentage ownership of the Company or voting power.
As a result of the Polestar‘s ADS Ratio Change, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the ADS Ratio Change will be equal to or greater than the ADS price on a proportionate basis.