Polestar (PSNY) Drops on Lack of Positive Catalyst
Polestar Automotive fell by 3.6 percent on Monday to close at $1.07 apiece amid the lack of fresh catalyst to boost investing appetite.
In recent news, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) announced plans to raise $200 million in fresh funds through a private placement.
In a statement, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) said it sold more than 190 million Class A American Depositary Shares to PSD Investment at a price of $1.05 apiece.
The company said proceeds from the transaction will be used for working capital requirements and general corporate purposes.
A pristine electric vehicle parked in front of a modern Gothenburg skyline.
Prior to the closing of the transaction, PSD Investment intends to convert 20 million of its Class B ADS shares into Class A ADS shares in order to keep the overall voting power of its Polestar shareholdings below 50 percent.
While we acknowledge the potential of PSNY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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