GOTHENBURG, Sweden--(BUSINESS WIRE)--Dec 4, 2025--
Polestar (Nasdaq: PSNY) (the “Company”) today announces that the effective date for the previously announced plan to change the ratio of its American Depositary Shares to ordinary shares will occur on 9 December 2025 (the “Effective Date”). Specifically, the Company’s Class A, Class B, Class C-1 and Class C-2 American Depositary Shares (collectively, the “ADSs”) ratio to the respective Class A, Class B, Class C-1 and Class C-2 ordinary shares (the “ADS Ratio”) will change from the current ADS Ratio of one (1) ADS to one (1) ordinary share, to the new ADS Ratio of one (1) ADS to thirty (30) ordinary shares (the “ADS Ratio Change”).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251204646657/en/
There will be no change to the Company’s Class A, Class B, Class-1 or Class C-2 ordinary shares. The effect of the ADS Ratio Change on the trading price of the Class A ADSs and Class C-1 ADSs on the Nasdaq Global Market (“Nasdaq”) is expected to take place at the open of trading on 9 December 2025 (U.S. Eastern Time).
On the Effective Date, ADS holders of record in certified form will be required on a mandatory basis to surrender their ADSs to the depositary bank for the Company’s ADS program, Citibank, N.A. (the “Depositary Bank”), for cancellation and will receive one (1) new ADS in exchange for every thirty (30) existing ADSs then held in connection with the ADS Ratio Change, with further details to be provided in the notice by the Depositary Bank. Holders of uncertificated ADSs in the Direct Registration System and in The Depository Trust Company will have their ADSs automatically exchanged and need not take any action. The exchange of every thirty (30) then-held (existing) ADSs for one (1) new ADS will occur automatically, at the Effective Date, with the then-held ADSs being cancelled and new ADSs being issued by the Depositary Bank.
As of the Effective Date, the Company’s Class A ADSs will continue to be traded on Nasdaq under the symbol “PSNY” and the Company’s Class C-1 ADSs will continue to be traded on Nasdaq under the symbol “PSNYW”.
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 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 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.
About Polestar
Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe, and Asia Pacific.
Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar is diversifying its manufacturing footprint further, with production of Polestar 7 planned in Europe.
Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.
Forward-looking statements
Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar including the ADS Ratio Change. For example, statements regarding the ADR Ratio Change are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to enter into or maintain agreements or partnerships with its strategic partners, including Volvo Cars and Geely, original equipment manufacturers, vendors and technology providers; (2) Polestar’s ability to maintain relationships with its existing suppliers, source new suppliers for its critical components and enter into longer term supply contracts and complete building out its supply chain; (3) Polestar’s ability to raise additional funding; (4) Polestar’s ability to successfully execute cost-cutting activities and strategic efficiency initiatives; (5) Polestar’s estimates of expenses, profitability, gross margin, cash flow, and cash reserves; (6) Polestar’s ability to continue to meet stock exchange listing standards; (7) changes in domestic and foreign business, market, financial, political and legal conditions; (8) demand for Polestar’s vehicles or car sale volumes, revenue and margin development based on pricing, variant and market mix, cost reduction efficiencies, logistics and growing aftersales; (9) delays in the expected timelines for the development, design, manufacture, launch and financing of Polestar’s vehicles and Polestar’s reliance on a limited number of vehicle models to generate revenues; (10) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (11) risks related to product recalls, regulatory fines and/or an unexpectedly high volume of warranty claims; (12) Polestar’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production volumes; (13) the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (14) risks related to future market adoption of Polestar’s offerings; (15) risks related to Polestar’s current distribution model and the evolution of its distribution model in the future; (16) the effects of competition and the high barriers to entry in the automotive industry and the pace and depth of electric vehicle adoption generally on Polestar’s future business; (17) changes in regulatory requirements (including environmental laws and regulations and regulations related to connected vehicles), governmental incentives, tariffs and fuel and energy prices; (18) Polestar’s reliance on the development of vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (19) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from electric vehicle fires; (20) the outcome of any potential litigation, including litigation involving Polestar and Gores Guggenheim, Inc., government and regulatory proceedings, including the NHTSA investigation into the Polestar 2 rear view camera, tax audits, investigations and inquiries; (21) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (22) the impact of the ongoing conflict between Ukraine and Russia and in Israel, the Gaza Strip and the Red Sea; and (23) the impact of the ongoing conflict between Ukraine and Russia and in Israel, the Gaza Strip and the Red Sea; and (24) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future, except as may be required by law.
Polestar announces date for implementation of ADS ratio change from 1:1 to 1:30 ordinary shares
A Navy admiral told lawmakers Thursday that there was no “kill them all” order from Defense Secretary Pete Hegseth, but grave questions and concerns remain as Congress scrutinizes an attack that killed two survivors of an initial strike on an alleged drug boat in international waters near Venezuela.
Adm. Frank “Mitch” Bradley “was very clear that he was given no such order, to give no quarter or to kill them all,” said Sen. Tom Cotton, who heads the Senate Intelligence Committee, as he exited a classified briefing.
While Cotton, R-Ark., defended the attack, Democrats who were also briefed and saw video of the survivors being killed questioned the Trump administration’s rationale and said the boat strike was deeply concerning.
“The order was basically: Destroy the drugs, kill the 11 people on the boat,” said Washington Rep. Adam Smith, the top Democrat on the House Armed Services Committee. Smith, who is demanding further investigation, said the survivors were “basically two shirtless people clinging to the bow of a capsized and inoperable boat, drifting in the water.”
Lawmakers want a full accounting after The Washington Post reported that Bradley on Sept. 2 ordered an attack on the survivors to comply with a directive from Hegseth to “kill everybody.” Legal experts say the attack amounts to a crime if the survivors were targeted.
Here's the latest:
For decades, the government has advised that all babies be vaccinated against the liver infection right after birth. The shots are widely considered to be a public health success for preventing thousands of illnesses.
But a vaccine advisory committee formed by U.S. Health Secretary Robert F. Kennedy Jr., an anti-vaccine activist before he became the nation’s top health official, is considering whether to recommend the birth dose only for babies whose mothers test positive, which would mark a return to a public health strategy that was abandoned more than three decades ago. The committee plans to vote Friday.
American Oversight said Thursday that it filed its lawsuit in federal court in Washington, D.C., because the Defense Department and Justice Department failed to provide records sought under the Freedom of Information Act.
“According to experts, if survivors of the initial strike were killed as reported, such conduct could amount to a war crime,” a copy of the lawsuit released by the nonprofit watchdog stated.
New York Attorney General Letitia James is challenging the authority of an acting U.S. attorney in Albany who is investigating her.
Her lawyers argue John Sarcone’s appointment was improper, making subpoenas he issued invalid.
A court hearing Thursday centered on Sarcone’s role in investigating cases against Donald Trump and the National Rifle Association.
James’ attorney Hailyn Chen argued that the subpoenas are invalid due to the improper way Sarcone was placed in the position by U.S. Attorney General Pamela Bondi. In response to a question from U.S. District Judge Lorna G. Schofield, Chen said Sarcone should be disqualified from the investigation and the office.
Justice Department lawyers say Sarcone was appointed properly and the subpoenas should stand. Assistant U.S. Attorney Richard Belliss argued that disqualifying Sarcone would be “drastic and extreme.”
Schofield did not say when she would rule.
Trump said the United States was signing bilateral agreements with the Congo and Rwanda that will unlock new opportunities for the United States to access critical minerals. The deals will benefit all three nations’ economies.
“And we’ll be involved with sending some of our biggest and greatest U.S. companies over to the two countries,” Trump said. He added, “Everybody’s going to make a lot of money.”
The region, rich in critical minerals, has been of interest to Trump as Washington looks for ways to circumvent China to acquire rare earths, essential to manufacturing fighter jets, cellphones and more. China accounts for nearly 70% of the world’s rare earth mining and controls roughly 90% of global rare earths processing.
Mexican President Claudia Sheinbaum said Thursday she planned to discuss trade and the remaining tariffs on imports from Mexico with Trump on the sidelines of the draw for the 2026 World Cup at the Kennedy Center in Washington, D.C.
The Mexican leader said she would also meet with Canadian Prime Minister Mark Carney. The three countries are co-hosting next summer’s soccer tournament.
“Everything appears to indicate that we are going to have a small meeting” with Trump, Sheinbaum said during her daily press briefing Thursday. She had announced Wednesday that she would be attending the event.
It will Sheinbaum’s first face-to-face meeting with Trump. She said she wants to advance negotiations over tariffs on automobiles, steel and aluminum. among other things.
The top Democrat on the Senate Armed Services panel is calling on the Pentagon to release video of a U.S. attack that killed two survivors of a strike on an alleged drug boat in international waters earlier this year.
Reed and the other leaders of the House and Senate Armed Services and intelligence panels viewed the video at classified briefings by top national security officials in the Capitol on Thursday. He said afterward that the Pentagon should release the video and also the legal opinion authorizing the strike in waters near Venezuela.
“The video will I think answer all of the questions that are floating around and the legal opinion will provide the justification for the general operation,” Reed said.
Republicans and Democrats have vowed to investigate the incident. Reed said the video was disturbing but declined to provide any additional details.
Rep. Adam Smith of Washington, the ranking Democrat on the Armed Services Committee, said even without a direct verbal command from Hegseth or anyone else to “kill them all” the order for the mission was to kill those on board.
“Admiral Bradley was very clear that he did not say ‘kill them all.’ However, there were 11 people on that boat, and the order was basically: Destroy the drugs, kill the 11 people on the boat,” Smith told the AP.
He described the video showing “basically two shirtless people clinging to the bow of a capsized and inoperable boat, drifting in the water — until the missiles come and kill them.”
The Trump administration has instructed U.S. embassies and consulates around the world to prioritize visa applications from foreigners wishing to visit the United States to either invest in America or attend the 2026 World Cup, 2028 Olympics and other major sporting events.
The administration also has added new criteria for highly skilled foreign workers seeking a particular visa.
The new rules would deny entry to applicants deemed to have directed or participated in the censorship of American citizens on social media through content moderation initiatives that have sprung up throughout Europe and elsewhere to combat extremist speech.
The steps were outlined in cables sent this week to all U.S. diplomatic missions and obtained by The Associated Press.
“No one was asking President Trump to take up this task. Our region is far from the headlines,” said Rwandan President Paul Kagame at the signing ceremony. “But when the president saw the opportunity to contribute to peace, he immediately took it.”
Dan Bongino, the deputy director of the FBI, said authorities identified Brian Cole Jr. as a suspect in the Washington, D.C., pipe bomb case based on the FBI’s investigation.
“This was not a new public tip that this came from,” Bongino said. “This was our own internal work at the FBI.”
Brian Cole has been charged with use of an explosive device.
“We were going to track this person to the end of the earth. There was no way he was getting away,” Bongino said.
No attorney information was yet available and attempts to reach family and a cellphone listed as Cole’s were not answered.
The long-running bromance between the U.S. president and Gianni Infantino, the president of FIFA, is still going strong. Trump nodded to Infantino at the DRC-Rwanda peace deal signing, calling him a “great leader in sports and a great gentleman.”
Infantino is in town ahead of the World Cup draw on Friday. The event is being held at the Kennedy Center, or the “Trump Kennedy Center,” as the president called it.
“Oh, excuse me — at the Kennedy Center,” Trump jokingly corrected himself. “Pardon me, such a terrible mistake.”
Trump also said ticket sales for next year’s World Cup, which the U.S. is co-hosting with Canada and Mexico, have broken records.
“I can report to you that we have sold more tickets than any country, anywhere in the world at this stage of the game,” he said.
FIFA said late last month that nearly two million tickets had been purchased during two phases of ticket sales. The third phase begins Dec. 11.
FBI Director Kash Patel said the bureau and Department of Justice brought in a new team of investigators and experts to sift through existing evidence and chase down leads. He said that was, “Something the prior administration failed to do.”
Patel went on to call the arrest “flawless,” saying no officers were hurt taking down what he characterized as a dangerous suspect.
“We solved it. He will have his day in court,” Patel said.
Presidents Felix Tshisekedi of Congo and Paul Kagame of Rwanda are signing a deal aimed at ending the conflict in eastern Congo and opening access to the region’s critical minerals.
Tshisekedi offered a hopeful message about the precarious peace.
“I do believe this day is the beginning of a new path, a demanding path, yes. Indeed, quite difficult,” Tshisekedi said. “But this is a path where peace will not just be a wish, an aspiration, but a turning point.”
Attorney General Pam Bondi says a man named Brian Coles Jr. was arrested Thursday in with the Jan. 5, 2021, pipe bombs left outside the Republican National Committee and Democratic National Committee headquarters in Washington, D.C.
Cole is charged with use of an explosive device, Bondi said during a news conference. She said the investigation is still underway, and more charges could be filed in the future.
“As we speak, search warrants are being executed,” Bondi said.
Trump celebrated a peace agreement between the leaders of the Democratic Republic of Congo and Rwanda on Thursday by praising the building hosting the event.
“It’s a spectacular building and we all appreciate it,” Trump said. His administration is involved in a court battle over the think tank.
The State Department on Wednesday said that it renamed it as the Donald J. Trump Institute of Peace.
“Thank you for putting a certain name on that,” Trump said to Secretary of State Marco Rubio during the event. “That blew up last night.”
The White House is expected to submit plans for its new ballroom to a planning commission later this month, the Trump-appointed head of the panel said Thursday.
“Once plans are submitted, that’s really when the role of this commission, and its professional staff, will begin,” Will Scharf, the chair of the National Capital Planning Commission, said.
In Fairfax, Virginia, federal agents gathered outside an office marked “Brian Cole Bail Bonds,” its entrance wrapped in yellow crime-scene tape that flicked in the afternoon wind.
A man in an FBI and Joint Terrorism Task Force jacket stood near the entrance, conferring with local officers who were guarding the building.
The business shares the suspect’s name. In public records, it appears to be associated with members of his family, though authorities have not detailed the connection.
The Republican and Democratic leaders on the Senate Armed Services Committee offered diverging takeaways from the Pentagon inspector general report on Defense Secretary Pete Hegseth’s use of Signal to share sensitive information.
Sen. Roger Wicker of Mississippi, the Republican chair, said in a statement that Hegseth “acted within his authority to communicate the information in question to other cabinet level officials.”
But Wicker said that senior leaders also need more tools to share classified information “in real time and a variety of environments.”
Sen. Jack Reed of Oregon, the committee’s ranking Democrat, said Hegseth violated military regulations and showed “reckless disregard for the safety American servicemembers.”
Reed said in his statement that anyone else would have faced “severe consequences, including potential prosecution.”
Canadian Prime Minister Mark Carney plans to have a brief meeting with Trump while at the Kennedy Center in Washington for the World Cup draw Friday.
Carney’s spokesperson Audrey Champoux says Carney will also have a brief meeting with Mexican President Claudia Sheinbaum.
The United States, Canada and Mexico are hosting the 64-nation World Cup next year.
A Navy admiral has told lawmakers that there was no “kill them all” order from Defense Secretary Pete Hegseth.
That disclosure Thursday comes as Congress scrutinizes an attack that killed two survivors of an initial strike on an alleged drug boat in international waters near Venezuela.
Sen. Tom Cotton told reporters about what he heard from Adm. Frank “Mitch” Bradley in classified briefing and Cotton is defending the attack. But a Democratic lawmaker who was also briefed says he’s deeply concerned by video of the second strike
The Pentagon inspector general’s report released Thursday criticized the use of unapproved messaging apps and devices across the department.
Defense Secretary Pete Hegseth had the authority to declassify the material he shared with others in a Signal chat, the watchdog found. But it also says the release of details about the strike on Houthi militants in Yemen violated internal Pentagon rules about handling sensitive information that could put service members or their missions in danger.
The report noted that the information that Hegseth sent — the quantity and strike times of manned U.S. aircraft over hostile territory about two hours to four hours before those strikes — “created a risk to operational security that could have resulted in failed U.S. mission objectives and potential harm to U.S. pilots.”
Hegseth wrote on social media: “No classified information. Total exoneration. Case closed. Houthis bombed into submission.”
The South Carolina Republican told reporters during a virtual news conference on Thursday that she’s going to finish her term but is “100%” frustrated with the slow pace of the House.
Mace was asked about reporting by The New York Times that she is looking to meet with Rep. Marjorie Taylor Greene to discuss following the lead of the Georgia Republican, who has announced she’s leaving Congress in January.
Mace said she’s expressed her frustrations to House Speaker Mike Johnson, whom she supports and said she expects to outlast recent criticism of his management of the House.
Mace, first elected in 2020, is seeking the GOP nomination for South Carolina governor in next year’s elections and is not expected to run for another House term.
Protesters held signs that read “No Collaboration with ICE/DHS” and begged city leaders to create “ICE-Free zones” during a City Council meeting Thursday. It was the second day of a federal immigration enforcement operation in the city.
After public comment was suspended, and protesters refused to yield their time at the podium, City Council members paused the meeting and left the room.
As protesters chanted “Shame,” city police officers ordered them to leave the building. While some protesters complied, multiple others were pushed or physically carried out by officers.
Trump administration lawyers on Thursday accused plaintiffs of “throwing in the towel” with “procedural gamesmanship” after they moved to dismiss their lawsuit over the aggressive tactics of federal immigration officers in the Chicago area.
The coalition of protesters and journalists behind the suit called the dismissal a victory, saying the Trump administration’s “Operation Midway Blitz” had largely wound down. But the case was on its way to a skeptical appeals court that had already frozen an order limiting agents’ use of force.
“The moment they have to explain themselves to an appellate court, they run for the hills,” said Homeland Security spokesperson Tricia McLaughlin.
Democratic leader Sen. Chuck Schumer says a bill Democrats will bring to the Senate floor for a vote next week would allow for a three-year extension of enhanced health insurance subsidies set to expire at the end of this year.
Republican Senate Majority Leader John Thune promised Democrats a vote on a proposal of their choosing as part of a path forward to ending the historic, 43-day government shutdown earlier this fall.
Schumer said every Democrat will support the bill. It’s most likely to fail, though.
“Republicans have one week to decide where they stand. Vote for this bill and bring health care costs down or block this bill and send premiums skyrocketing,” Schumer said.
A White House official said Trump would be making the trip Tuesday to discuss ending the inflation crisis he says was inherited from his predecessor, Joe Biden. The official spoke on condition of anonymity because the trip hasn’t been formally announced. It wasn’t immediately clear where in Pennsylvania Trump would be visiting.
Last month’s off-year elections showed a shift away from Republicans as public concerns about affordability persist. White House officials said afterward that Trump — who has done relatively few events domestically — would put a greater emphasis on talking directly to the public about his economic policies.
The president has said that any affordability worries are part of a Democratic “hoax” and that people simply need to hear his perspective to change their minds — an approach also embraced by Biden, who in early 2024 went to the Pennsylvania borough of Emmaus to take credit for economic improvements after inflation spiked in 2022.
— Josh Boak
▶ Read more about Trump and Pennsylvania
U.S. Navy Adm. Frank M. Bradley, accompanied by Gen. Dan Caine, chairman of the Joint Chiefs of Staff, right, walks to a meeting with senators on Capitol Hill, Thursday, Dec. 4, 2025, in Washington. (AP Photo/Mark Schiefelbein)
President Donald Trump speaks during an event on fuel economy standards in the Oval Office of the White House, Wednesday, Dec. 3, 2025, in Washington. (AP Photo/Evan Vucci)
