Polestar Stock Jumps on $950 Million Financing Round
By Dean Seal
American depositary receipts of Polestar Automotive Holding UK surged after the company said it had secured $950 million in outside funding.
The stock was recently up 30% at $1.94. Shares are still down 15% year-to-date.
The Swedish electric-vehicle company said the financing is being led by 12 leading international banks, including BNP Paribas, Natixis, Standard Chartered, BBVA, HSBC and SPDB in the form of a three-year lending facility.
The facility provides Polestar with the funds it needs to finance the next stage of its development and covers most of its estimated financing needs, the company said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 28, 2024 12:01 ET (17:01 GMT)
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