Polestar Automotive Holding UK PLC (NASDAQ:PSNY) is one of the 10 Stocks Crash Hard on a Roaring Monday.
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.
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Disclosure: None. This article is originally published at Insider Monkey.
