Company: PLSAY
Filing Date: 2025-04-23
Form Type: 20-F/A
Source: 0001884082-25-000005
Chunk: 219

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-04-23
Form: 20-F/A
Chunk 219
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 not clearly and closely related to that of the host debt instrument because the principal value of Volvo Cars' conversion right depends on (1) whether or not the Group conducts a qualified equity offering to investors at a market discount and (2) the time-value of money associated with settlement of the liability earlier than June 30, 2027. As such, the financial liability related to Volvo Cars' conversion right is carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date. On November 8, 2023, the credit facility agreement was amended to increase the overall credit capacity to $ 1,000,000and extend the termination date to June 30, 2027. As a result of the amended terms, Polestar recalculated the carrying amount of the liability as the present value of the modified contractual cash flows and recognized a modification loss of $ 7,553within Finance expense. As of December 31, 2023 and 2022, the Group had principal draws of $ 1,000,000and $ 0respectively, outstanding under the facility and the fair value of the financial liability related to Volvo Cars' conversion right was $ 0and $ 0, respectively. The modified carrying value of the liability as of December 31, 2023 was $ 1,007,194.

On November 8, 2023, the Group entered into a credit facility agreement with Geely providing available credit of up to $ 250,000; terminating on June 30, 2027. Other than the amount of credit available, the credit facility agreement with Geely maintains terms that are identical to the amended credit facility agreement with Volvo Cars. As of December 31, 2023 the Group had principal draws of $ 250,000outstanding under the facility and the fair value of the financial liability related to Geely's conversion right was $ 0.

As of December 31, 2023 the total principal balance outstanding under the facilities with Volvo Cars and Geely is reflected within Other non-current interest-bearing liabilities - related parties.

Of the $ 35,231in Convertible Notes issued on July 28, 2021, $ 9,531was issued to various entities affiliated with Geely. As of December 31, 2021, all $ 9,531of the Convertible Notes were outstanding. Upon the Closing of the merger with GGI, the Convertible Notes were converted