Company: PLSAY
Filing Date: 2025-01-16
Form Type: 6-K
Source: 0001193125-25-007380
Chunk: 1

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-01-16
Form: 6-K
Chunk 1
---
 net loss,
adjusted EBITDA or net assets, nor do these corrections affect the Company’s underlying business operations, cash position, or liquidity.

As
previously disclosed, the Company owns unique tooling which is used in the manufacturing of its vehicles. This unique tooling has previously been recognised as property plant and equipment once either the production standard part process test is
conducted or production utilizing the unique vendor tools has occurred. Management has determined that certain unique tooling should have instead been recognised as assets under construction (“AUC”) according to the progression of
work, resulting in a material understatement of AUC and a corresponding understatement of accrued liabilities in the Affected Financials. The reconsideration of AUC recognition will change the timing of recognising AUC but will not change the
expected total amount of AUC recognised.

A reclassification of cash flows between operating and investing activities and other smaller errors that have
been identified will also be corrected as part of this restatement process.

As a result of the above noted accounting errors, the Audit Committee, based
on the recommendation of, and after consultation with, the Company’s management, have further concluded that the Affected Financials should no longer be relied upon, including the associated report of the Company’s independent registered
public accounting firm, Deloitte AB (“Deloitte”). Similarly, any quarterly results issued during the aforementioned periods, press releases, shareholder communications, investor presentations or other communications describing relevant
portions of the Affected Financials should no longer be relied upon.

The Company is in the process of finalizing the restatement adjustments and
evaluating the impact of the above accounting errors on its assessment of the effectiveness of internal control over financial reporting. The Company intends to restate the Audited Affected Financials in an amendment to its Annual Report on Form 20-F for the year ended December 31, 2023. Regarding the Unaudited Affected Financials, the Company intends to restate the interim financial information for the six-month
periods ended June 30, 2023, and June 30, 2024, through an amendment to its Current Report on Form 6-K filed with the U.S. Securities and Exchange Commission on September 30, 2024. Except
as described in the preceding sentence, the Company does not expect to restate the quarterly Unaudited Affected Financials.

The conclusions of the Audit
Committee and Company management described above have been discussed with Deloitte.

Forward-L