Company: PLSAY
Filing Date: 2025-04-23
Form Type: 20-F/A
Source: 0001884082-25-000005
Chunk: 193

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-04-23
Form: 20-F/A
Chunk 193
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 and the Earn-out rights.

Polestar's material financial instruments measured at FVTPL are its derivative financial liabilities for the Earn-out rights and Class C Shares. For the year ended December 31, 2023 and 2022, respectively, Polestar recognized $ 465,168and $ 937,158, in gains for these financial instruments measured at FVTPL.

Note 18 - Reverse recapitalization

As previously outlined in Note 1 - Overview and basis of preparation , Polestar underwent a reverse recapitalization through the merger with GGI and related arrangements. Under this type of transaction structure, Polestar Group is the accounting acquirer and accounting predecessor while GGI is treated as the acquired entity for financial reporting purposes. The Group was deemed to be the accounting acquirer based on an evaluation of the following facts and circumstances:

• Shareholders of the Former Parent retained the largest voting interest in the Group with over 99% of the voting interests;

• the Board of Directors of the Group comprises fourmembers nominated by the Former Parent, as compared to onemember nominated by certain investors in GGI;

• the Former Parent has the ability to appoint the remaining members of the Board as deemed necessary;

• the Former Parent’s senior management is the senior management of the Group;

• the Former Parent’s operations comprise substantially all of the ongoing operations of the Group following the merger with GGI; and

• the Group was the larger entity by substantive operations and employee base while GGI lacked operating activities and maintained net assets principally comprised of cash.

<div align='center'>F-48</div>

GGI did not meet the definition of a business in accordance with IFRS 3, Business Combination ("IFRS 3"), and the merger with GGI was instead accounted for within the scope of IFRS 2, Share-based payment (“IFRS 2”), as a share-based payment transaction in exchange for a public listing service. Under IFRS 2, the Group recorded a one-time share-based expense of $ 372,318at the Closing of the BCA that was calculated based on the excess of the fair value of the Group issued to public investors via Class A Shares in Parent utilizing the publicly traded share price at the Closing of $ 11.23over the fair value of the identifiable net assets of GGI that were acquired. The amount of GGI’s identifiable net assets of acquired at Closing, were as follows:

| Cash and cash equivalents                       |     |   | 579,