Company: PLSAY
Filing Date: 2025-05-09
Form Type: 20-F
Source: 0001884082-25-000012
Chunk: 394

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-05-09
Form: 20-F
Item: Item 19
Chunk 394
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 than certain GGI investors and their permitted transferees;

• may be converted to Class C-1 Shares at any time by the holder upon notification to the Group; and

• are exercisable on a cashless basis by the holder.

The Group applied the provisions of IAS 32, and IFRS 9 in accounting for the Class C Shares. Under IAS 32 and IFRS 9, the Class C Shares failed to meet the definition of equity because they could result in the issuance of a variable number of Class A Shares in the Parent in the case of a cashless basis exercise. Additionally, in the case of a redemption or conversion, the Group would be required to either pay cash or issue a variable number of shares to the holders of the Class C Shares. Instead, the Class C Shares meet the definition of derivative liabilities that are carried at fair value with subsequent changes in fair value recognized in the Consolidated Statement of Loss and Comprehensive Loss at each reporting date.

The Class C-1 Sh ares are publicly traded on the Nasdaq (i. e., Level 1 input) and the closing share price of the GGI Public Warrants on June 23, 2022 was used to measure their fair value upon initial recognition. The Class C-2 Shares are not publicly traded and require a valuation approach leveraging Level 2 inputs. Refer toNote 1 - Overview and basis of preparation for further details on the valuation methodology utilized to determine the fair value of the Class C-2 Shares upon initial recognition and subsequently thereafter. On March 22, 2023, 4,500,000 3,285 4,500,000

                        As of December 31, 2024                                         As of December 31, 2023                                     
                        Liability Fair Value                    Number Outstanding      Liability Fair Value                    Number Outstanding  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Class C-1 Shares      2,870                                           20,499,965      4,920                                           20,499,965  
  Class C-2 Shares      630                                              4,500,000      1,080                                            4,500,000  
  Total                 $                            3,500              24,999,965      $                            6,000              24,999,965  

                                                      Class C-1 Shares             
  As of January 1, 2023