Company: PLSAY
Filing Date: 2025-04-23
Form Type: 20-F/A
Source: 0001884082-25-000005
Chunk: 196

Company: Polestar Automotive Holding UK PLC
Filing Date: 2025-04-23
Form: 20-F/A
Chunk 196
---
 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 to Note 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, 4,500,000Class C-2 Shares with a fair value of $ 3,285were converted to 4,500,000Class C-1 Shares with the same fair value following the election by the respective holders of the Class C-2 Shares and approval from the Board of Directors.

|                  |     |                      | As of December 31, 2023 |     |                    |            |     |                      | As of December 31, 2022 |     |                    |            |
|:-----------------|:----|:---------------------|------------------------:|:----|:-------------------|-----------:|:----|:---------------------|------------------------:|:----|:-------------------|-----------:|
|                  |     | Liability Fair Value |                         |     | Number Outstanding |            |     | Liability Fair Value |                         |     | Number Outstanding |            |
| Class C-1 Shares |     |                      |                   4,920 |     |                    | 20,499,965 |     |                      |                  17,920 |     |                    | 15,999,965 |
| Class C-2 Shares |     |                      |                   1,080 |     |                    |  4,500,000 |     |                      |                  10,080 |     |                    |  9