SCHEDULE: Polestar: Geely Affiliates Close PIPE, New Put Options

Polestar's major shareholders, including Eric Li and Geely affiliates, have finalized a previously disclosed PIPE transaction and entered into new put option arrangements.

Summary

• This is Amendment No. 13 to the Schedule 13D filing for Polestar Automotive Holding UK PLC.
• The previously disclosed PIPE (Private Investment in Public Equity) transaction closed on March 19, 2026.
• PSD Investment Limited entered into four new put option arrangements (Relevant Put Options) with Geely Sweden Automotive Investment B.V. (GSAI) on March 19, 2026, on terms substantially similar to previously disclosed Put Options.
• Beneficial ownership percentages are updated as of March 19, 2026, based on 127,715,248 Class A ADSs and 996,419 Class B ADSs issued and outstanding.
• Eric Li beneficially owns 63,831,976 shares, representing 49.6% of the class.
• Volvo Car Corporation and Snita Holding B.V. each own 12,677,431 shares, representing 9.8% of the class.
• PSD Investment Limited and PSD Capital Limited each own 33,949,660 shares, representing 26.4% of the class.
• Geely Sweden Holdings AB, Shanghai Geely Zhaoyuan International Investment Co., Ltd, Beijing Geely Wanyuan International Investment Co., Ltd, Beijing Geely Kaisheng International Investment Co., Ltd, and Zhejiang Geely Holding Group Company Limited each own 29,882,316 shares, representing 23.2% of the class.
• Geely Sweden Automotive Investment B.V. owns 16,738,542 shares, representing 13.0% of the class.
• The Reporting Persons have not effected any transactions in Polestar's shares since Amendment No. 12.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive update, as the closing of the PIPE transaction indicates successful execution of a financing plan, and the continued strong ownership by strategic partners suggests stability, despite the lack of new operational details.

Positives

• The closing of the PIPE transaction indicates the successful completion of a financing event, which can strengthen the company's capital structure.
• The continued significant beneficial ownership by key strategic investors like Eric Li, Volvo Car Corporation, and Geely affiliates demonstrates ongoing commitment to Polestar.

Negatives

• The entry into new put option arrangements, while similar to previous ones, could introduce future obligations or complexities for the involved parties, the specific financial implications of which are not detailed.

Risks

• The existence of put options implies potential future share transfers or financial obligations among the reporting persons, which could impact the company's share structure or the financial positions of the involved parties.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance beyond the completion of a past transaction and new put options.

Industry Context

StockSavvy.ai notes that the continued strong ownership by Geely and Volvo Car, through various entities, reinforces Polestar's strategic ties to its parent companies in the competitive electric vehicle market. The closing of the PIPE transaction suggests a successful capital infusion, which is crucial for EV manufacturers facing high development and production costs.

Comparison to Industry Standards

• This filing primarily concerns beneficial ownership and specific financial arrangements between related parties, rather than operational results. Therefore, direct comparisons to industry-wide operational benchmarks or specific competitor projects are not applicable based on the content provided.

Related Party Transactions

• PSD Investment Limited entered into four put option arrangements with GSAI (Geely Sweden Automotive Investment B.V.), both of which are entities related to the broader Geely/Volvo group, indicating related party dealings.

Stakeholder Impact

• Shareholders: The closing of the PIPE transaction and the new put options clarify the ownership structure and ongoing financial arrangements among major shareholders, potentially providing stability.
• Creditors: The successful completion of the PIPE transaction could improve the company's financial standing, which is generally positive for creditors.

Key Dates

Recommendation

The filing confirms the expected closing of a PIPE transaction and new put options among major shareholders, which are procedural updates rather than new operational or financial performance indicators. While the completion of financing is positive, the absence of new strategic or financial performance details means there's no immediate catalyst for a strong buy or sell recommendation. The significant and stable ownership by Geely and Volvo suggests ongoing strategic support, warranting a 'hold' position for investors awaiting further operational updates.

Keywords

Polestar, Schedule 13D, PIPE transaction, Put Options, Beneficial Ownership, Eric Li, Geely, Volvo Car, Automotive, Electric Vehicles, Shareholder, SEC Filing