(Yicai) May 20 -- Shares of Polestar Automotive Holding fell after the Swedish electric carmaker owned by Volvo Cars and its Chinese parent company Geely Automotive Holdings received a delisting warning from the Nasdaq Stock Market.

Polestar [NASDAQ: PSNY] dropped 3.1 percent to USD1.24 on May 17.

The Nasdaq issued a delisting warning to Polestar for failing to submit its 2023 financial results on time, the company announced recently. Polestar is striving to submit its earnings reports for last year and the first quarter of this year as soon as possible, it added.

Polestar has 60 days from the delisting warning issuance to submit a compliance plan to the Nasdaq, the firm noted. If the plan is accepted, Polestar may have up to 180 days to meet the requirements and avoid having its shares delisted.

The delisting warning will not immediately impact Polestar shares listing or transaction, the company added.

Established in 2017, Polestar went public in New York through a special purpose acquisition company in June 2022. In February, Volvo announced it would lower its stake in the firm from 48 percent to 18 percent and no longer support it financially.

Polestar delivered 7,200 electric vehicles in the first quarter of the year, including 1,200 Polestar 4S in China, down 40 percent from a year earlier, according to its latest data. Last year, the firm’s deliveries fell 6 percent to 54,600 units from the previous year.

Editors: Shi Yi, Futura Costaglione