NEW YORK, January 1, 2026, 07:24 ET — Market closed
• Polestar shares last traded up about 9.7% in the final U.S. session of 2025.
• New SEC filings detailed a $600 million term loan facility tied to Geely and disclosed BBVA’s 8.4% stake with a put option.
• Next focus: Jan. 9 Q4 retail sales volumes update and the U.S. jobs report.
Polestar Automotive Holding UK PLC shares rose about 9.7% in Wednesday’s final U.S. session of 2025, last trading at $21.37 after moving between $18.94 and $21.60 on volume of about 336,600 shares. U.S. stock markets are closed Thursday for New Year’s Day.
The move matters because Polestar remains closely watched for funding, as investors weigh cash needs against an uneven electric-vehicle demand outlook. Fresh disclosures around financing and ownership can quickly shift sentiment in thin trading, especially around year-end.
These filings put the mechanics in plain view: how cash can come in, and on what terms. They also flag structures that can reshape share supply — a key swing factor for a stock that has been sensitive to dilution concerns.
A Schedule 13D amendment — a U.S. filing that discloses major shareholdings and related arrangements — showed Polestar entered a $600 million term loan facility on Dec. 16 with Geely Sweden Automotive Investment AB, a Geely affiliate. The first $300 million is committed and the second $300 million is uncommitted, with borrowings available until March 31, 2026; the loan is due six months after each draw unless the lender elects to convert amounts into shares at a price tied to the five-day average of Nasdaq closes before a conversion notice, the filing said. The amendment also noted the closing of a previously disclosed PIPE — a private share sale to investors — on Dec. 23, and said PSD Investment Limited entered into two put option arrangements on Dec. 26.
A term loan facility is essentially a credit line that can be drawn in tranches, rather than all at once. The conversion feature turns it into a debt-and-equity hybrid: it can reduce cash repayment pressure, but it can also dilute existing holders if new shares are issued.
A separate Schedule 13G filing — used for certain passive stakes over 5% — showed Banco Bilbao Vizcaya Argentaria S.A. (BBVA) reported ownership of 7,755,946 Class A American Depositary Shares, or ADSs, equal to 8.4% of the class as of Dec. 23. ADSs are U.S.-traded certificates that represent a set number of a company’s ordinary shares; BBVA’s filing said each Class A ADS represents 30 Class A ordinary shares and that BBVA has a put option arrangement with Geely Sweden Automotive Investment AB with a three-year term, allowing BBVA to sell the ADSs to Geely under pre-agreed terms.
Earlier in December, Polestar said it had lined up a $300 million equity investment from BBVA and Natixis, alongside a plan for Geely Sweden Holdings AB to convert about $300 million of Polestar debt and interest into equity. “These transactions significantly enhance our liquidity position and help strengthen our balance sheet,” Polestar CEO Michael Lohscheller said at the time. Business Wire
For traders, the near-term question is whether the latest rally reflects a reassessment of funding risk or just year-end positioning. The conversion math and the put-option framework keep the focus on potential future share issuance and supply, not just headline liquidity.
Investors will also watch how quickly Polestar draws on the facility and whether any conversion steps move forward, given the filing’s reference to regulatory approvals for conversion. Any incremental equity issuance tends to land heavily in a name where financing headlines can dominate the tape.
Before trading resumes on Friday, traders are likely to focus on whether PSNY can hold above $20, a level that often acts as a psychological marker. A drop below Wednesday’s $18.94 low would erase the latest bounce, while a move through $21.60 would push the stock to a fresh near-term high.
Polestar has said it expects to report retail sales volumes for the fourth quarter on Jan. 9, which investors will treat as the next hard checkpoint on demand. The update will be watched for whether volume momentum can support the company’s financing narrative heading into 2026.
