(Reuters) – Electric vehicle maker Polestar has secured a 12-month loan facility of up to $450 million, it said on Friday, and would delay its fourth-quarter results to April along with its annual filing for fiscal 2024.
U.S.-listed shares of the company fell over 2% in premarket trading.
Backed by China’s Geely, the company has struggled to drum up demand for its vehicles amid a softer buying environment and strong competition.
The company was previously expected to report its already delayed fourth-quarter results in March.
Polestar in December secured more than $800 million in 12-month loans which it said will be used to repay old loans.
The firm did not mention what the new funds will be used for, which will deepen the company’s heavy debt load.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh Kuber)
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