What Is Going on With Polestar (PSNY) Stock Today?
Source: Robert Way | Shutterstock.com Polestar (NASDAQ: PSNY ) stock is in the spotlight today amid mounting delisting fears and a recent $10.1 million order. Polestar operates as a joint venture between Volvo (OTCMKTS: VLVLY ) and Geely (OTCMKTS: GELYF ), a Chinese automobile company. In 2010, Geely acquired Volvo for $1.8 billion . As a result, Polestar has a heavy China-based background. That’s where delisting concerns come into play. Today, three state-owned Chinese companies announced they will voluntarily delist shares from U.S. exchanges. The three companies are China Life Insurance (NYSE: LFC ), China Petroleum and Chemical (NYSE: SNP ) and PetroChina (OTCMKTS: PCCYF ). An official from China’s Securities Regulatory Commission said this move is just a business decision : “Listings and delistings are both common in capital markets. According to these companies’ announcements, they have strictly observed relevant U.S. rules and regulations since listed on the U.S. markets, and the delisting decisions are made out of their business considerations.” This departure comes as tensions between the U.S. and China rise due to Taiwan independence issues and scrutiny of company audits.
What Is Going on With Polestar (PSNY) Stock Today?
Source: Robert Way | Shutterstock.com Polestar (NASDAQ: PSNY ) stock is in the spotlight today amid mounting delisting fears and a recent $10.1 million order. Polestar operates as a joint venture between Volvo (OTCMKTS: VLVLY ) and Geely (OTCMKTS: GELYF ), a Chinese automobile company. In 2010, Geely acquired Volvo for $1.8 billion . As a result, Polestar has a heavy China-based background. That’s where delisting concerns come into play. Today, three state-owned Chinese companies announced they will voluntarily delist shares from U.S. exchanges. The three companies are China Life Insurance (NYSE: LFC ), China Petroleum and Chemical (NYSE: SNP ) and PetroChina (OTCMKTS: PCCYF ). An official from China’s Securities Regulatory Commission said this move is just a business decision : “Listings and delistings are both common in capital markets. According to these companies’ announcements, they have strictly observed relevant U.S. rules and regulations since listed on the U.S. markets, and the delisting decisions are made out of their business considerations.” This departure comes as tensions between the U.S. and China rise due to Taiwan independence issues and scrutiny of company audits.