Polestar (PSNY) drops 3.6% due to lack of positive catalyst

Polestar Automotive Holding UK PLC (NASDAQ:PSNY) experienced a 3.6% drop to $1.07 per share on Monday due to a lack of positive catalysts for investor interest. The company announced plans to raise $200 million through a private placement with PSD Investment purchasing over 190 million shares at $1.05 each for working capital and general corporate purposes. PSD Investment will convert 20 million Class B shares to maintain below a 50% voting power threshold. While PSNY shows potential, other AI stocks may offer higher returns with lower risks. For more information on AI stocks, check out our free report.

Read more at Yahoo Finance: Polestar (PSNY) Drops on Lack of Positive Catalyst