10 Stocks Crash Hard on a Roaring Monday

7. Polestar Automotive Holding UK PLC (NASDAQ:PSNY)

Polestar Automotive fell by 3.6 percent on Monday to close at $1.07 apiece amid the lack of fresh catalyst to boost investing appetite.

In recent news, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) announced plans to raise $200 million in fresh funds through a private placement.

In a statement, Polestar Automotive Holding UK PLC (NASDAQ:PSNY) said it sold more than 190 million Class A American Depositary Shares to PSD Investment at a price of $1.05 apiece.

The company said proceeds from the transaction will be used for working capital requirements and general corporate purposes.

Prior to the closing of the transaction, PSD Investment intends to convert 20 million of its Class B ADS shares into Class A ADS shares in order to keep the overall voting power of its Polestar shareholdings below 50 percent.