Eric Li and Geely Affiliates Increase Stake in Polestar via $339M Debt-to-Equity Conversion

This Amendment No. 14 to Schedule 13D, filed on April 2, 2026, reports an increase in the beneficial ownership of Polestar Automotive Holding UK PLC by Eric Li and affiliated entities. As of the event date on March 31, 2026, the reporting persons beneficially own 79,981,976 Class A ordinary shares, representing 55.2% of the class. The increase is primarily driven by a conversion agreement between Snita Holding B.V. and the Issuer. Snita agreed to convert approximately $339 million of outstanding debt under a Term Facility Agreement into Polestar equity in two tranches. The first tranche, completed on March 31, 2026, involved the conversion of approximately $274 million of principal into 16,150,000 Class A ADSs. A second tranche involving approximately $65 million for 3,850,000 Class A ADSs is expected before June 30, 2026. Additionally, the amendment extends the maturity of the remaining $726 million loan principal to December 31, 2031. The reporting persons include various Geely and Volvo-affiliated entities, reflecting a consolidated control group.