PSNYW
Polestar Automotive Holding UK PLC Class C-1 ADS (ADW)
stock NASDAQ Warrant

Seems to be something we are missing about the PSNYW.
Those warrants have been trading over $4 each for the past year. The PSNYW are "a Class C ADS", "of which the underlying Class C Share is exercisable for a Class A ADS representing thirty Class C Shares".
[The exercise price for the Class C ADSs is $345.00 per Class C ADS](https://www.sec.gov/Archives/edgar/data/1884082/000188408226000006/psny-20251231.htm#:~:text=The%20exercise%20price%20for%20the%20Class%E2%80%AFC%20ADSs%20is%20%24345.00%20per%20Class%E2%80%AFC%20ADS) 
It looks like maybe the PSNYW underwent a 1 for 30 split, the same as the PSNY? The current price ( $7 ) divided by 30 is $0.23.
No idea why anyone is paying that much

Polestar warrants $PSNYW seeing an interesting short squeeze this morning. The exercise price of the warrants is $345/share, and I believe 30 warrants are required to buy 1 share. They are way OTM and are expiring soon (June 2027). At a $7 warrant price, your breakeven on the stock is $555/share, which is a bit higher than the current $14 share price.
Despite that, the warrants hit $20 premarket (more than the value of the stock they are exercisable) and are currently trading around $7, up 200%. In theory, they should be worth a few pennies.

Seems to be something we are missing about the PSNYW.
Those warrants have been trading over $4 each for the past year. The PSNYW are "a Class C ADS", "of which the underlying Class C Share is exercisable for a Class A ADS representing thirty Class C Shares".
[The exercise price for the Class C ADSs is $345.00 per Class C ADS](https://www.sec.gov/Archives/edgar/data/1884082/000188408226000006/psny-20251231.htm#:~:text=The%20exercise%20price%20for%20the%20Class%E2%80%AFC%20ADSs%20is%20%24345.00%20per%20Class%E2%80%AFC%20ADS) 
It looks like maybe the PSNYW underwent a 1 for 30 split, the same as the PSNY? The current price ( $7 ) divided by 30 is $0.23.
No idea why anyone is paying that much

Polestar warrants $PSNYW seeing an interesting short squeeze this morning. The exercise price of the warrants is $345/share, and I believe 30 warrants are required to buy 1 share. They are way OTM and are expiring soon (June 2027). At a $7 warrant price, your breakeven on the stock is $555/share, which is a bit higher than the current $14 share price.
Despite that, the warrants hit $20 premarket (more than the value of the stock they are exercisable) and are currently trading around $7, up 200%. In theory, they should be worth a few pennies.