Polestar Automotive (PSNY) said Friday it plans to change the ratio of its American depositary shares to ordinary shares to 1-to-30 from its current 1-to-1, effective prior to the end of the year.

Polestar's class A, class B, class C-1, and class C-2 American depositary shares will be affected by the planned change, while its class A, class B, class C-1, and class C-2 ordinary shares will not, the company said.

Fractional entitlements to new American depositary shares will be aggregated and sold by the depositary bank and the net cash proceeds will be distributed to the applicable holders, Polestar said.