Polestar Automotive Holding UK Plc (PSNY) shares continued their impressive run Friday morning, building on momentum from a financing package that gives the struggling electric vehicle maker some serious financial breathing room.

The company recently locked down $300 million in equity investment from banking heavyweights Banco Bilbao Vizcaya Argentaria (BBVA) and Natixis, with each institution ponying up $150 million. They're buying Class A American Depositary Shares at $19.34 apiece, a price determined by the three-month volume-weighted average.

Here's where it gets interesting: the banks didn't just write a check and hope for the best. They struck a put option deal with Geely Sweden Holdings, a Polestar subsidiary, creating a potential exit strategy in three years. Smart hedging, basically.

But that's only half the story. In a parallel move that's equally important for Polestar's financial health, Geely Sweden Holdings agreed to convert roughly $300 million of outstanding debt and interest into equity. CEO Michael Lohscheller emphasized that these combined transactions dramatically strengthen the company's liquidity position, which is corporate speak for "we can actually pay our bills now."

The market's clearly loving it. Polestar shares have rocketed 50% this week since the announcement dropped. The transactions were expected to close by Tuesday, and Friday's continued upward momentum suggests investors remain confident in the automaker's revamped financial outlook.

Technical Picture: Market data shows a Momentum score of 2.13 for Polestar, though that contrasts with negative signals across short, medium, and long-term price trends.

Price Action: Polestar shares were trading up 4.42% at $17.94 Friday. Support appears to be forming around the recent low of $16.41, which could act as a floor if the rally loses steam. Resistance is likely near the $18.20 level, where the stock peaked during the session, with the psychological $20 barrier looming above that.