Asia Tech Wire (July 30) -- Volvo Cars on Tuesday reminded shareholders that the conversion to electric-car maker Polestar's American depositary shares (ADSs) will expire in August.

The ADSs represent Polestar's Class A shares listed on Nasdaq in New York.

To ensure participation in the conversion, holders of Swedish depositary receipts (SDRs) should apply for conversion as early as possible before the conversion period expires on August 13, 2024, the company said.

Volvo said in a statement in February that it plans to transfer Polestar shares worth about SEK9.5 billion ($921 million) to shareholders.

In May, Volvo announced the completion of the distribution of 62.7% of its shareholding in Polestar to shareholders in the form of Swedish depositary receipts (SDRs).

Following the completion of this share distribution, Volvo, which had held nearly 48% of Polestar, retained only 18% in the EV maker.