Financing ·
Polar Power, Inc. entered into a Securities Purchase Agreement with LU2 Holdings LLC to issue Series A Convertible…
POLAPolar Power, Inc.
Polar Power, Inc. entered into a Securities Purchase Agreement with LU2 Holdings LLC to issue Series A Convertible Preferred Stock and warrants. The company issued 500 preferred shares with a $1,000 stated value for $450,000 in cash. Warrants to purchase 150,915 shares of common stock were issued to the investor, and warrants for 83,841 shares were issued to Mayers Ventures LLC to settle a $275,000 convertible promissory note. The preferred stock accrues dividends at 10% per annum and converts at 90% of the lowest seven-day VWAP. The company also amended the Mayers note to allow equity financings and terminated its ATM sales agreement with ThinkEquity LLC effective July 23, 2026. Additionally, the company filed a Certificate of Correction to fix a drafting error in the preferred stock designation regarding the conversion price calculation. Polar Power, Inc. designs and manufactures power conversion and energy storage systems.