Financing ·
Polar Power, Inc. entered into an exchange agreement with CEO Arthur Sams to convert $614,700 in aggregate principal…
POLAPolar Power, Inc.
Polar Power, Inc. entered into an exchange agreement with CEO Arthur Sams to convert $614,700 in aggregate principal and accrued interest of promissory notes into 683 shares of Series A Convertible Preferred Stock and a warrant to purchase 382,276 common shares at $1.34 per share. The preferred stock carries a stated value of $1,000 per share with monthly dividends accruing at 10% annually and converts based on market price. This transaction eliminates debt from the balance sheet, increases shareholders' equity, and supports efforts to regain compliance with Nasdaq listing requirements. Polar Power designs, manufactures, and sells direct-current power generators, renewable energy systems, and other power solutions for telecommunications, defense, and distributed energy markets.