Financing ·
Polar Power, Inc. issued two convertible promissory notes to LU2 Holdings LLC and CL Investment Group LLC with an…
POLAPolar Power, Inc.
Polar Power, Inc. issued two convertible promissory notes to LU2 Holdings LLC and CL Investment Group LLC with an aggregate principal amount of $165,000 for consideration of $150,000. The notes bear interest at 1% per month and mature on November 26, 2026, converting into common stock at the lower of 80% of the five-day VWAP or $1.00 per share if unpaid. Proceeds from a separate Common Stock Purchase Agreement with Roth Principal Investments LLC will be used to repay these notes. Additionally, the Board expanded its size to six directors and elected Lewis Wilks as an independent director effective August 24, 2026. Polar Power operates in the power generation industry, designing and manufacturing portable power systems.