Recent Updates — POLA
Polar Power stockholders approved a proposal to amend the company's certificate of incorporation, granting the board discretion to effect a reverse stock split at any time before December 31, 2027. The authorized range for the split ratio is from one-for-three to one-for-twenty, with the specific timing and ratio to be determined by the Board. Additionally, shareholders ratified the appointment of Weinberg & Company as independent auditor, elected six directors, approved a potential equity issuance exceeding 19.99% of outstanding shares under Nasdaq rules, and set the executive compensation advisory vote frequency to every two years. Polar Power develops and manufactures portable power generation systems.
The Board of Directors appointed Chris Mayer as Co-Chief Executive Officer, effective October 6, 2026. Under the new structure, Mayer oversees corporate strategy, financial performance, capital markets, and investor relations. Current CEO Arthur D. Sams remains Co-CEO and President, retaining responsibility for operations, product development, manufacturing, and supply chain. The restructuring aims to enhance scalability and focus on growth in telecom, data centers, and defense sectors. Polar Power designs, manufactures, and sells direct-current power systems and related technologies for telecommunications, data centers, defense, EV charging, microgrids, and other distributed power markets.
Polar Power announced a trial order for 50 propane-fueled DC generators from a major Tier 1 telecom operator in Southeast Asia. This initial order serves as the first phase of a potential five-year program covering approximately 2,500 sites, with discussions underway for an additional 200 units. Based on current pricing of $19,000 to $27,000 per unit, the broader opportunity could generate up to $60 million in revenue over five years. The company has secured approximately 2,000 Toyota engines to support potential volume growth and mitigate supply chain risks. Polar Power designs, manufactures, and sells direct-current power generators, renewable energy systems, and other power solutions for telecommunications, defense, and commercial markets.
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.
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.
Polar Power, Inc. appointed Jim Ahern and Menachem Shalom to its Board of Directors on August 17, 2026, filling two vacancies. Both directors serve on the Audit, Compensation, and Nominating and Corporate Governance Committees. Mr. Shalom was designated by Mayers Ventures LLC pursuant to a convertible promissory note issued on June 30, 2026. The appointments aim to strengthen board expertise in corporate governance, defense markets, and strategic growth as the company expands military sales and executes restructuring strategies. Polar Power designs, manufactures, and sells power and energy systems for telecommunications, defense, data centers, and critical infrastructure applications.