News & Events zu Polar Power Inc (POLA)POLAPolar Power Inc

Selling Stockholders Plan to Sell 8.49M Shares of Common Stock

This filing relates to the offer and sale from time to time by the selling stockholders of up to 8.49M shares of common stock. The company is not selling any shares under this prospectus and will not receive any of the proceeds from the sale of shares by the selling stockholders.

Polar Power Drives Sales Growth in Military Drone Applications

Polar Power announced that its ongoing customer diversification strategy is driving increased sales and development activity in military applications involving drones, robotics, unmanned surface vessels, communications and battery charging. Polar Power intends to position itself as a supplier of the field power infrastructure required to keep unmanned systems operational in remote, off-grid and mission-critical environments. The company said, "Drones and other unmanned systems are increasingly being deployed across defense and commercial applications, including intelligence and reconnaissance, logistics, infrastructure inspection, agriculture, public safety and autonomous defense operations. As these systems become more capable and are deployed for longer periods, reliable field power, propulsion, and battery-charging infrastructure becomes increasingly important."

Polar Power Enters $25 Million Equity Facility with Roth

Polar Power "announced that it has entered into a Committed Equity Facility with Roth Principal Investments, LLC, an affiliate of CR Financial Holdings, Inc., the holding company for Roth Capital Partners. The CEF allows, but does not obligate, Polar Power to issue and sell up to $25 million of its shares of common stock to RPI, at the Company's discretion and subject to certain conditions set forth in the CEF agreement, following the filing and effectiveness of a registration statement registering the resale of such shares. Polar Power intends to use any net proceeds for working capital and general corporate purposes, including continued development and growth of its DC power systems business. The Company may access capital opportunistically over time and is under no obligation to utilize the full amount available under the facility. The Company may not be able to sell the full $25 million of shares available under the facility due to limitations, including the number of shares registered for resale and applicable Nasdaq rules. Sales of common stock under the facility, if any, are expected to be made at prices based on the prevailing market price of the common stock at the time of sale, and such sales, together with the resale of shares by RPI, may be dilutive to the Company's existing stockholders."