Polar Power, Inc. [POLA] - Convertible Preferred Issuance
Polar Power, Inc. issued 1,111 shares of Convertible Preferred for gross proceeds of $999,700, with LU2 purchasing 278 shares at a purchase price of approximately 90% of the Stated Value, and warrants issued to investors at an exercise price of $1.65 per share.
Why this matters
Polar Power, Inc., a company operating in the miscellaneous electrical machinery and equipment sector, has issued 1,111 shares of Convertible Preferred Stock, raising gross proceeds of $999,700. This issuance includes a purchase by LU2 of 278 shares at approximately 90% of the stated value, alongside warrants for investors exercisable at $1.65 per share. The company has entered into Registration Rights Agreements with CL Investment and LU2, committing to file registration statements with the SEC to facilitate the resale of the preferred conversion shares and warrant shares.