8-K
filed May 26, 2023, 7:59 PM ET
ticker POLA
CIK 0001622345
debt
confidence high
sentiment neutral
materiality 0.40
Polar Power, Inc. (POLA): debt financing — Polar Power increases revolving credit facility to $6M and obtains $146K term loan
Polar Power, Inc.
- Third Modification adds $146,000 term loan from Pinnacle Bank dated April 13, 2023.
- Fourth Modification raises revolving credit facility limit from $4M to $6M as of May 25, 2023.
- Concentration percentage for AT&T and Verizon accounts increased from 50% to 75%.
- Line increase fee of $30,000 (1.5% of $2M) paid to Pinnacle Bank.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Polar Power, Inc. incurred term loan of $146,000 with Pinnacle Bank.
- Instrument
- term loan
- Principal
- $146,000
- Counterparty
- Pinnacle Bank
- Event
- incurrence
Exact text from the filing
On April 13, 2023, the Company entered into a Third Modification to Loan and Security Agreement (the “Third Modification”) by and between the Company and Pinnacle under which the parties agreed to add a new section 2.13 which provides that Pinnacle shall lend to the Company the principal sum of $146,000.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Polar Power, Inc. amended revolving credit of $6 million with Pinnacle Bank.
- Instrument
- revolving credit
- Principal
- $6 million
- Counterparty
- Pinnacle Bank
- Event
- amendment
Exact text from the filing
On May 25, 2023, the Company entered into a Fourth Modification to Loan and Security Agreement (the “Fourth Modification”) by and between the Company and Pinnacle under which the parties (a) agreed to amend the amount of available advances under the Loan Agreement such that the aggregate amount of the outstanding advances under the revolving credit facility may not be greater than $6 million
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Polar Power, Inc. amended Third Modification to Loan and Security Agreement with Pinnacle Bank valued at $146,000 (effective 2023-04-13).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Pinnacle Bank
- Value
- $146,000
- Effective
- 2023-04-13
Exact text from the filing
On April 13, 2023, the Company entered into a Third Modification to Loan and Security Agreement (the “Third Modification”) by and between the Company and Pinnacle under which the parties agreed to add a new section 2.13 which provides that Pinnacle shall lend to the Company the principal sum of $146,000.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Polar Power, Inc. amended Fourth Modification to Loan and Security Agreement with Pinnacle Bank valued at $6 million (effective 2023-05-25).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Pinnacle Bank
- Value
- $6 million
- Effective
- 2023-05-25
Exact text from the filing
On May 25, 2023, the Company entered into a Fourth Modification to Loan and Security Agreement (the “Fourth Modification”) by and between the Company and Pinnacle under which the parties (a) agreed to amend the amount of available advances under the Loan Agreement such that the aggregate amount of the outstanding advances under the revolving credit facility may not be greater than $6 million, and (b) raised the concentration percentage applicable to certain Tier-1 telecommunication customers from 50% to 75% in the definition of Eligible Accounts.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.