---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-019368"
form_type: "8-K"
ticker: "POLA"
cik: "0001622345"
company_name: "Polar Power, Inc."
filed_at: "2023-05-26T23:59:59+00:00"
generated_at: "2026-06-14T13:04:52.005870+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Polar Power increases revolving credit facility to $6M and obtains $146K term loan

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-23-019368
- form_type: 8-K
- ticker: POLA
- cik: 0001622345
- company_name: Polar Power, Inc.
- filed_at: 2023-05-26T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1622345/000149315223019368/0001493152-23-019368-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1622345/000149315223019368/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-019368
- JSON: https://secwatch.observer/filing/0001493152-23-019368.json
- Plain text: https://secwatch.observer/filing/0001493152-23-019368.txt

## Key facts
- Debt Financings
  Polar Power, Inc. incurred term loan of $146,000 with Pinnacle Bank.
  - Instrument: term loan
  - Principal: $146,000
  - Counterparty: Pinnacle Bank
  - Event: incurrence
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1622345/000149315223019368/0001493152-23-019368-index.htm
- Debt Financings
  Polar Power, Inc. amended revolving credit of $6 million with Pinnacle Bank.
  - Instrument: revolving credit
  - Principal: $6 million
  - Counterparty: Pinnacle Bank
  - Event: amendment
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1622345/000149315223019368/0001493152-23-019368-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1622345/000149315223019368/0001493152-23-019368-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1622345/000149315223019368/0001493152-23-019368-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.