Polar Power receives Nasdaq delisting notice for bid price non-compliance; 1:7 reverse split effective Nov 18

Polar Power, Inc.

Nasdaq notified Polar Power on Nov 19, 2024, of delisting due to failure to meet $1 minimum bid price by deadline.
Company intends to appeal delisting determination to Nasdaq hearings panel by Nov 26, 2024 deadline.
Effected a 1:7 reverse stock split on Nov 18, 2024, to try to regain compliance; shares trade split-adjusted from Nov 19.
Outstanding shares reduced from 17,561,612 to 2,511,350 (after rounding up fractional shares).
Authorized shares remain at 50,000,000; stock symbol unchanged (POLA); new CUSIP 73102V204.

item 3.01 item 3.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Polar Power, Inc.: Filed a Certificate of Amendment to effect a 1:7 reverse stock split of common stock, effective November 18, 2024 (effective 2024-11-18).

Change: charter amendment
Effective: 2024-11-18

Exact text from the filing

On November 18, 2024, the Company filed a Certificate of Amendment to Certificate of Incorporation (the “Certificate of Amendment”) with the Secretary of State of Delaware to effect a 1:7 reverse stock split of the shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), either issued and outstanding or held by the Company as treasury stock, effective as of 4:05 p.m. (Delaware time) on November 18, 2024 (the “Reverse Stock Split”).

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Polar Power, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-047181

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