secwatch.observer — SEC 8-K summary
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Issuer:     Polar Power, Inc. (POLA)
CIK:        0001622345
Form:       8-K
Filed at:   2026-05-14T21:21:18+00:00
Accession:  0001493152-26-023191
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Polar Power gets $2.5M revolving loan at 12%; two directors resign, three lender-nominated directors appointed
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- Revolving credit facility up to $2.5M, 12% interest, one-year maturity; lender has sole discretion on draws.
- Proceeds for general corporate purposes, including financing a qualified public equity offering up to $6M.
- Directors Keith Albrecht and Katherine Koster resign effective May 19, 2026.
- Lender-nominated directors David Piedra, Steven Brown, Angel Liriano appointed to board.
- Loan default amount set at 105% of outstanding principal and accrued interest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226023191/0001493152-26-023191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226023191/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-023191

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer