8-K
filed May 22, 2026, 5:29 PM ET
ticker POLA
CIK 0001622345
other material
confidence high
sentiment negative
materiality 0.85
Polar Power, Inc. (POLA): debt financing — Polar Power issues $970.6K convertible notes, hires Mammoth Crest for restructuring, settles landlord eviction
Polar Power, Inc.
- Issued two 6% convertible notes totaling $970.6K principal; net proceeds $807.1K; conversion at 80% of 10-day VWAP.
- Hired Mammoth Crest Capital to lead operational restructuring; pays $500K fee plus 4.5% equity; Board expands to 7 with two MCC appointees.
- Paid $755K to settle landlord dispute and regain HQ access; $92.4K/month rent through April 2027; warehouse to vacate by Aug 31, 2026.
- Terminated Stone Brothers Capital revolving loan agreement (no loans drawn).
- Director Keith Albrecht rescinded resignation; Katherine Koster resigned effective May 19, 2026.
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 convertible notes of $370,600 with Monroe Street Capital Partners, LP at 6% per annum maturing 12 months from the Issue Date.
- Instrument
- convertible notes
- Principal
- $370,600
- Counterparty
- Monroe Street Capital Partners, LP
- Rate
- 6% per annum
- Maturity
- 12 months from the Issue Date
- Event
- incurrence
Exact text from the filing
(“Monroe”). Pursuant to the Monroe SPA, on May 21, 2026 (the “Issue Date”), the Company issued to Monroe a 6% convertible redeemable note in the aggregate principal amount of $370,600 (the “Monroe Note”). The purchase price of the Monroe Note was $340,000, and the Company received net proceeds of $307,100, after deducting $12,500 to cover Monroe’s legal fees
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Polar Power, Inc. incurred convertible notes of $600,000 with CFI Capital LLC at 6% per annum maturing 12 months from the Issue Date.
- Instrument
- convertible notes
- Principal
- $600,000
- Counterparty
- CFI Capital LLC
- Rate
- 6% per annum
- Maturity
- 12 months from the Issue Date
- Event
- incurrence
Exact text from the filing
Capital LLC (“CFI”). Pursuant to the CFI SPA, on May 21, 2026 (the “Issue Date”), the Company issued to CFI a 6% convertible redeemable note in the aggregate principal amount of $600,000 (the “CFI Note”). The purchase price of the CFI Note was $546,000, and the Company received net proceeds of $500,000, after deducting $10,000 to cover CFI’s legal fees and a
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.9
Polar Power, Inc. issued convertible note to CFI Capital LLC for $546,000 purchase price.
- Security
- convertible note
- Purchaser
- CFI Capital LLC
- Consideration
- $546,000 purchase price
Exact text from the filing
“Issue Date”), the Company issued to CFI a 6% convertible redeemable note in the aggregate principal amount of $600,000 (the “CFI Note”). The purchase price of the CFI Note was $546,000, and the Company received net proceeds of $500,000, after deducting $10,000 to cover CFI’s legal fees and a $36,000 payment to Craft Capital Management, LLC (“Craft”) as a
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.9
Polar Power, Inc. issued common stock to Mammoth Crest Capital, LLC.
- Security
- common stock
- Purchaser
- Mammoth Crest Capital, LLC
Exact text from the filing
On the Effective Date, the Company shall issue to MCC (or its designee) a number of shares of the Company’s Common Stock (the “Shares”) such that, after giving effect to the issuance of the Shares, the Shares represent 4.5% of the issued and outstanding shares of common stock of the Company on the Effective Date.
View on SEC.gov
Equity Issuances
SEC 8-K Item 3.02/3.03
confidence 0.9
Polar Power, Inc. issued convertible note to Monroe Street Capital Partners, LP for $340,000 purchase price.
- Security
- convertible note
- Purchaser
- Monroe Street Capital Partners, LP
- Consideration
- $340,000 purchase price
Exact text from the filing
the Company issued to Monroe a 6% convertible redeemable note in the aggregate principal amount of $370,600 (the “Monroe Note”). The purchase price of the Monroe Note was $340,000, and the Company received net proceeds of $307,100, after deducting $12,500 to cover Monroe’s legal fees and a $20,400 payment to Craft. The Monroe Note has an interest rate of 6%
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Katherine Koster resigned as Director at Polar Power, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Keith Albrecht and Katherine Koster, two of the Company’s independent directors, resigned as members of the Board of the Company, effective May 19, 2026.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
Polar Power, Inc. entered into Securities Purchase Agreement with CFI Capital LLC valued at $600,000 convertible note, net proceeds $500,000 (effective 2026-05-21).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- CFI Capital LLC
- Value
- $600,000 convertible note, net proceeds $500,000
- Effective
- 2026-05-21
Exact text from the filing
On May 21, 2026, Polar Power, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “CFI SPA”) with CFI Capital LLC (“CFI”). Pursuant to the CFI SPA, on May 21, 2026 (the “Issue Date”), the Company issued to CFI a 6% convertible redeemable note in the aggregate principal amount of $600,000 (the “CFI Note”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Polar Power, Inc. entered into Side Letter Relating to Note Issuance with CFI Capital LLC and Monroe Street Capital Partners, LP valued at Shareholder approval for transactions and Exchange Cap (effective 2026-05-21).
- Action
- entry
- Counterparty
- CFI Capital LLC and Monroe Street Capital Partners, LP
- Value
- Shareholder approval for transactions and Exchange Cap
- Effective
- 2026-05-21
Exact text from the filing
On May 21, 2026, the Company, CFI and Monroe entered into a Side Letter Relating to Note Issuance (the “Side Letter”), pursuant to which the Company shall, within 60 calendar days after May 21, 2026, obtain a shareholder approval to effectuate the transactions contemplated by the CFI SPA, CFI Note, Monroe SPA and Monroe Note, including but not limited to the issuance of Common Stock upon the conversion of these agreements and notes in excess of 19.99% of the issued and outstanding Common Stock on the closing date (the “Exchange Cap”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
Polar Power, Inc. entered into Restructuring, Implementation and Management Services Agreement with Mammoth Crest Capital, LLC valued at $500,000 fee, 4.5% equity issuance, monthly retainer $25,000 (effective 2026-05-19).
- Action
- entry
- Counterparty
- Mammoth Crest Capital, LLC
- Value
- $500,000 fee, 4.5% equity issuance, monthly retainer $25,000
- Effective
- 2026-05-19
Exact text from the filing
On May 21, 2026, the Company also signed a Restructuring, Implementation and Management Services Agreement (the “Services Agreement”) with Mammoth Crest Capital, LLC. (“MCC”), effective as of May 19, 2026.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
Polar Power, Inc. entered into Securities Purchase Agreement with Monroe Street Capital Partners, LP valued at $370,600 convertible note, net proceeds $307,100 (effective 2026-05-21).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Monroe Street Capital Partners, LP
- Value
- $370,600 convertible note, net proceeds $307,100
- Effective
- 2026-05-21
Exact text from the filing
On May 21, 2026, the Company entered into a Securities Purchase Agreement (the “Monroe SPA”) with Monroe Street Capital Partners, LP (“Monroe”). Pursuant to the Monroe SPA, on May 21, 2026 (the “Issue Date”), the Company issued to Monroe a 6% convertible redeemable note in the aggregate principal amount of $370,600 (the “Monroe Note”).
View on SEC.gov
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