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Director Keith Albrecht rescinded resignation; Katherine Koster resigned effective May 19, 2026.

item 1.01 item 1.02 item 2.03 item 3.02 item 5.02 item 9.01

Featured in Daily 8-K Digest

Selected #8 for 2026-05-22. Read digest

Machine-readable event card

schema_version: secwatch.filing_event.v1
accession: 0001493152-26-025091
form_type: 8-K
ticker: POLA
cik: 0001622345
company_name: Polar Power, Inc.
filed_at: 2026-05-22T21:29:08+00:00
discovered_at: 2026-05-22T21:30:00.260434+00:00
generated_at: 2026-05-22T21:31:29.059113+00:00
sec_items: ["1.01", "1.02", "2.03", "3.02", "5.02", "9.01"]
event_type: other_material
sentiment: negative
materiality_score: 0.85
confidence: high
secwatch_canonical_url: https://secwatch.observer/filing/0001493152-26-025091
json_url: https://secwatch.observer/filing/0001493152-26-025091.json
markdown_url: https://secwatch.observer/filing/0001493152-26-025091.md
text_url: https://secwatch.observer/filing/0001493152-26-025091.txt
edgar_index_url: https://www.sec.gov/Archives/edgar/data/1622345/000149315226025091/0001493152-26-025091-index.htm
edgar_primary_document_url: https://www.sec.gov/Archives/edgar/data/1622345/000149315226025091/form8-k.htm
generated_by_model: deepseek-v4-flash:cloud@v2
review_status: machine_generated
human_reviewed: false
corrected: false
correction_note: null
correction_timestamp: null
superseded_by: null

JSON Markdown Plain text

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Katherine Koster

Director

POLA · Polar Power, Inc.

Effective: 2026-05-19
Filed: May 22, 2026 21:29 UTC

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.

Source-grounded claims

a17298d411

Katherine Koster resigned as Director at Polar Power, Inc..

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.

SEC 8-K Item 5.02 confidence 0.95 SEC evidence

Source: SEC EDGAR

accession 0001493152-26-025091

view filing index on sec.gov

view primary document

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.