secwatch.observer — SEC 8-K summary
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Issuer:     Polar Power, Inc. (POLA)
CIK:        0001622345
Form:       8-K
Filed at:   2026-05-22T21:29:08+00:00
Accession:  0001493152-26-025091
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 1.02, 2.03, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Polar Power issues $970.6K convertible notes, hires Mammoth Crest for restructuring, settles landlord eviction
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- 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- Director Keith Albrecht rescinded resignation; Katherine Koster resigned effective May 19, 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226025091/0001493152-26-025091-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226025091/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-025091

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