other material
confidence high
sentiment neutral
materiality 0.60
Polar Power raises $999,700 via Series A Convertible Preferred sale to CL Investment and LU2
Polar Power, Inc.
- Closed Aug 5, 2026: issued 1,111 Series A Convertible Preferred shares for $999,700 gross proceeds (90% of $1,000 stated value).
- Warrants issued: CL Investment 227,182 shares, LU2 75,758 shares, both at $1.65, 3-year term, cashless exercise.
- Convertible Preferred pays 10% annual dividend; converts at 90% of 7-day VWAP, subject to COD floor price.
- After closing, 1,611 preferred shares outstanding; 9.99% beneficial ownership limitation applies.
- Company to file S-1/S-3 resale registration within 30 days per Registration Rights Agreements.