Polar Power issues $165k convertible notes due Nov 2026; adds director Lewis Wilks

Polar Power, Inc.

Issued two convertible notes, $82,500 each, to LU2 Holdings and CL Investment Group; proceeds $150k after 9.1% OID.
Notes pay 1% monthly PIK interest; mature Nov 26, 2026; convert at lower of 80% of 5-day VWAP or $1.00/share.
Net proceeds from Roth Principal Investments equity facility must repay notes until fully satisfied.
Board expanded to six; Lewis Wilks (Bright Peaks Venture Capital) appointed independent director effective Aug 24, 2026.
Proceeds used for working capital/general corporate purposes; notes are senior unsecured obligations.

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