secwatch.observer — SEC 8-K summary
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Issuer:     Polar Power, Inc. (POLA)
CIK:        0001622345
Form:       8-K
Filed at:   2026-08-28T21:00:08+00:00
Accession:  0001493152-26-040635
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226040635/0001493152-26-040635-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226040635/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-040635

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