secwatch.observer — SEC 8-K summary
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Issuer:     Polar Power, Inc. (POLA)
CIK:        0001622345
Form:       8-K
Filed at:   2026-09-28T21:28:58+00:00
Accession:  0001493152-26-044656
Event type: other_material
Sentiment:  positive
Materiality: 0.45
Item codes: 1.01, 3.02, 7.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Polar Power CEO Arthur Sams converts $614,700 debt into 683 preferred shares
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- CEO/founder Arthur Sams exchanged $614,700 principal and accrued interest on his Polar Power promissory notes for 683 Series A Convertible Preferred shares (stated value $1,000).
- Preferred stock accrues a 10% annual dividend, payable monthly, and converts at 90% of the lowest 7-day VWAP, subject to a floor price.
- Sams also received a warrant for 382,276 common shares at a $1.34 exercise price, exercisable for three years from issuance.
- Company says the deal removes $614,700 of debt, boosts shareholders' equity and helps address its Nasdaq continued-listing equity compliance issue; Audit Committee approved it.
- Exchange Agreement dated September 23, 2026 between Polar Power and Sams; press release issued September 24, 2026.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226044656/0001493152-26-044656-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1622345/000149315226044656/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-044656

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