Polar Power Secures ~$1.0 Million via Convertible Preferred Stock and Warrant Sale

Polar Power, Inc. announced it has entered into definitive agreements with two investors, CL Investment Group LLC and LU2 Holdings LLC, for the sale of its Series A Convertible Preferred Stock and common stock purchase warrants. The transaction closed on August 5, 2026, generating aggregate gross proceeds of approximately $1.0 million for the company.

Key Details

• Financing: Raised aggregate gross proceeds of $999,700 from the sale of 1,111 shares of Series A Convertible Preferred Stock at a purchase price equal to 90% of the stated value.
• Securities Issued: In addition to the preferred stock, the company issued warrants to purchase an aggregate of 302,940 shares of common stock at an exercise price of $1.65 per share. The warrants are exercisable immediately and expire in three years.
• Agreement Terms: The Series A Convertible Preferred Stock has a stated value of $1,000 per share, bears a 10% annual dividend, and is convertible into common stock. The company also entered into Registration Rights Agreements to register the resale of the common stock underlying these securities.