Polar Power Inc. secured two convertible redeemable notes totaling $970,600 in principal. The notes carry a 6% interest rate and were provided by CFI Capital and Monroe Street Capital Partners. The company paid $755,000 to settle lease disputes and regain access to its California headquarters. This settlement follows a brief eviction over rent arrears.
The company engaged Mammoth Crest Capital as its restructuring advisor. Mammoth Crest received a 4.5% equity stake in exchange for its services. The advisor also added two designated directors to the board. Polar Power terminated its unused $2.5 million revolving credit facility as part of the restructuring.
The company's stock gained over 26% in the week preceding these disclosures.