Polar Power, Inc. has entered into a financing agreement with Mayers Ventures LLC, issuing a convertible promissory note with a principal amount of $275,000 for a purchase price of $250,000. The agreement provides the company with working capital and grants the investor the right to appoint a director to the company's board.
Key Details
- Agreement Date: June 30, 2026
- Financing: The company received $250,000 in exchange for a convertible promissory note with a principal value of $275,000.
- Terms: The note carries a 10% annual interest rate and matures on December 30, 2027.
- Conversion Feature: The note is convertible into common stock at a price equal to 90% of the lowest daily volume-weighted average price (VWAP) in the 7 trading days prior to conversion, subject to a floor price.
- Board Appointment Right: Mayers Ventures LLC gained the right to designate one individual for appointment to Polar Power's board of directors.