Polar Power (NASDAQ: POLA) recently announced the pricing of its underwritten public offering of 4,000,000 shares of its common stock. Each share of common stock is being sold at a public offering price of $0.40 for gross proceeds of $1,600,000. All of the shares of common stock are being offered by the company. In addition, Polar Power granted the underwriters a 45-day option to purchase up to an additional 600,000 shares of its common stock and/or pre-funded warrants at the public offering price less discounts and commissions, to cover over-allotments. Subject to the satisfaction of customary conditions, the offering is expected to close on Dec. 5, 2023. ThinkEquity is acting as sole underwriter for the offering.
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About Polar Power Inc.
Gardena, California-based Polar Power is a technology company that designs, manufactures and sells direct current, or DC, power systems, lithium battery powered hybrid solar systems for applications in the telecommunications market and, in other markets, including military, EV charging, cogeneration, distributed power and uninterruptable power supply. Within the telecommunications market, Polar Power’s systems provide reliable and low-cost energy for applications for off-grid and bad-grid applications with critical power needs that cannot be without power in the event of utility grid failure. For more information, please visit www.PolarPower.com.
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