Polar Power Announces Share Repurchase Program
August 28 2019 - 9:00AM
Polar Power, Inc. (NASDAQ: POLA), a global provider of prime,
backup and solar hybrid DC power solutions, announced that its
Board of Directors has authorized the repurchase of up to $500,000
of its outstanding shares of common stock. The repurchase
program will expire on February 28, 2020, subject to earlier
termination of the program by the Board. As of August 28,
2019, Polar Power had 10,143,158 shares of common stock
outstanding.
Repurchases may be made in open market purchases, including
through block trades, through privately negotiated transactions, or
pursuant to any trading plan that may be adopted by Polar Power in
accordance with Rule 10b5-1 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), which would permit common stock to
be repurchased when Polar Power might otherwise be precluded from
doing so under applicable insider trading laws.
The timing, manner, price and amount of any repurchases will be
determined in management’s discretion and the share repurchase
program may be suspended, terminated or modified at any time for
any reason including market conditions, the cost associated with
repurchasing the shares, the availability of alternative investment
opportunities, liquidity, the need for capital in Polar Power’s
operations and other factors deemed appropriate by
management. The repurchase program does not obligate Polar
Power to acquire any specific number of shares of common stock, and
all open market purchases will be made in accordance with Rule
10b-18 under the Exchange Act, which provides certain restrictions
on the method, timing, price and volume of open market stock
repurchases.
“We are pleased to announce this share repurchase program that
allows us to return value to our stockholders. The adoption
of this repurchase program underscores the Board’s confidence in
our current and future prospects. At recent market price
levels, we believe the repurchase program is an excellent
opportunity to buy shares of our common stock at a significant
discount to their intrinsic value, which makes the shares an
attractive investment,” said Arthur D. Sams, President and Chief
Executive Officer of Polar Power. “We will use this tool
strategically in our continued effort to maximize value for Polar
Power stockholders.”
About Polar Power, Inc. Gardena,
California-based Polar Power, Inc. (NASDAQ: POLA), 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, electric vehicle charging, cogeneration, distributed
power and uninterruptible power supply. Within the
telecommunications market, Polar’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. or follow us on
www.linkedin.com/company/polar-power-inc/
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995This news release contains
certain statements of a forward-looking nature relating to future
events or future business performance. Forward-looking statements
can be identified by the words “expects,” “anticipates,”
“believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and
similar expressions. Forward-looking statements are based on
management’s current plans, estimates, assumptions and projections,
and speak only as of the date they are made. With the exception of
historical information, the matters discussed in this press release
are forward-looking statements and considerations that involve a
number of risks and uncertainties. The actual future results of
Polar Power could differ from those statements. Factors that could
cause or contribute to such differences include, but are not
limited to, adverse domestic and foreign economic and market
conditions, including demand for DC power systems; trade tariffs on
raw materials; changes in domestic and foreign governmental
regulations and policies; and other events, factors and risks. We
undertake no obligation to update any forward-looking statement in
light of new information or future events, except as otherwise
required by law. Forward-looking statements involve inherent risks
and uncertainties, most of which are difficult to predict and are
generally beyond our control. Actual results or outcomes may differ
materially from those implied by the forward-looking statements as
a result of the impact of a number of factors, many of which are
discussed in more detail in our reports filed with the Securities
and Exchange Commission.
Media and Investor Relations:Shawn
Severson Integra Investor Relations Shawn M. Severson +1
415-233-7094shawn@integra-ir.com @Integra
IRwww.integra-ir.com
Company Contact:Polar Power, Inc.249 E. Gardena
Blvd.Gardena, CA 90248Tel:
310-830-9153ir@polarpowerinc.comwww.polarpower.com
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