Polar Power, Inc. Announces Pricing of Public Offering
February 07 2021 - 6:30PM
Polar Power, Inc. (NASDAQ: POLA), (“Polar Power” or the “Company”)
today announced the pricing of its previously announced
underwritten public offering of 750,000 shares of its common stock
at a public offering price of $18.00 per share, for gross proceeds
of $13,500,000 before deducting underwriting discounts, commissions
and offering expenses. All of the shares of common stock are being
offered by the Company.
The offering is expected to close on February
10, 2021, subject to satisfaction of customary closing
conditions.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as sole book-running manager for the
offering.
The securities will be offered and sold pursuant
to a shelf registration statement on Form S-3 (File No.
333-252196), including a base prospectus, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on January 19, 2021
and declared effective on January 28, 2021. The offering will be
made only by means of a written prospectus. A prospectus supplement
and accompanying prospectus describing the terms of the offering
will be filed with the SEC on its website at www.sec.gov. Copies of
the prospectus supplement and the accompanying prospectus relating
to the offering may also be obtained from the offices of
ThinkEquity, a division of Fordham Financial Management, Inc., 17
State Street, 22nd Floor, New York, New York 10004, by telephone at
(877) 436-3673 or by email at prospectus@think-equity.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Polar Power, Inc.Polar
Power, Inc. designs, manufactures, and sells direct current (DC),
power generators, renewable energy, and cooling systems in the
United States and internationally. It offers DC base power systems,
DC hybrid power systems, and DC solar hybrid power systems. The
company serves telecommunications, military, electric vehicle
charging, cogeneration, distributed power, and uninterruptable
power supply markets It sells its products through direct sales
force, and a network of independent service providers and dealers.
The company was formerly known as Polar Products, Inc. and changed
its name to Polar Power, Inc. in October 1991. Polar Power, Inc.
was founded in 1979 and is based in Gardena, California.
Forward Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical facts contained in this press release, including
statements regarding the offering, are forward-looking statements.
These forward-looking statements are made as of the date they were
first issued and are based on current expectations, estimates,
forecasts and projections as well as the beliefs and assumptions of
management. Forward-looking statements are subject to a number of
risks and uncertainties, many of which involve factors or
circumstances that are beyond Polar Power’s control. Polar Power’s
actual results could differ materially from those stated or implied
in forward-looking statements due to a number of factors,
including, but not limited to, the risks related to the offering of
the shares, market risks and uncertainties and the impact of any
natural disasters or public health emergencies, such as the
COVID-19 pandemic. These and other potential risks and
uncertainties that could cause actual results to differ from the
results predicted are more fully detailed in Polar Power’s filings
and reports with the SEC, including the Annual Report on Form 10-K
for the year ended December 31, 2019, as amended and supplemented
by the Quarterly Reports on Form 10-Q for the quarters ended March
31, 2020, June 30, 2020 and September 30, 2020, as well as other
filings and reports that are filed by Polar Power from time to time
with the SEC. Polar Power anticipates that subsequent events and
developments will cause its views to change and you should consider
these factors in evaluating the forward-looking statements and not
place undue reliance on such statements. Polar Power undertakes no
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. These forward-looking statements should not be relied
upon as representing Polar Power’s views as of any date subsequent
to the date of this press release.
For Investor Relations
Inquiries:
Polar Power Inc. |
Shawn M. Severson |
310-830-9153 |
|
ir@polarpowerinc.com |
312-420-9191 |
www.polarpower.com |
ir@polarpower.com |
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