Polar Power, Inc. Announces Pricing of Public Offering
November 30 2023 - 8:05PM
Polar Power, Inc. (NASDAQ: POLA), (“Polar Power” or the “Company”)
today announced the pricing of its previously announced
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 per share, for gross proceeds of $1,600,000
before deducting underwriting discounts, commissions and offering
expenses. All of the shares of common stock are being offered by
the Company.
In addition, the Company has 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. The offering is expected to close on December 5,
2023, subject to satisfaction of customary closing conditions.
ThinkEquity is acting as sole underwriter 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, 17 State Street, 41st Floor, New York, New York
10004.
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.
Gardena, California-based Polar Power, Inc.
(NASDAQ: POLA), 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. or follow us on
www.linkedin.com/company/polar-power-inc/.
Forward Looking Statements
This 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 and/or
Pre-funded Warrants; adverse domestic and foreign economic and
market conditions, including demand for its Summit Series, 27 kW DC
generator product line; trade tariffs on raw materials; changes in
domestic and foreign governmental regulations and policies; the
impact of inflation and changing prices on raw materials; supply
chain constraints causing significant delays in sourcing raw
materials; labor shortages as a result of the pandemic, low
unemployment rates, or other factors limiting the availability of
qualified workers; and other events, factors and risks. 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, 2022 and supplemented by the Quarterly Reports on Form
10-Q for the quarters ended March 31, 2023, June 30, 2023 and
September 30, 2023, 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.
Media and Investor
Relations:CoreIRPeter Seltzberg, SVP Investor Relations
and Corporate Advisory+1
212-655-0924PR@CoreIR.comwww.CoreIR.com
Company Contact:Polar Power,
Inc.249 E. Gardena Blvd.Gardena, CA 90248Tel:
310-830-9153ir@polarpowerinc.comwww.polarpower.com
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