Polar Power, Inc. Announces Closing of Public Offering
December 05 2023 - 5:15PM
Polar Power, Inc. (Nasdaq: POLA) (“Polar Power” or the “Company”),
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, today announced
the closing of its previously announced public offering of
4,600,000 shares of its common stock at a public offering price of
$0.40 per share, which include 600,000 shares sold upon full
exercise of the underwriter’s option to purchase additional shares,
for gross proceeds of $1,840,000, before deducting underwriting
discounts and offering expenses.
The Company intends to use the proceeds from the
offering for general corporate purposes, including working capital,
research and development, capital expenditures and potential
acquisitions.
ThinkEquity acted as sole underwriter for the
offering.
The offering was made pursuant to an effective
shelf registration statement that has been filed with the U.S.
Securities and Exchange Commission (the “SEC”). The final
prospectus supplement relating to the offering was filed with the
SEC and is available on the SEC's website at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering may be obtained from
ThinkEquity, 17 State Street, 41st Floor, New York, New York
10004.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or other 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; 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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