Polar Power, Inc. Announces Proposed Public Offering of Common Stock
November 30 2023 - 5:25PM
Polar Power, Inc. (NASDAQ: POLA) (“Polar Power” or the
“Company”) today announced that it intends to offer to sell shares
of its common stock (and/or pre-funded warrants (“Pre-funded
Warrants”) in lieu thereof) in an underwritten public offering. All
of the shares of common stock (and/or Pre-funded Warrants) are to
be sold by the Company.
ThinkEquity is acting as sole underwriter for
the offering.
The Company expects to grant the underwriter a
45-day option to purchase up to an additional 15% of the number of
shares of common stock and/or Pre-funded Warrants sold in this
offering to cover over-allotments, if any. The offering is subject
to market conditions and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
The Company intends to use the net proceeds from
the offering primarily for product development and general
corporate purposes, which may include working capital, capital
expenditures, operational purposes and potential acquisitions in
complementary businesses.
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 that forms a part of the
registration statement. A preliminary prospectus supplement and
accompanying prospectus describing the terms of the offering will
be filed with the SEC on its website at www.sec.gov. Electronic
copies of the preliminary prospectus supplement and the
accompanying prospectus relating to the offering may also be
obtained, when available, from ThinkEquity, 17 State Street, 41st
Floor, New York, New York 10004. Before investing in this offering,
interested parties should read in their entirety the preliminary
prospectus supplement and the accompanying prospectus and the other
documents that the Company has filed with the SEC that are
incorporated by reference in such preliminary prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of 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 and
the anticipated use of the net proceeds from 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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