InvestmentJul 28, 2026, 06:07 AM
Polar Power Raises $450K via Convertible Preferred Stock
AI Summary
Polar Power, Inc. entered into a Securities Purchase Agreement with LU2 Holdings LLC to sell up to $500,000 in Series A Convertible Preferred Stock for $450,000. The preferred stock bears a 10% annual dividend and is convertible into common stock. The company also issued warrants to LU2 Holdings LLC and Mayers Ventures LLC, and entered into a Registration Rights Agreement for the underlying shares. Amendments were made to existing agreements with Mayers and LU2.
Key Highlights
- Sold $500,000 stated value Series A Convertible Preferred Stock for $450,000.
- Preferred stock issued to LU2 Holdings LLC, bearing 10% annual dividend.
- Issued warrants to LU2 Holdings LLC for 150,915 common shares.
- Issued warrants to Mayers Ventures LLC for 83,841 common shares.
- Agreed to register shares underlying preferred stock, note, and warrants.
- Amended Mayers Note regarding equity line of credit proceeds.
- Amended Preferred SPA to expand "Exempt Issuance" definition.
Price Impact
More from POLA