InvestmentAug 11, 2026, 05:31 PM
Polar Power Raises $999,700 via Convertible Preferred Stock & Warrants
AI Summary
Polar Power, Inc. completed a subsequent closing of its Series A Convertible Preferred Stock, raising $999,700 in gross proceeds from CL Investment Group LLC and LU2 Holdings LLC. The company issued 1,111 shares of Series A Convertible Preferred Stock, each with a stated value of $1,000 and bearing a 10% annual dividend. Additionally, warrants to purchase an aggregate of 302,940 shares of common stock at an exercise price of $1.65 per share were issued to the investors.
Key Highlights
- Raised $999,700 in gross proceeds from two investors.
- Issued 1,111 shares of Series A Convertible Preferred Stock.
- Preferred stock has a stated value of $1,000 per share.
- Preferred stock sold at approximately 90% of stated value.
- Preferred stock bears a 10% annual dividend, accruing monthly.
- Issued warrants for 302,940 common stock shares at $1.65 exercise price.
- Total 1,611 Series A Convertible Preferred shares now outstanding.
Price Impact
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