Loan & DebtMay 14, 2026, 05:27 PM
Polar Power Secures $2.5M Revolving Loan; Board Changes
AI Summary
Polar Power, Inc. secured a Revolving Loan Agreement with Stone Brothers Capital for up to $2,500,000, bearing an annual interest rate of 12%. The funds are intended for general corporate purposes, including financing a potential Qualified Public Equity Offering. As a condition of the loan, two independent directors, Keith Albrecht and Katherine Koster, resigned from the Board, and three new directors designated by the Lender will be appointed.
Key Highlights
- Polar Power entered a Revolving Loan Agreement with Stone Brothers Capital for up to $2,500,000.
- The revolving credit facility bears an annual interest rate of 12%.
- Proceeds will be used for general corporate purposes, including financing a Qualified Public Equity Offering up to $6,000,000.
- The loan matures on the first anniversary of the closing date.
- Two independent directors, Keith Albrecht and Katherine Koster, resigned effective May 19, 2026.
- Three individuals designated by the Lender will be appointed to the Board as a closing condition.
Price Impact
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