Polar Power Announces $2.8 Million Private Placement
July 02 2020 - 9:25AM
Polar Power, Inc. (NASDAQ: POLA), a global provider of prime,
backup and solar hybrid power solutions, today announced that it
has entered into definitive agreements with certain institutional
investors to raise aggregate gross proceeds of approximately $2.8
million through the private placement of its equity securities.
Polar Power will sell an aggregate of 1,250,000 shares of the
Company’s common stock at $2.25 per share. Additionally,
investors will receive a common stock purchase warrant to purchase
up to a number of shares of the Company’s common stock equal to,
for each share purchased by the investor, 0.5 shares of common
stock. The warrants will have an exercise price of $3.13 per
share, are exercisable immediately and have a term of five
years. The offering is expected to close on or about
July 7, 2020, subject to customary closing conditions.
Polar Power intends to use the net proceeds from the offering
for working capital purposes.
Roth Capital Partners acted as exclusive placement agent for the
transaction.
This press release does 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 jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
The securities to be sold in the offering have not been
registered under the Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold in the United States
absent registration with the Securities and Exchange Commission or
an applicable exemption from such registration requirements. Polar
Power has agreed to file a registration statement with the
Securities and Exchange Commission covering the resale of the
shares of common stock, including the shares of common stock
issuable upon exercise of the warrants, sold in the private
placement.
About Polar Power, Inc.
Gardena, California-based Polar Power, Inc. (NASDAQ: POLA),
designs, manufactures and sells direct current, or DC, power
systems, lithium battery powered hybrid solar systems and lithium
battery storage systems for applications in the wireless
telecommunications tower market and, in other markets, including
military, electric vehicle charging, cogeneration, distributed
power and uninterruptable power supply. Within the
telecommunications market, Polar’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
Some of the statements in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Forward-looking statements in this press
release include, without limitation, whether the offering of
securities will close on a timely basis, if at all. These
statements relate to future events, future expectations, plans and
prospects. Although Polar Power believes that the expectations
reflected in such forward-looking statements are reasonable as of
the date made, expectations may prove to have been materially
different from the results expressed or implied by such
forward-looking statements. Polar Power has attempted to identify
forward-looking statements by terminology including ''believes,''
''estimates,'' ''anticipates,'' ''expects,'' ''plans,''
''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,''
''might,'' ''will,'' ''should,'' ''approximately'' or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. These statements are only
predictions and involve known and unknown risks, uncertainties, and
other factors, including those discussed under in our SEC filings,
including under the heading "Item 1A. Risk Factors" in the Form
10-K for year ended December 31, 2019 we filed with the SEC and
updated from time to time in our Form 10-Q filings and in our other
public filings with the SEC. Any forward-looking statements
contained in this release speak only as of its date. Polar Power
undertakes no obligation to update any forward-looking statements
contained in this release to reflect events or circumstances
occurring after its date or to reflect the occurrence of
unanticipated events.
Media and Investor Relations:Integra Investor
RelationsShawn M. Severson+1
415-233-7094info@integra-ir.com @Integra
IRwww.integra-ir.com
Company Contact:Polar Power, Inc.249 E. Gardena
Blvd.Gardena, CA 90248Tel:
310-830-9153ir@polarpowerinc.com www.polarpower.com
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