Announcement • May 23
Polar Power, Inc. announced that it has received $0.886 million in funding from CFI Capital LLC, Monroe Street Capital Partners, LP Polar Power, Inc. announced that it has entered into a Securities Purchase Agreement (the “CFI SPA”) with CFI Capital LLC and a Securities Purchase Agreement (the “Monroe SPA”) with Monroe Street Capital Partners, LP pursuant to which the company issued a 6% convertible redeemable note in the aggregate principal amount of $600,000 at an original issue discount of 9% ($54,000) for gross proceeds of $546,000 (the “CFI Note”) and issued a 6% convertible redeemable note in the aggregate principal amount of $370,600 at an original issue discount of 8.3% ($30,600) for gross proceeds of $340,000 on May 21, 2026. The company received net proceeds of $500,000, after deducting $10,000 to cover CFI’s legal fees and a $36,000 payment to Craft Capital Management, LLC (“Craft”) as a broker/placement agent fee. The CFI Note has an interest rate of 6% per annum, and the maturity date is 12 months from the Issue Date (May 21, 2027. The company received net proceeds of $307,100, after deducting $12,500 to cover Monroe’s legal fees and a $20,400 payment to Craft. The Monroe Note has an interest rate of 6% per annum, and the maturity date is 12 months from the Issue Date (May 21, 2027). The company raised total gross proceeds of $886,000 and total net proceeds of $807,100. On or following six months from the Issue Date, CFI has the right to convert the outstanding and unpaid principal amount and interest into the Company’s shares of common stock, $0.0001 par value per share. On or following six months from the Issue Date, Monroe has the right to convert the outstanding and unpaid principal amount and interest into the Company’s shares of Common Stock. The Company has not registered under the Securities Act of 1933 (the “Act”) the issuance of the CFI Note, the Monroe Note, the shares of Common Stock underlying the notes. The issuances were made under exemptions from registration provided by Section 4(a)(2) of the Act. The issuances did not involve any public offering; no general solicitation or general advertising was used in connection with the issuances. Announcement • May 16
Polar Power, Inc. announced delayed 10-Q filing On 05/15/2026, Polar Power, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 08
Polar Power, Inc. Receives Nasdaq Letter Regarding Non-Compliance with Listing Standards On May 1, 2026, Polar Power, Inc. received a letter from the staff of the Nasdaq Stock Market stating that company were not in compliance with Nasdaq's continued listing standards under the Rules of the Nasdaq Stock Market. Specifically, the letter stated that Polar Power was non-compliant with Listing Rule 5550(b)(1) because company reported only USD 144,000 in stockholders' equity as of December 31, 2025 in 10-K for the year then ended. Section 1003(a)(i) of the Company Guide requires a listed company to have stockholders' equity of at least USD 2.5 million or to meet one of two alternative listing standards, neither of which the company currently meets. As a result, company is now subject to the procedures and requirements of Listing Rule 5810(c)(2). This rule grants 45 days to submit to Nasdaq a plan to regain compliance. The company intend to submit such a plan to Nasdaq, and if Nasdaq accepts plan, company will have 180 days from the date of the letter to regain compliance. If Nasdaq does not accept plan, or if it accepts plan but do not then regain compliance by the 180 day deadline, Nasdaq will begin delisting procedures, which we may appeal to a Nasdaq Hearings Panel. The letter has no immediate effect on the listing or trading of common stock on the Nasdaq Stock Market. The company common stock will continue to trade under the symbol POLA. The receipt of the letter does not affect business, operations or reporting requirements with the U.S. Securities and Exchange Commission. 
