Polar Power, Inc. announced it has issued two convertible promissory notes with an aggregate principal amount of $165,000 for $150,000 in proceeds. The company also expanded its Board of Directors to six members, appointing Lewis Wilks as a new independent director.
Key Details
- Financing Agreement: The notes, issued on August 28, 2026, have a maturity date of November 26, 2026, and bear an interest rate of 1% per month. The company will use proceeds from its existing stock purchase agreement with Roth Principal Investments to repay the notes.
- Conversion Terms: If not repaid in full by the maturity date, the notes will automatically convert into common stock at a price equal to the lower of 80% of the 5-day volume-weighted average price or $1.00 per share.
- Board Appointment: Lewis Wilks, Senior Managing partner at Bright Peaks Venture Capital, was elected to the Board as an independent director, effective August 24, 2026.