Polar Power, Inc. Announces Proposed Public Offering of Common Stock

About this update from Polar Power, Inc.

[{"type":"text","content":"Gardena, CA, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Polar Power, Inc. (NASDAQ: POLA) (“Polar Power” or the “Company”) today announced that it intends to offer to sell shares of its common stock (and/or pre-funded warrants (“Pre-funded Warrants”) in lieu thereof) in an underwritten public offering. All of the shares of common stock (and/or Pre-funded Warrants) are to be sold by the Company. ThinkEquity is acting as sole underwriter for the offering. The Company expects to grant the underwriter a 45-day option to purchase up to an additional 15% of the number of shares of common stock and/or Pre-funded Warrants sold in this offering to cover over-allotments, if any. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The Company intends to use the net proceeds from the offering primarily for product development and general corporate purposes, which may include working capital, capital expenditures, operational purposes and potential acquisitions in complementary businesses. The securities will be offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-252196), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 19, 2021 and declared effective on January 28, 2021. The offering will be made only by means of a written prospectus that forms a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004. Before investing in this offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering. This press release shall not constitute an offer to sell or the solicitation of an offer...

More updates from Polar Power, Inc.