Polar Power Announces Reverse Stock Split

Core Viewpoint - Polar Power, Inc. intends to execute a reverse stock split at a ratio of 1-for-7 to regain compliance with Nasdaq's minimum bid price requirement of $1.00, effective November 19, 2024 [1][2]. Group 1: Reverse Stock Split Details - The reverse stock split will combine every seven shares of common stock into one share, without changing the par value per share [3]. - The reverse stock split will affect all outstanding shares and the number of shares available under the equity incentive plan, as well as stock options, which will see a corresponding increase in exercise price [3]. - No fractional shares will be issued; stockholders entitled to fractional shares will receive an additional fraction to round up to the next whole share, with no cash paid for fractional shares [4]. Group 2: Company Overview - Polar Power is a global provider of prime, backup, solar hybrid power, and microgrid solutions, focusing on innovative power and cooling systems across various industrial applications [5]. - The company's product portfolio includes solutions for telecom, military, renewable energy, marine, automotive, residential, commercial, oil field, and mining applications, emphasizing efficiency and durability [5]. - Polar Power's technology includes mobile rapid battery charging for electric vehicles and combined heat and power systems for residential use, optimizing performance and costs [6].