Polar Power, Inc. (POLA) Announces 1:7 Reverse Share Split

Polar Power, Inc. (NASDAQ: POLA) (“Polar Power”), a global provider of prime, backup, solar hybrid power, and microgrid solutions, today announced that it intends to effect a reverse stock split of its common stock at a ratio of 1 post-split share for every 7 pre-split shares. The Company's common stock will continue to be traded on the Nasdaq Capital Market under the symbol “POLA” and will begin trading on a split-adjusted basis when the market opens on November 19, 2024. The reverse stock split is primarily intended to enable the Company to regain compliance with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market. The new CUSIP number for the Company’s common stock following the reverse stock split will be 73102V204.

At the annual meeting of stockholders held on November 11, 2024, Polar Power’s stockholders granted authority to the Board of Directors (the “Board”) to effect, in its discretion prior to December 31, 2024, a reverse stock split of the Company’s common stock at a ratio of not less than 1-for-3 and not more than 1-for-20, with such ratio to be determined by the Board, and approved a corresponding amendment to the Company’s Certificate of Incorporation (the “Charter Amendment”). Additional information regarding the reverse stock split approved by the Company’s stockholders can be found in the Company’s definitive proxy statement that was filed with the Securities and Exchange Commission on October 1, 2024, as supplemented by the supplement to the definitive proxy statement filed on October 22, 2024.

The Charter Amendment provides that at the effective time of the reverse stock split, each seven shares of the Company’s issued and outstanding common stock will be automatically combined into one validly issued, fully paid and non-assessable share of common stock, without effecting a change to the par value per share. The reverse stock split will affect all shares of the Company’s common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company’s equity incentive plan. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options outstanding immediately prior to the effectiveness of the reverse stock split with a corresponding increase in exercise price per share.

No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the reverse stock split will automatically be entitled to receive an additional fraction of a share of common stock, to round up to the next whole share. In any event, cash will not be paid for fractional shares. Stockholders with shares in brokerage accounts should direct any questions concerning the reverse stock split to their broker; all other stockholders may direct questions to the Company's transfer agent, VStock Transfer, LLC at (212) 828-8436.

You May Also Be Interested In

• Polar Power targets military drone and robotics power market
• Rapid Line sees stock surge with no known corporate cause
• Polar Power Announces Two New Board Appointments