Polar Power Inc disclosed plans yesterday for an underwritten public offering of shares of its common stock, signaling a strategic move to fuel its ongoing product development and corporate objectives. The company intends to sell all the shares of common stock in this offering, with ThinkEquity serving as the exclusive underwriter.
In the wake of the announcement, the stock of Polar Power experienced a notable shift in its market performance. Having concluded Thursday’s trading session at $0.82, the stock embarked on Friday’s trading at $0.43.
At the time of this publication, Polar Power Inc stock (POLA) has witnessed a decline.
Polar Power Inc
Current Price: $0.43
Change : -0.39
Change (%): (-47.57%)
Volume: 1.1M
Source: Tomorrow Events Market Data
ThinkEquity, acting as the sole underwriter for this public offering, will be granted a 45-day option by Polar Power to acquire up to an additional 15% of the common stock and/or Pre-funded Warrants sold in this offering. This option is designed to cover over-allotments, subject to market conditions. However, there is no guarantee as to the completion, size, or terms of the offering.
Polar Power anticipates deploying the net proceeds primarily towards advancing product development initiatives and supporting general corporate endeavors. These may include allocations for working capital, capital expenditures, operational needs, and potential acquisitions in related businesses.
The offering itself hinges on market conditions, introducing an element of uncertainty regarding its completion and the final size and terms. Investors and stakeholders will be closely monitoring developments to gauge the impact on Polar Power’s trajectory in the market.
The securities will be offered and sold in accordance with a shelf registration statement on Form S-3 (File No. 333-252196), which includes a base prospectus. This registration statement was filed with the U.S. Securities and Exchange Commission (SEC) on January 19, 2021, and was declared effective on January 28, 2021.
Headquartered in Gardena, California, Polar Power Inc. specializes in designing, manufacturing, and selling direct current (DC) power systems. The company is renowned for its lithium battery-powered hybrid solar systems, catering to diverse applications in the telecommunications sector and other markets such as military, electric vehicle (EV) charging, cogeneration, distributed power, and uninterruptible power supply. As the company pursues this strategic move in the financial realm, stakeholders eagerly await further updates on the offering’s progress and its potential implications for Polar Power’s future ventures.
