Polar Power, Inc. Announces Closing of Public Offering
Polar Power, Inc. (Nasdaq: POLA) has successfully closed a public offering of 750,000 shares of common stock at a price of $18.00 per share, generating gross proceeds of $13.5 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Polar Power, Inc. (Nasdaq: POLA) has successfully closed a public offering of 750,000 shares of common stock at a price of $18.00 per share, generating gross proceeds of $13.5 million. The offering was facilitated by ThinkEquity as the sole book-running manager and is part of an effective shelf registration with the SEC. The final prospectus supplement was filed on February 8, 2021. Polar Power designs and manufactures DC power generators and renewable energy systems, catering to both U.S. and international markets.
Positive
- Successful closure of a public offering raising $13.5 million.
- Equity offering can support growth and development initiatives.
Negative
- Potential dilution of existing shares due to new equity issuance.
Details
News Market Reaction – POLA
The recorded move for POLA in the trading session of this news was -4.73%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
GARDENA, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Polar Power, Inc. (Nasdaq: POLA), today announced the closing of its previously announced public offering of 750,000 shares of its common stock at a public offering price of
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.
The offering was made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The final prospectus supplement relating to the offering was filed with the SEC on February 8, 2021. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Polar Power, Inc.
Polar Power, Inc. (NASDAQ: POLA) designs, manufactures, and sells direct current (DC), power generators, renewable energy, and cooling systems in the United States and internationally. It offers DC base power systems, DC hybrid power systems, and DC solar hybrid power systems. For more information visit us at https://polarpower.com/.
For Investor Relations Inquiries:
| Polar Power Inc. | Shawn M. Severson |
| 310-830-9153 | |
| ir@polarpowerinc.com | 312-420-9191 |
| www.polarpower.com | ir@polarpower.com |
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.