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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 4, 2026
POLAR
POWER, INC.
(Exact
Name of Registrant as Specified in Charter)
| Delaware |
|
001-37960 |
|
33-0479020 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
249
E. Gardena Boulevard, Gardena, California 90248
(Address
of Principal Executive Offices) (Zip Code)
(310)
830-9153
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common Stock, par value
$0.0001 per share |
|
POLA |
|
The NASDAQ Stock Market,
LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure.
On
November 4, 2026, the Company issued a press release announcing that it has received a letter from Nasdaq stating that it is in compliance
with Nasdaq’s minimum stockholders equity requirement and announcing that it is beginning Phase 2 of its restructuring. A copy
of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
| Exhibit No. |
|
Description |
| 99.1 |
|
Press Release dated November 4, 2026 |
| 104 |
|
Cover Page Interactive
Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
November 4, 2026
| |
POLAR POWER, INC. |
| |
|
|
| |
By: |
/s/
Chris Mayer |
| |
|
Chris
Mayer
Co-Chief
Executive Officer |
Exhibit 99.1
FOR
IMMEDIATE RELEASE
Polar
Power Receives Nasdaq Confirmation of Stockholders’ Equity Compliance; Advances Next Phase of Restructuring
Following
$1.03 million in completed annualized cost reductions, Polar targets approximately $2 million in total annualized savings, inclusive
of Phase 1 of its Restructuring, while positioning operations to support scalable revenue growth
GARDENA,
Calif., November 4, 2026 — Polar Power, Inc. (NASDAQ: POLA) (the “Company” and “Polar”), a provider of
DC power generation and integrated energy solutions, today announced that it has received written confirmation from the Nasdaq Listing
Qualifications Department that Nasdaq Staff has determined the Company complies with the $2.5 million minimum stockholders’ equity
requirement under Nasdaq Listing Rule 5550(b)(1).
Nasdaq
based its determination on Polar Power’s Form 8-K dated October 23, 2026. Nasdaq cautioned that the Company must continue to evidence
compliance in its next periodic report and may be subject to delisting proceedings if it fails to do so.
Phase
2 of Polar’s Restructuring: Leaner, Vertically Integrated Operations
The
determination follows the Company’s October 19 announcement that Phase 1 of Polar’s restructuring program (the “Restructuring”)
had delivered approximately $1.03 million in annualized cost reductions. Under its current plan, management is targeting approximately
$2 million in total annualized savings, including the Phase 1 reductions already announced. Achieving the overall target will depend
on further actions being evaluated and implemented.
Since
Chris Mayer’s appointment as Co-Chief Executive Officer, management has been reviewing facility utilization, manufacturing workflows,
purchasing and inventory controls, and working-capital needs. The next phase is expected to focus on further California facility consolidation,
lower fixed overhead, stronger production coordination and more efficient use of Polar’s vertically integrated engineering and
manufacturing capabilities.
Financial
Discipline and Growth Priorities
Polar
Power is also evaluating refinancing and other capital-raising alternatives intended to improve liquidity, manage outstanding obligations
and provide financial flexibility.
Alongside
cost reductions, the Company is focused on rebuilding sales revenue and creating an operating model that can scale as customer demand
increases. Polar intends to build on its vertically integrated DC power technologies, manufacturing expertise and established customer
relationships in telecommunications, defense, data center infrastructure and distributed energy. Management believes improving commercial
execution and expanding applications for its existing products, while selectively adding external manufacturing capacity when appropriate,
can support revenue growth without a comparable increase in fixed overhead.
Management
Commentary
“Receiving
Nasdaq’s written confirmation is an important milestone for Polar Power and our shareholders,” said Chris Mayer, Co-Chief
Executive Officer. “We made resolving the equity deficiency a near-term priority, and this determination gives us a stronger foundation
for the work ahead. We recognize that continuing compliance must be demonstrated in our next periodic report.”
“In
our first few weeks, we have identified meaningful opportunities to simplify the operating structure and improve financial discipline.
Phase 1 has already removed more than $1 million in annualized costs, an important step toward our target of approximately $2 million
total annualized savings. We believe our vertically integrated engineering and manufacturing capabilities remain a core strength, especially
for technically demanding customers. As we improve facility utilization and production efficiency, we can also use select contract manufacturing
partners to add flexibility and capacity where it makes sense. Our objective is not just to reduce expenses, but to build sales revenue
on a more scalable cost structure and position Polar for sustainable growth.”
About
Polar Power, Inc.
Polar
Power, Inc. (NASDAQ: POLA) designs, manufactures and sells direct-current power generators, renewable energy systems and integrated power
solutions for telecommunications, defense, robotics, data center infrastructure, distributed energy and other critical-power applications.
More information is available at www.polarpower.com.
Forward-Looking
Statements
This
release contains forward-looking statements, including statements regarding restructuring plans, potential cost savings, facility consolidation,
vertically integrated manufacturing, selective contract manufacturing, financing alternatives, liquidity, operating efficiencies, revenue
growth, scalability, market opportunities and continuing Nasdaq compliance. Actual results may differ materially due to risks including
the Company’s ability to obtain financing, execute contemplated changes, maintain manufacturing capabilities and customer relationships,
achieve targeted savings, increase revenue, maintain adequate liquidity and satisfy Nasdaq’s continuing listing requirements. Additional
risks are described in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements speak only
as of the date made, and the Company undertakes no obligation to update them except as required by law.
Media
and Investor Relations
Polar
Power, Inc. | 249 E. Gardena Blvd., Gardena, CA 90248 | (310) 830-9153 | ir@polarpowerinc.com
