Polar Power

Polar Power is expanding into military applications and is developing power systems for drone defense, autonomous target-acquisition platforms, border security stations and unmanned surface vessels in collaboration with the U.S. Navy Warfare Center Dahlgren and several defense firms. The products are being evaluated for propulsion, communications, surveillance and defense applications on autonomous platforms; the company also supplies compact generators for mobile battery charging. Current military orders involve only small quantities, typically $1–1.5 million in annual revenue, and larger production contracts depend on successful completion of field tests and qualifications. » Altro su de.investing.com

Polar Power has added Jim Ahern and Menachem Menny Shalom to its board of directors. Ahern brings more than 40 years of leadership experience and teaches at the W. P. Carey School of Business; Shalom is CEO of T3 Defense and holds degrees in law, accounting, and banking and finance. The company says the appointments are intended to boost military sales, broaden the product offering, and advance its restructuring strategy. In the announcement, Polar Power also notes substantial doubt about its ability to continue as a going concern, limited cash and liquidity, and delisting risks, as described in its recent 10-K and 10-Q filings. » Altro su de.investing.com

Polar Power generated $999,700 gross proceeds by selling Series A convertible preferred shares and accompanying warrants to two investors. The preferred shares (par value $1,000) were sold at 90% of par and carry a monthly dividend of 10% p.a.; conversion terms are based on 90% of the lowest volume-weighted average price of the seven trading days prior to conversion. Investors also received warrants for 227,182 and 75,758 shares with a $1.65 exercise price, immediately exercisable and three-year term; a 9.99% voting cap applies to these securities. In addition, the company entered into two 6% convertible notes with principals of $600,000 and $370,600; this comes against the backdrop of a 55% decline in revenue over the past 12 months and a market capitalization of approximately $6.41 million. » Altro su de.investing.com