Polar Power Secures Up to $25 Million Committed Equity Facility to Support Growth

Polar Power, Inc. (“Polar Power” or the “Company”), a global provider of DC power systems for telecommunications, military, EV charging, micro/nano grids, and other applications, today announced that it has entered into a Committed Equity Facility (“CEF”) with Roth Principal Investments, LLC (“RPI”), an affiliate of CR Financial Holdings, Inc., the holding company for Roth Capital Partners.

The CEF allows, but does not obligate, Polar Power to issue and sell up to $25 million of its shares of common stock to RPI, at the Company’s discretion and subject to certain conditions set forth in the CEF agreement, following the filing and effectiveness of a registration statement registering the resale of such shares.

Polar Power intends to use any net proceeds for working capital and general corporate purposes, including continued development and growth of its DC power systems business. The Company may access capital opportunistically over time and is under no obligation to utilize the full amount available under the facility.

The Company may not be able to sell the full $25 million of shares available under the facility due to limitations, including the number of shares registered for resale and applicable Nasdaq rules. Sales of common stock under the facility, if any, are expected to be made at prices based on the prevailing market price of the common stock at the time of sale, and such sales, together with the resale of shares by RPI, may be dilutive to the Company’s existing stockholders.

“We are pleased to have entered into this Committed Equity Facility, which is intended to provide additional financial and working capital flexibility to support the continued growth of our DC power systems business. Building on our proven DC power technology, we have expanded into new markets—including charging systems for drones, micro/nano grids, EV charging, robotics, and power and cooling solutions for data centers—and this facility is intended to provide added flexibility to pursue these markets,” stated Arthur D. Sams, President and Chief Executive Officer of Polar Power.