Polar Power files Nasdaq delisting notice after equity raise

Polar Power, Inc. filed a Form 8-K on October 23, 2026, reporting a notice of delisting or failure to satisfy continued listing standards from The Nasdaq Stock Market. The filing details a series of financing transactions executed between May and October 2026 intended to restore the company's compliance with Nasdaq Listing Rule 5550(b)(1), which requires a minimum of US$2,500,000 in stockholders' equity.

The company received an initial deficiency letter from Nasdaq on May 1, 2026. Following a June 29, 2026 notification granting an extension, Polar Power was required to file a public report demonstrating compliance by October 28, 2026. The recent 8-K serves as that required disclosure.

To increase equity, Polar Power issued convertible notes and preferred stock to several investors. On May 21, 2026, the company issued a $600,000 convertible note to CFI Capital LLC and a $370,600 note to Monroe Street Capital Partners, LP. Monroe subsequently converted portions of its note into common stock on October 21 and October 22, 2026. These transactions increased stockholders' equity by $164,100.

A significant portion of the equity increase came from the sale of Series A Convertible Preferred Stock to LU2 Holdings LLC. In three separate private placements on July 21, October 12, and October 19, 2026, Polar Power issued shares of Series A Preferred with aggregate stated values of $500,000, $417,000, and $278,000. The company reported that these issuances increased stockholders' equity by $1,175,200. The preferred stock carries a 10% payment-in-kind dividend and converts into common stock at a discount to the volume-weighted average price.

Polar Power also entered into a Common Stock Purchase Agreement with Roth Principal Investments on July 27, 2026. Under this agreement, the company has the right to sell up to $25,000,000 in common stock. As of the filing date, Polar Power had issued 776,148 shares to Roth for net proceeds of $989,181, which contributed the same amount to stockholders' equity.

Additional equity increases resulted from transactions involving CL Investment and Arthur D. Sams. A Series A Preferred issuance to CL Investment and LU2 on August 5, 2026, along with a subsequent conversion by LU2 on October 20, 2026, added $200,200 to equity. Separately, convertible notes issued to CL Investment and LU2 on August 28, 2026, were partially repaid and then converted into Series A Preferred on October 14, 2026, increasing equity by $137,312.

Arthur D. Sams, the company's founder and CEO, converted $614,700 in principal and interest of promissory notes into Series A Convertible Preferred and warrants on September 23, 2026. The filing states this action increased stockholders' equity but does not specify the exact dollar amount for this specific transaction in the provided text.

The combination of these financings is designed to meet the Nasdaq listing requirement. The company must now await Nasdaq's final determination on its continued listing status based on the disclosed compliance efforts.