Polar Power cuts Pinnacle Bank debt to $1.67M, eyes full payoff

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Go back to Polar Power cuts Pinnacle Bank debt to $1.67M, eyes full payoff

Polar Power Reduces Pinnacle Bank Debt by $3 Million, from Approximately $4.7 Million to $1.667 Million; Expects Remaining Balance to Be Paid Down by End of September

September 8, 2026 7:15 AM EDT

GARDENA, Calif., Sept. 08, 2026 (GLOBE NEWSWIRE) -- Polar Power, Inc. (NASDAQ: POLA), a global provider of prime, backup and renewable power solutions, today announced that it has reduced its outstanding indebtedness with Pinnacle Bank to approximately $1.667 million, down from approximately $4.7 million reported as of September 30, 2025.

The approximately $3.033 million reduction from the September 30, 2025 balance represents roughly 65% of the previously reported amount and marks meaningful progress in strengthening the Companys balance sheet and reducing leverage.

Separately, since June 30, 2026, the Company has reduced the Pinnacle Bank balance by approximately $1.0 million, from... More