Polar Power CEO converts $614,700 in debt to preferred equity

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Go back to Polar Power CEO converts $614,700 in debt to preferred equity

Polar Power CEO Arthur Sams Converts $614,700 of Debt Into Preferred Equity, Strengthening Balance Sheet

September 24, 2026 8:29 AM EDT

GARDENA, Calif., Sept. 24, 2026 (GLOBE NEWSWIRE) -- Polar Power, Inc. (NASDAQ: POLA) today announced that Arthur D. Sams, the Companys Founder, President and Chief Executive Officer, has agreed to convert $614,700 of debt owed to him by the Company into 683 Series A Convertible Preferred shares of Polar Power.

The conversion eliminates $614,700 of debt from the Companys balance sheet, increases shareholders equity, and represents an important step toward addressing the Companys shareholders equity compliance issue.

Converting this debt into equity reflects my... More