Polar Power, Inc. Form 8-K Filing

Polar Power, Inc. has entered into several significant agreements on May 21, 2026. These include two Securities Purchase Agreements with CFI Capital LLC and Monroe Street Capital Partners, LP, resulting in the issuance of convertible redeemable notes totaling $970,600. The Company received net proceeds of $807,100 after fees and discounts. These notes carry a 6% annual interest rate and mature in 12 months. CFI Capital and Monroe Street Capital have the option to convert the notes into the Company's common stock at a discounted price, which is 80% of the lowest daily VWAP, with provisions for delisting. The Company has also entered into a Restructuring, Implementation and Management Services Agreement with Mammoth Crest Capital, LLC, for which it will pay $500,000 and issue shares representing 4.5% of its common stock. This agreement involves changes to the Board of Directors and strategic initiatives. Additionally, the Company has reached a new Settlement Agreement with its landlords, paying $755,000 to regain access to its headquarters and agreeing to terms for vacating a warehouse facility. In a separate event, Polar Power, Inc. terminated a Revolving Loan Agreement with Stone Brothers Capital on May 18, 2026, with no loans having been made under this agreement. The company has also retroactively appointed Barrett Evans and Michael Hill to its Board of Directors as part of the services agreement.