Polar Power, Inc. 8-K

What Happened
Polar Power, Inc. announced on June 30, 2026 that it issued a convertible promissory note to Mayers Ventures LLC. The note has a $275,000 principal amount (consideration received $250,000), carries 10% annual interest, and matures on December 30, 2027. Mayers may convert outstanding principal and interest into Polar Power common stock under a formula tied to the stock’s recent trading price and also has the right to designate one individual for appointment or election to the company’s board.

Key Details

• Principal amount: $275,000; cash received (consideration): $250,000.
• Interest rate: 10% per annum. Maturity date: December 30, 2027.
• Conversion: Mayers can convert principal and interest into common stock at a price equal to 90% of the lowest daily VWAP during the 7 trading days ending on the conversion notice date, subject to a floor while the stock is listed.
• Governance and registration: Mayers has the right to designate one board nominee; the company agreed to include conversion shares as “Registrable Securities” in a planned registration rights agreement.

Why It Matters
This filing shows Polar Power raised near-term capital via a convertible note rather than issuing straight equity or longer-term debt. The note creates a direct financial obligation (debt) and gives the lender potential equity upside through conversion plus a board-designation right, which could affect ownership and governance if converted or the nominee is appointed. Investors should note the potential dilution from conversion and the company’s new near-term cash obligation (interest and principal due by December 2027).