Item 1.01 Entry into of a Material Definitive Agreement.
On November 3, 2023, Polar Power, Inc. (the "Company") entered into a Warrant Exchange Agreement (the "Agreement") with entities affiliated with Empery Asset Management, LP (the "Empery Entities"), who are holders of the Company's outstanding warrants (the "Warrants") to purchase an aggregate of 24,122 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), which Warrants were originally issued pursuant to the offering described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 8, 2020. Pursuant to the Agreement, the Company expects to issue an aggregate of 12,062 shares of Common Stock to the Empery Entities in exchange for the surrender and cancellation of the Warrants held by the Empery Entities (which Warrants represent all outstanding Warrants of the Company) on or about November 7, 2023. Upon issuance of such shares and cancellation of the Warrants, the Company will no longer have any Warrants outstanding.
The Company's entry into the Agreement was the result of a separate private negotiation between the Company and the Empery Entities.
The above summary of the Agreement does not purport to be complete and is qualified in its entirety to the full text of the form of Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is qualified herein by this reference.
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Polar Power Inc. published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 22:31:13 UTC.