Polar Power Faces Delisting from Nasdaq Due to Non-Compliance with Minimum Bid Price Rule

Polar Power, Inc. (NASDAQ: POLA), a leading provider of prime, backup, solar hybrid power, and microgrid solutions, is confronting potential delisting from the Nasdaq Capital Market. In an 8-K filing dated November 15, 2024, Polar Power disclosed that it had received notification from Nasdaq regarding its failure to regain compliance with the minimum bid price requirement, leading to the impending delisting.

The company previously received an extension until November 18, 2024, to meet Nasdaq’s minimum bid price of $1.00 per share. However, a subsequent letter from Nasdaq on November 19, 2024, confirmed that Polar Power did not achieve compliance by the deadline. Unless an appeal is submitted by the Appeal Deadline of November 26, 2024, the company’s common stock will be delisted effective November 29, 2024.

Polar Power intends to appeal Nasdaq’s decision to a hearings panel following procedures outlined in Nasdaq Listing Rule 5800 Series. In an effort to address the non-compliance issue, the company underwent a 1:7 reverse stock split effective November 18, 2024. This consolidation automatically combined every seven shares of common stock into one, reducing the outstanding shares from 17,561,612 to 2,511,350.

The reverse stock split was approved at the company’s Annual Meeting on November 11, 2024, granting authority to the Board of Directors to determine the specific ratio. This move aimed to help Polar Power regain compliance with Nasdaq’s minimum bid price requirement. The company’s common stock continues to trade on a reverse stock split-adjusted basis under the symbol “POLA” on the Nasdaq Capital Market, with the new CUSIP number post-split being 73102V204.

For more details on the reverse stock split and related information, interested parties can refer to the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission.

Regarding future events, Polar Power emphasized in the filing that the information provided is intended for disclosure purposes only and is not to be construed as incorporated by reference in any filings unless explicitly stated. The company disclaims any obligation to publicly release updates or changes except as mandated by law.

Investors and market watchers are advised to remain informed on the evolving situation surrounding Polar Power’s compliance status with Nasdaq regulations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Polar Power’s 8K filing here.

About Polar Power

Polar Power, Inc designs, manufactures, and sells direct current (DC) power generators, renewable energy, and cooling systems in the United States and internationally. The company offers DC base power systems, DC hybrid power systems, DC solar hybrid power systems, and mobile power systems. Its DC power systems are available in diesel, natural gas, LPG/propane, and renewable fuel formats.