Polar Power entered into a financing agreement by issuing a $275,000 convertible promissory note to Mayers Ventures for $250,000 in proceeds. The note bears 10% annual interest and matures on December 30, 2027. It is convertible at 90% of the lowest daily VWAP over the seven trading days prior to conversion notice, subject to a floor while listed, and related shares will be included in planned registration rights. Mayers also gains the right to designate one director to Polar Power's board.
Agreement details:
- Agreement type: Convertible promissory note
- Counterparty: Mayers Ventures
- Signed / Effective: Jun 30 2026 / same
- Duration / Termination: Until Dec 30 2027
- Reason: Enhance liquidity and financial flexibility
Original SEC Filing:
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