Polar Power CEO converts $614,700 debt into preferred equity
POLA•CEO Arthur D. Sams converted $614,700 of company debt into 683 Series A Convertible Preferred shares, removing the liability and increasing shareholders’ equity; he also received a warrant to buy 382,276 common shares at $1.34 each.
1. Debt converted to equity
Sams converted $614,700 of Polar Power debt into 683 Series A Convertible Preferred shares. The transaction removes $614,700 of liabilities and boosts shareholders’ equity amid a Nasdaq equity compliance issue. Sams also received a warrant to buy 382,276 common shares at $1.34 per share.
