Polar Power CEO converts $614,700 debt into preferred equity
POLA•Polar Power CEO Arthur D. Sams converted $614,700 of company debt into 683 Series A Convertible Preferred shares. The transaction removes $614,700 in liabilities, and Sams received a warrant to buy 382,276 common shares at $1.34 per share.
1. Debt conversion
Sams converted $614,700 of Polar Power debt into 683 Series A Convertible Preferred shares. The transaction removes $614,700 in liabilities and lifts shareholders’ equity as the company works to address Nasdaq equity compliance; Sams also received a warrant to buy 382,276 common shares at $1.34 per share.
