Polar Power Prices Public Offering Of 4.00 Mln Shares At $0.40/shr; Stock Drops In After-hours

(RTTNews) - Polar Power Inc. (POLA) said that it has priced its underwritten public offering of 4.00 million shares of its common stock at a public offering price of $0.40 per share, for gross proceeds of $1.60 million before deducting underwriting discounts, commissions and offering expenses.

In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 600,000 shares of its common stock and/or pre-funded warrants at the public offering price less discounts and commissions, to cover over-allotments.

The offering is expected to close on December 5, 2023.

POLA closed Thursday's pre-market trade at $0.82 up $0.02 or 2.00%. But in the after-hours, the stock dropped $0.23 or 28.06%.