Co-CEO Chris Mayer Discloses 9.99% Stake in Polar Power Via CL Investment
POLA sits 30% above its 52-week low of $0.575 on light trading volume (0.2× avg).
Summary
Polar Power's new Co-CEO Chris Mayer disclosed a 9.99% stake held through CL Investment, built from discounted convertible preferred, warrants, and a note — and his firm holds a contractual board-designation right.
Key Events · Ownership and Investor Activity · POLA
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Co-CEO Discloses 9.99% Stake
Chris Mayer and CL Investment Group LLC reported 478,281 shares of beneficial ownership, capped at 9.99% by a blocker, based on 3,851,684 shares outstanding as of August 17, 2026.
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Stake Built From Discounted Convertibles
CL Investment paid $749,700 for 833 Series A Preferred shares ($833,000 stated value, 90% of stated value), received 227,182 warrants at a $1.65 strike, and bought an $82,500 convertible note for $75,000.
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Conversion Terms Are Dilutive
The preferred converts at 90% of the lowest seven-day VWAP, subject to a floor, so the share count rises as the stock price falls; a 19.99% cap applies pending stockholder approval.
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Board Designation Right Exercised
Under the July 29, 2026 purchase agreement, CL Investment can designate one director and designated Lewis Wilks, who sits on the board.
Analysis · POLA · Manufacturing
A newly appointed Co-CEO is also the company's largest disclosed holder, with a 9.99% beneficial stake built from a $749,700 preferred purchase, 227,182 warrants at $1.65, and an $82,500 convertible note. That aligns management with shareholders, but the securities are toxic-style: the preferred converts at 90% of the lowest seven-day VWAP, so the stake grows as the stock falls. CL Investment also has a contractual right to a board seat, which it used to place Lewis Wilks. The 9.99% blocker caps near-term dilution from this holder, but the conversion mechanics mean the share count keeps climbing against a company that already reported a going concern warning and a 62% revenue decline.
How filings like this one have moved
In the 30 days to Oct 21, 2026, 29% of the 1517 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.52%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, POLA was trading at $0.75 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $3.2M. The 52-week trading range was $0.58 to $4.42. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.