Polar Power Slashes Pinnacle Bank Debt by $3M, Eyes Full Repayment by Month-End
POLA is trading near its 52-week low of $1.31 (14% above the low).
Summary
Polar Power cut its Pinnacle Bank debt from $4.7M to $1.667M, a 65% reduction, and expects to repay the rest by end of September. This follows a string of toxic financings and a going concern warning in the August 10-Q. Eliminating the bank default removes a key overhang, but the company still faces Nasdaq delisting and heavy dilution from convertible notes. Watch for confirmation of full repayment and any update on the reverse split proposal.
At the time of this announcement, POLA was trading at $1.49 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $5.8M. The 52-week trading range was $1.31 to $5.75. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.