Form 8-K - Current report
27 November 2023 - 10:05PM
Edgar (US Regulatory)
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0001622345
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2023-11-24
2023-11-24
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 24, 2023
POLAR
POWER, INC.
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
001-37960 |
|
33-0479020 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
249
E. Gardena Boulevard, Gardena, California 90248
(Address
of Principal Executive Offices) (Zip Code)
(310)
830-9153
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
POLA |
|
The
NASDAQ Stock Market, LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
3.01 |
Notice
of Delisting of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On
November 24, 2023, Polar Power, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department
of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company’s common stock is subject to potential delisting
from the Nasdaq because for a period of 30 consecutive business days, the bid price of the Company’s common stock has closed below
the minimum $1.00 per share requirement for continued inclusion under Nasdaq Marketplace Rule 5550(a)(2) (the “Bid Price
Rule”). The Nasdaq deficiency letter has no immediate effect on the listing of the Company’s common stock, and its common
stock will continue to trade on The Nasdaq Capital Market under the symbol “POLA” at this time.
The
Nasdaq notice indicated that, in accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days,
or until May 22, 2024, to regain compliance. If, at any time before May 22, 2024, the bid price of the Company’s common stock closes
at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq staff will provide written notification that it has
achieved compliance with the Bid Price Rule.
If
the Company fails to regain compliance with the Bid Price Rule before May 22, 2024 but meets all of the other applicable standards for
initial listing on The Nasdaq Capital Market with the exception of the minimum bid price, then the Company may be eligible to have an
additional 180 calendar days, or until November 18, 2024, to regain compliance with the Bid Price Rule. If the Company does not regain
compliance with the Bid Price Rule by the end of the compliance period (or the second compliance period, if applicable), the Company’s
common stock will become subject to delisting. In the event that the Company receives notice that its common stock is being delisted,
the Nasdaq listing rules permit the Company to appeal a delisting determination by Nasdaq to a hearings panel.
The
Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance
with the Bid Price Rule. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Rule
or will otherwise be in compliance with other Nasdaq listing rules.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
November 27, 2023
|
POLAR
POWER, INC. |
|
|
|
|
By: |
/s/
Arthur D. Sams |
|
|
Arthur
D. Sams President, Chief Executive Officer and Secretary |
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