Polar Power CEO Arthur Sams Converts $614,700 of Debt Into Preferred Equity, Strengthening Balance Sheet

GARDENA, Calif., Sept. 24, 2026 (GLOBE NEWSWIRE) -- Polar Power, Inc. (NASDAQ: POLA) today announced that Arthur D. Sams, the Company’s Founder, President and Chief Executive Officer, has agreed to convert $614,700 of debt owed to him by the Company into 683 Series A Convertible Preferred shares of Polar Power.

The conversion eliminates $614,700 of debt from the Company’s balance sheet, increases shareholders’ equity, and represents an important step toward addressing the Company’s shareholders’ equity compliance issue.