Polar Power Receives Nasdaq Confirmation of Stockholders’ Equity Compliance; Advances Next Phase of Restructuring
Key Highlights
- ➤Nasdaq confirms Polar meets $2.5 million minimum stockholders’ equity requirement
- ➤Polar completed $1.03 million in annualized cost reductions during Phase 1
- ➤Management targets approximately $2 million in total annualized savings
- ➤Phase 2 targets California facility consolidation and lower fixed overhead
- ➤Company evaluating refinancing and capital-raising alternatives to improve liquidity
Expert Statements
Chris Mayer, Co-Chief Executive Officer of Polar Power
“Receiving Nasdaq’s written confirmation is an important milestone for Polar Power and our shareholders,”
Chris Mayer, Co-Chief Executive Officer of Polar Power
“We made resolving the equity deficiency a near-term priority, and this determination gives us a stronger foundation for the work ahead. We recognize that continuing compliance must be demonstrated in our next periodic report.”
Chris Mayer, Co-Chief Executive Officer of Polar Power
“In our first few weeks, we have identified meaningful opportunities to simplify the operating structure and improve financial discipline. Phase 1 has already removed more than $1 million in annualized costs, an important step toward our target of approximately $2 million total annualized savings. We believe our vertically integrated engineering and manufacturing capabilities remain a core strength, especially for technically demanding customers. As we improve facility utilization and production efficiency, we can also use select contract manufacturing partners to add flexibility and capacity where it makes sense. Our objective is not just to reduce expenses, but to build sales revenue on a more scalable cost structure and position Polar for sustainable growth.”
Following $1.03 million in completed annualized cost reductions, Polar targets approximately $2 million in total annualized savings, inclusive of Phase 1 of its Restructuring, while positioning operations to support scalable revenue growth
GARDENA, Calif., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Polar Power, Inc. (NASDAQ: POLA) (the “Company” and “Polar”), a provider of DC power generation and integrated energy solutions, today announced that it has received written confirmation from the Nasdaq Listing Qualifications Department that Nasdaq Staff has determined the Company complies with the $2.5 million minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1).
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