Polar Power CEO Arthur D. Sams Agrees To Convert $614,700 Debt Into 683 Class A Convertible Preferred Shares

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.