Polar Power Inc

Polar Power said its board rejected an all-cash offer from Solidion Technology to acquire all of the company's assets, with no financial terms of the offer disclosed. The company said it received Solidion's offer last week, but the board concluded the proposal substantially undervalues Polar Power's assets, intellectual property, existing business opportunities, and significant growth opportunities. CEO Arthur Sams said Polar Power has spent decades developing valuable technology, intellectual property, and operating capabilities that position the company for significant opportunities across its existing and emerging markets. The rejection follows last week's move by Flux Power, whose board also rejected a separate acquisition proposal from Solidion on the grounds that it undervalued the company.

Polar Power has entered into a committed equity facility with Roth Principal Investments that allows the company to raise up to $25 million by selling shares over time. The facility gives Polar Power the discretion to issue common stock to Roth Principal Investments, with net proceeds intended for working capital and general corporate purposes including expansion of its DC power systems business across markets such as data center power and cooling, drone charging systems, EV charging, micro and nano grids, robotics, telecommunications, and military applications. The stock price jumped about 42% on Monday after hours of trading.