As
filed with the Securities and Exchange Commission on January 19, 2021
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-3
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
Polar
Power, Inc.
(Exact
name of Registrant as specified in its charter)
Delaware
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33-0479020
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(State
or other jurisdiction of
incorporation
or organization)
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(I.R.S.
Employer
Identification
No.)
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249
E. Gardena Blvd.
Gardena,
California 90248
(310)
830-9153
(Address,
including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
Arthur
D. Sams
President
and Chief Executive Officer
Polar
Power, Inc.
249
E. Gardena Blvd.
Gardena,
California 90248
(310)
830-9153
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Larry
A. Cerutti, Esq.
Dean
Longfield, Esq.
Troutman
Pepper Hamilton Sanders LLP
5
Park Plaza, Suite 1400
Irvine,
California 92614
(949)
622-2700 / (949) 622-2739 (fax)
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Approximate
date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box. [ ]
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box. [X]
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering. [ ]
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ]
If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. [ ]
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. [ ]
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer
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[ ]
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Accelerated
filer
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[ ]
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Non-accelerated
filer
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[X]
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Smaller
reporting company
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[X]
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Emerging
growth company
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[X]
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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 7(a)(2)(B) of the Securities Act.
[X]
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CALCULATION OF REGISTRATION FEE
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Title of each class
of securities to be registered
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Amount
to be
registered(1)(2)
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Proposed
maximum
offering
price per security(3)
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Proposed
maximum
aggregate
offering price(3)(4)
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Amount of
registration fee(5)
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Common Stock, par value $0.0001 per share
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-
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-
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-
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-
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Preferred Stock, par value $0.0001 per
share
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-
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-
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-
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-
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Debt Securities
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-
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-
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-
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-
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Warrants
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-
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-
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-
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-
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Subscription Rights
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-
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-
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-
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-
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Units
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-
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-
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-
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-
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Total
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$
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100,000,000
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$
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10,910
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(1)
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The
securities registered hereunder include such indeterminate number of (a) shares of common stock, (b) shares of preferred stock,
(c) debt securities, (d) warrants to purchase common stock, preferred stock or debt securities of the registrant, (e) subscription
rights to purchase common stock, preferred stock or debt securities of the registrant, and (f) units consisting of some or
all of these securities, as may be sold from time to time by the registrant. There are also being registered hereunder an
indeterminate number of shares of common stock and preferred stock as shall be issuable upon conversion, exchange or exercise
of any securities that provide for such issuance.
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(2)
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Pursuant
to Rule 416 under the Securities Act of 1933, as amended, or the Securities Act, this registration statement shall also cover
any additional shares of the registrant’s securities that become issuable by reason of any share splits, share dividends
or similar transactions.
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(3)
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Calculated
pursuant to Rule 457(o) under the Securities Act, based on the proposed maximum aggregate offering price. The proposed maximum
offering price per security and proposed maximum aggregate offering price per class of security will be determined from time
to time by the registrant in connection with the issuance by the registrant of the securities registered hereunder and is
not specified as to each class of security pursuant to General Instruction II.D. of Form S-3 under the Securities Act. Separate
consideration may or may not be received for securities that are issuable on exercise, conversion or exchange of other securities,
or that are issued in units.
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(4)
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Estimated
solely for the purpose of calculating the registration fee. Subject to Rule 462(b) under the Securities Act, the aggregate
maximum offering price of all securities issued by the registrant pursuant to this registration statement will not exceed
$100,000,000.
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(5)
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The
registration fee is calculated in accordance with Rule 457(o) under the Securities Act.
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The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration
statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell
nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
Subject
to Completion, dated January 19, 2021.
PROSPECTUS
$100,000,000
Polar
Power, Inc.
Common
Stock
Preferred
Stock
Warrants
Debt
Securities
Subscription
Rights
Units
We
may offer and sell up to $100,000,000 in the aggregate of the securities identified above from time to time in one or more offerings.
This prospectus provides you with a general description of the securities.
Each
time we offer and sell securities, we will provide a supplement to this prospectus that contains specific information about the
offering and the amounts, prices and terms of the securities. The supplement may also add, update or change information contained
in this prospectus with respect to that offering. You should carefully read this prospectus and the applicable prospectus supplement
before you invest in any of our securities.
We
may offer and sell the securities described in this prospectus and any prospectus supplement to or through one or more underwriters,
dealers and agents, or directly to purchasers, or through a combination of these methods. If any underwriters, dealers or agents
are involved in the sale of any of the securities, their names and any applicable purchase price, fee, commission or discount
arrangement between or among them will be set forth, or will be calculable from the information set forth, in the applicable prospectus
supplement. See the sections of this prospectus entitled “About this Prospectus” and “Plan of Distribution”
for more information. No securities may be sold without delivery of this prospectus and the applicable prospectus supplement describing
the method and terms of the offering of such securities.
INVESTING
IN OUR SECURITIES INVOLVES RISKS. SEE THE “RISK FACTORS” ON PAGE 5 OF THIS PROSPECTUS AND ANY SIMILAR SECTION CONTAINED
IN THE APPLICABLE PROSPECTUS SUPPLEMENT CONCERNING FACTORS YOU SHOULD CONSIDER BEFORE INVESTING IN OUR SECURITIES.
Our
common stock is listed on The Nasdaq Capital Market under the symbol “POLA.” On January 15, 2021, the last
reported sale price of our common stock on The Nasdaq Capital Market was $11.52 per share.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2021.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, or the SEC, using
a “shelf” registration process. By using a shelf registration statement, we may sell securities from time to time
and in one or more offerings up to a total dollar amount of $100,000,000 as described in this prospectus.
This
prospectus provides you only with a general description of the securities that we may offer. Each time that we offer and sell
securities, we will provide a prospectus supplement to this prospectus that contains specific information about the securities
being offered and sold and the specific terms of that offering. We may also authorize one or more free writing prospectuses to
be provided to you that may contain material information relating to these offerings. The prospectus supplement or free writing
prospectus may also add, update or change information contained in this prospectus with respect to that offering. If there is
any inconsistency between the information in this prospectus and the applicable prospectus supplement or free writing prospectus,
you should rely on the prospectus supplement or free writing prospectus, as applicable. Before purchasing any securities, you
should carefully read both this prospectus and the applicable prospectus supplement (and any applicable free writing prospectuses),
together with the additional information described under the heading “Where You Can Find More Information.”
We
have not authorized anyone to provide you with any information or to make any representations other than those contained in, or
incorporated by reference in, this prospectus, any applicable prospectus supplement or any free writing prospectuses prepared
by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the
reliability of, any other information that others may give you. We will not make an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and the applicable
prospectus supplement to this prospectus is accurate only as of the date on its respective cover, that the information appearing
in any applicable free writing prospectus is accurate only as of the date of that free writing prospectus, and that any information
incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise.
Our business, financial condition, results of operations and prospects may have changed since those dates.
When
we refer to “Polar,” “we,” “our,” “us” and the “Company” in this prospectus,
we mean Polar Power, Inc., and its consolidated subsidiaries unless otherwise specified. When we refer to “you,” we
mean the potential holders of the applicable series of securities.
WHERE
YOU CAN FIND MORE INFORMATION
This
prospectus is part of the registration statement on Form S-3 filed with the SEC under the Securities Act and does not contain
all the information set forth in the registration statement. Whenever a reference is made in this prospectus to any of our contracts,
agreements or other documents, the reference may not be complete and you should refer to the exhibits that are a part of the registration
statement or the exhibits to the reports or other documents incorporated herein by reference for a copy of such contract, agreement
or other document.
We
are currently subject to the reporting requirements of the Exchange Act, and in accordance therewith files periodic reports, proxy
statements and other information with the SEC. Our SEC filings are available to you on the SEC’s website at http://www.sec.gov
and in the “Investors” section of our website at www.polarpower.com. Our website and the information contained on
that site, or connected to that site, are not incorporated into and are not a part of this prospectus.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
The
SEC allows us to “incorporate by reference” information from other documents that we file with it, which means that
we can disclose important information to you by referring you to those documents. The information incorporated by reference is
considered to be part of this prospectus. Information in this prospectus supersedes information incorporated by reference that
we filed with the SEC prior to the date of this prospectus, while information that we file later with the SEC will automatically
update and supersede the information in this prospectus. We incorporate by reference into this prospectus and the registration
statement of which this prospectus is a part the information or documents listed below that we have filed with the SEC:
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Our
Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on May 14, 2020;
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Our Amendment No. 1 to our Annual Report on Form
10-K/A for the year ended December 31, 2019 filed with the SEC on May 26, 2020;
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Our
Quarterly Reports on Form 10-Q for the quarter ended March 31, 2020, filed with the SEC on May 8, 2020, for the quarter ended
June 30, 2020, filed with the SEC on August 14, 2020, and for the quarter ended September 30, 2020, filed with the SEC on
November 16, 2020;
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Our
Definitive Proxy Statement on Form 14, filed on November 18, 2020;
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Our
Current Reports on Form 8-K and 8-K/A filed with the SEC on January 2, 2020, March 27, 2020, May 8, 2020, May15, 2020, July
8, 2020, July 17, 2020, October 9, 2020 and December 31, 2020 (in each case other than any portions thereof deemed furnished
and not filed); and
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The
description of our common stock contained in our Form 10-K filed with the SEC on May 14, 2020, including any amendment or
report filed for the purpose of updating such description.
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We
also incorporate by reference any future filings (other than any filings or portions of such reports that are not deemed “filed”
under the Exchange Act in accordance with the Exchange Act and applicable SEC rules, including current reports furnished under
Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that are related to such items unless such Form 8-K expressly
provides to the contrary) made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including those
made after the date of the initial filing of the registration statement of which this prospectus is a part and prior to the effectiveness
of the registration statement, until we file a post-effective amendment that indicates the termination of the offering of the
securities made by this prospectus and will become a part of this prospectus from the date that such documents are filed with
the SEC. Information in such future filings updates and supplements the information provided in this prospectus. Any statements
in any such future filings will automatically be deemed to modify and supersede any information in any document we previously
filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that statements in the
later filed document modify or replace such earlier statements.
We
will furnish without charge to you, upon written or oral request, a copy of any or all of the documents incorporated by reference,
including exhibits to these documents by writing or telephoning us at the following address or phone number below. You may also
access this information on our website at www.polarpower.com by viewing the “SEC Filings” subsection of the “Investors”
menu. No additional information is deemed to be part of or incorporated by reference into this prospectus.
Polar
Power, Inc.
249
E. Gardena Blvd.
Gardena,
California 90248
(310)
830-9153
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus, any prospectus supplement, and the documents incorporated by reference into this prospectus contain certain “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section
21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the Private Securities Litigation Reform Act
of 1995 with respect to our business, financial condition, liquidity, and results of operations. These forward-looking statements
are not historical facts but rather are plans and predictions based on current expectations, estimates, and projections about
our industry, our beliefs, and assumptions. We use words such as “may,” “will,” “could,” “should,”
“anticipate,” “expect,” “intend,” “project,” “plan,” “believe,”
“seek,” “estimate,” “assume,” and variations of these words and similar expressions to identify
forward-looking statements. Statements in this prospectus and the other documents incorporated by reference that are not historical
facts are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section
21E of the Exchange Act and Section 27A of the Securities Act. These statements are not guarantees of future performance and are
subject to certain risks, uncertainties, and other factors, some of which are beyond our control, are difficult to predict and
could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. These risks
and uncertainties include those described in the section above entitled “Risk Factors,” in our Annual Report on Form
10-K for the fiscal year ended December 31, 2019, our subsequent Quarterly Reports on Form 10-Q for the quarterly periods ended
March 31, 2020, June 30, 2020, and September 30, 2020, and the risks detailed from time to time on our future reports filed with
the SEC.
You
should read this prospectus and the documents incorporated by reference completely and with the understanding that our actual
future results may be materially different from what we currently expect. Our business and operations are and will be subject
to a variety of risks, uncertainties and other factors. Consequently, actual results and experience may materially differ from
those contained in any forward-looking statements. Such risks, uncertainties and other factors that could cause actual results
and experience to differ from those projected include, but are not limited to, the risk factors discussed under the heading “Risk
Factors” contained in this prospectus, any applicable prospectus supplement and any related free writing prospectus, and
under similar headings in the other documents that are incorporated by reference into this prospectus.
You
should assume that the information appearing in this prospectus, any accompanying prospectus supplement or related free writing
prospectus and any document incorporated herein by reference is accurate as of its date only. Because the risk factors referred
to above could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements made
by us or on our behalf, you should not place undue reliance on any forward-looking statements. Further, any forward-looking statement
speaks only as of the date on which it is made. New factors emerge from time to time, and it is not possible for us to predict
which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor,
or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
Unless legally required, we do not undertake any obligation to release publicly any revisions to such forward-looking statements
to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events.
ABOUT
POLAR POWER
Overview
We
design, manufacture and sell DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications
market and, to a lesser extent, in other markets, including military, electric vehicle charging, marine and industrial.
Within
the telecommunications market, our DC power systems provide reliable and low-cost DC power to service applications that do not
have access to the utility grid (i.e., prime power applications) or have critical power needs and cannot be without power in the
event of utility grid failure (i.e., back-up power applications). Within this market, we offer the following three configurations
of our DC power systems, with output power ranging from 5 kW to 32 kW:
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DC
base power systems. These systems integrate a DC generator and automated controls with remote monitoring, which are
typically contained within an environmentally regulated enclosure.
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DC
hybrid power systems. These systems incorporate lithium-ion batteries (or other advanced battery chemistries) with
our proprietary BMS into our standard DC power systems.
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DC
solar hybrid power systems. These systems incorporate photovoltaic and other sources of renewable energy into our
DC hybrid power system.
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Our
DC power systems are available in diesel, natural gas, LPG / propane and renewable formats, with diesel, natural gas and propane
gas being the predominate formats.
Corporate
Information
We
were incorporated in 1979 in the State of Washington as Polar Products, Inc., and in 1991 we reincorporated in the State of California
as Polar Power, Inc. In December 2016, we reincorporated in the State of Delaware. Our principal executive offices are located
at 249 E. Gardena Blvd., Gardena, California 90248. Our telephone number is (310) 830-9153 and our Internet website is www.polarpower.com.
The content of our Internet website does not constitute a part of this prospectus.
RISK
FACTORS
Investment
in any securities offered pursuant to this prospectus and the applicable prospectus supplement involves risks. You should carefully
consider the risk factors included in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q
and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we file after the date of this prospectus, and
all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under
the Exchange Act, and the risk factors and other information contained in the applicable prospectus supplement and any applicable
free writing prospectus before acquiring any of such securities. The occurrence of any of these risks might cause you to lose
all or part of your investment in the offered securities.
USE
OF PROCEEDS
Except
as set forth in any accompanying prospectus supplement, we intend to use the net proceeds from the sale of any securities offered
under this prospectus for general corporate purposes unless the applicable prospectus supplement provides otherwise. General corporate
purposes may include, and are not limited to, research and development costs, manufacturing costs, the acquisition or licensing
of other businesses, products or product candidates, working capital and capital expenditures.
We
may temporarily invest the net proceeds in a variety of capital preservation instruments, including investment grade instruments,
certificates of deposit or direct or guaranteed obligations of the U.S. government, or may hold such proceeds as cash, until they
are used for their stated purpose. We have not determined the amount of net proceeds to be used specifically for such purposes.
As a result, management will retain broad discretion over the allocation of net proceeds.
DESCRIPTION
OF CAPITAL STOCK
The
following description of our capital stock is not complete and may not contain all the information you should consider before
investing in our capital stock. This description is summarized from, and qualified in its entirety by reference to, our certificate
of incorporation, which has been publicly filed with the SEC. See “Where You Can Find More Information.” For a complete
description, you should refer to our amended and restated certificate of incorporation and amended and restated bylaws, copies
of which are incorporated by reference as exhibits to the registration statement of which this prospectus is a part.
Authorized
and Outstanding Capital Stock
Our
authorized capital stock consists of 50,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of preferred
stock, $0.0001 par value per share. As of January 15, 2021, there were 11,775,681 shares of common stock and no
shares of preferred stock issued and outstanding and 17,477 shares of common stock held in treasury. The following description
of our capital stock does not purport to be complete and should be reviewed in conjunction with our certificate of incorporation
and our bylaws. See “Where You Can Find More Information.”
Common
Stock
All
outstanding shares of our common stock are fully paid and nonassessable. The following summarizes the rights of holders of our
common stock:
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a
holder of common stock is entitled to one vote per share on all matters to be voted upon generally by the stockholders;
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subject
to preferences that may apply to shares of preferred stock outstanding, the holders of common stock are entitled to receive
lawful dividends as may be declared by our board of directors;
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upon
our liquidation, dissolution or winding up, the holders of shares of common stock are entitled to receive a pro rata portion
of all our assets remaining for distribution after satisfaction of all our liabilities and the payment of any liquidation
preference of any outstanding preferred stock;
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there
are no redemption or sinking fund provisions applicable to our common stock; and
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there
are no preemptive or conversion rights applicable to our common stock.
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Preferred
Stock
Our
board of directors is authorized to issue from time to time, in one or more designated series, any or all of our authorized but
unissued shares of preferred stock with dividend, redemption, conversion, exchange, voting and other provisions as may be provided
in that particular series. The issuance need not be approved by our common stockholders.
Anti-Takeover
Effects of Delaware Law and Our Certificate of Incorporation and Bylaws
A
number of provisions of Delaware law, our certificate of incorporation and our bylaws contain provisions that could have the effect
of delaying, deferring and discouraging another party from acquiring control of Polar Power. These provisions, which are summarized
below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed
to encourage persons seeking to acquire control of Polar Power to first negotiate with our board of directors. We believe that
the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquiror outweigh
the disadvantages of discouraging a proposal to acquire Polar Power because negotiation of these proposals could result in an
improvement of their terms. However, the existence of these provisions also could limit the price that investors might be willing
to pay for our securities.
Undesignated
Preferred Stock
The
ability to authorize undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting
or other rights or preferences that could impede the success of any attempt to acquire us. These and other provisions may have
the effect of deferring hostile takeovers or delaying changes in control or management of Polar Power.
Advance
Notice Requirements for Stockholder Proposals and Director Nominations
Our
bylaws provide that, for nominations to our board of directors or for other business to be properly brought by a stockholder before
a meeting of stockholders, the stockholder must first have given timely notice of the proposal in writing to our Chief Executive
Officer. For an annual meeting, a stockholder’s notice generally must be delivered not less than 90 days nor more than 120
days prior to the anniversary of the mailing date of the proxy statement for the previous year’s annual meeting. For a special
meeting, the notice must generally be delivered not earlier than the 90th day prior to the meeting and not later than the later
of (i) the 60th day prior to the meeting or (ii) the 10th day following the day on which public announcement of the meeting is
first made. Detailed requirements as to the form of the notice and information required in the notice are specified in the bylaws.
If it is determined that business was not properly brought before a meeting in accordance with our bylaw provisions, such business
will not be conducted at the meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting
of stockholders or from making nominations for directors at our annual meeting of stockholders if the proper procedures are not
followed. We expect that these provisions may also discourage or deter a potential acquirer from conducting a solicitation of
proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.
Delaware
Anti-Takeover Statute
We
are subject to the provisions of Section 203 of the Delaware General Corporation Law (sometimes referred to as Section 203) regulating
corporate takeovers. In general, Section 203 prohibits a publicly-held Delaware corporation from engaging, under specified circumstances,
in a business combination with an interested stockholder for a period of three years following the date the person became an interested
stockholder unless:
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prior
to the date of the transaction, the board of directors of the corporation approved either the business combination or the
transaction which resulted in the stockholder becoming an interested stockholder;
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upon
consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the stockholder owned
at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes
of determining the number of shares of voting stock outstanding (but not the outstanding voting stock owned by the stockholder)(1)
shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee
participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in
a tender or exchange offer; or
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on
or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized
at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66-2/3% of
the outstanding voting stock that is not owned by the interested stockholder.
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Generally,
a business combination includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested
stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within three years prior
to the determination of interested stockholder status, did own 15% or more of a corporation’s outstanding voting securities.
We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors
do not approve in advance. We also anticipate that Section 203 may also discourage attempts that might result in a premium over
the market price for the shares of our common stock held by stockholders.
The
provisions of Delaware law, our certificate of incorporation and our bylaws could have the effect of discouraging others from
attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common
stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing
changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders
may otherwise deem to be in their best interests.
Choice
of Forum
Our
certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of
Chancery (or, if such court lacks jurisdiction, any other state or federal court located within the State of Delaware) shall be
the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of us, (ii) any action or proceeding
asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of us to us or our stockholders,
(iii) any action or proceeding asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or
our certificate of incorporation or bylaws, or (iv) any action or proceeding asserting a claim governed by the internal affairs
doctrine; in all cases subject to the court’s having personal jurisdiction over the indispensable parties named as defendants.
For the avoidance of doubt, the exclusive forum provision described above does not apply to any claims arising under the Securities
Act or Exchange Act. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any
duty or liability created by the Exchange Act or the rules and regulations thereunder, and Section 22 of the Securities Act creates
concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities
Act or the rules and regulations thereunder.
The
choice of forum provision in our certificate of incorporation may limit our stockholders’ ability to bring a claim in a
judicial forum that they find favorable for disputes with us or our directors, officers, employees or agents, which may discourage
such lawsuits against us and our directors, officers, employees and agents even though an action, if successful, might benefit
our stockholders. The applicable courts may also reach different judgments or results than would other courts, including courts
where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments or
results may be more favorable to us than to our stockholders. With respect to the provision making the Court of Chancery the sole
and exclusive forum for certain types of actions, stockholders who do bring a claim in the Court of Chancery could face additional
litigation costs in pursuing any such claim, particularly if they do not reside in or near Delaware. Finally, if a court were
to find this provision of our certificate of incorporation inapplicable to, or unenforceable in respect of, one or more of the
specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions,
which could have a material adverse effect on us.
Warrants
As
of January 15, 2021, we had 340,000 shares of common stock issuable upon the exercise of outstanding warrants (other
than the Warrants), having an exercise price of $5.03 per share.
Options
As
of January 15, 2021, we had 140,000 shares of common stock issuable upon the exercise of outstanding options, having
a weighted average exercise price of $5.22 per share.
Transfer
Agent and Registrar
The
transfer agent and registrar for our common stock is VStock Transfer, LLC. Its telephone number is (212) 828-8436
DESCRIPTION
OF DEBT SECURITIES
The
following description, together with the additional information we include in any applicable prospectus supplement or free writing
prospectus, summarizes certain general terms and provisions of the debt securities that we may offer under this prospectus. When
we offer to sell a particular series of debt securities, we will describe the specific terms of the series in a supplement to
this prospectus. We will also indicate in the supplement to what extent the general terms and provisions described in this prospectus
apply to a particular series of debt securities.
We
may issue debt securities either separately, or together with, or upon the conversion or exercise of or in exchange for, other
securities described in this prospectus. Debt securities may be our senior, senior subordinated or subordinated obligations and,
unless otherwise specified in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations and
may be issued in one or more series.
The
debt securities will be issued under an indenture between us and a third party to be identified therein as trustee. We have summarized
select portions of the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to
the registration statement and you should read the indenture for provisions that may be important to you. In the summary below,
we have included references to the section numbers of the indenture so that you can easily locate these provisions. Capitalized
terms used in the summary and not defined herein have the meanings specified in the indenture.
We
may offer under this prospectus up to an aggregate principal amount of $100,000,000 in debt securities, or if debt securities
are issued at a discount, or in a foreign currency, foreign currency units or composite currency, the principal amount as may
be sold for an aggregate initial public offering price of up to $100,000,000. Unless otherwise specified in the applicable prospectus
supplement, the debt securities will represent direct, unsecured obligations of the Company and will rank equally with all of
our other unsecured indebtedness.
General
The
terms of each series of debt securities will be established by or pursuant to a resolution of our board of directors and set forth
or determined in the manner provided in a resolution of our board of directors, in an officer’s certificate or by a supplemental
indenture. (Section 2.2) We can issue an unlimited amount of debt securities under the indenture that may be issued in one or
more series. Unless otherwise set forth in a resolution of our board of directors, a supplemental indenture or an officer’s
certificate detailing the adopt of a series of debt securities, all securities in a series shall be identical. Debt securities
may differ between series with respect to any term, provided, that all series of debt securities shall be equally and ratably
entitled to the benefits of the indenture. (Section 2.1)
The
following statements relating to the debt securities and the indenture are summaries, qualified in their entirety by reference
to the detailed provisions of the indenture and the final form indenture as may be filed with a future prospectus supplement.
The
prospectus supplement will set forth, to the extent required, the following terms of the debt securities in respect of which the
prospectus supplement is delivered:
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the
title of the series;
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the
aggregate principal amount;
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the
issue price or prices, expressed as a percentage of the aggregate principal amount of the debt securities;
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any
limit on the aggregate principal amount;
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the
date or dates on which principal is payable;
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the
interest rate or rates (which may be fixed or variable) or, if applicable, the method used to determine such rate or rates;
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the
date or dates from which interest, if any, will be payable and any regular record date for the interest payable;
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the
place or places where principal and, if applicable, premium and interest, is payable;
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the
terms and conditions upon which we may, or the holders may require us to, redeem or repurchase the debt securities;
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the
obligation, if any, of the Company to redeem or repurchase the debt securities of a series pursuant to any sinking fund or
analogous provision or at the option of a holder of the debt securities, and the period or periods within which, the price
or prices at which and the terms and conditions upon which debt securities of a series shall be redeemed or purchased, in
whole or in part, pursuant to such obligation;
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the
denominations in which such debt securities may be issuable, if other than denominations of $1,000 or any integral multiple
of that number;
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whether
the debt securities are to be issuable in the form of certificated securities (as described below) or global securities (as
described below);
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the
portion of principal amount that will be payable upon declaration of acceleration of the maturity date if other than the principal
amount of the debt securities;
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the
currency of denomination;
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the
designation of the currency, currencies or currency units in which payment of principal and, if applicable, premium and interest,
will be made;
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if
payments of principal and, if applicable, premium or interest, on the debt securities are to be made in one or more currencies
or currency units other than the currency of denomination, the manner in which the exchange rate with respect to such payments
will be determined;
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if
amounts of principal and, if applicable, premium and interest may be determined by reference to an index based on a currency
or currencies or by reference to a commodity, commodity index, stock exchange index or financial index, then the manner in
which such amounts will be determined;
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the
provisions, if any, relating to any collateral provided for such debt securities;
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any
addition to or change in the covenants and/or the acceleration provisions described in this prospectus or in the indenture;
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any
events of default, if not otherwise described below under “Defaults and Notice”;
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the
terms and conditions, if any, for conversion into or exchange for shares of our common stock or preferred stock;
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any
depositaries, interest rate calculation agents, exchange rate calculation agents or other agents;
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the
terms and conditions, if any, upon which the debt securities shall be subordinated in right of payment to other indebtedness
of the Company; and
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if
the debt securities of a series, in whole or any specified part, shall be defeasible. (Section 2.2)
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We
may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration
of acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal
income tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus
supplement.
If
we denominate the purchase price of any of the debt securities in a foreign currency or currencies or a foreign currency unit
or units, or if the principal of and any premium and interest on any series of debt securities is payable in a foreign currency
or currencies or a foreign currency unit or units, we will provide you with information on the restrictions, elections, general
tax considerations, specific terms and other information with respect to that issue of debt securities and such foreign currency
or currencies or foreign currency unit or units in the applicable prospectus supplement.
Exchange
and/or Conversion Rights
We
may issue debt securities which can be exchanged for or converted into shares of our common stock or preferred stock. If we do,
we will describe the terms of exchange or conversion in the prospectus supplement relating to these debt securities. (Section
2.2)
Transfer
and Exchange
Each
debt security will be represented by either one or more global securities registered in the name of The Depository Trust Company,
or the Depositary, or a nominee of the Depositary (we will refer to any debt security represented by a global debt security as
a book-entry debt security), or a certificate issued in definitive registered form (we will refer to any debt security represented
by a certificated security as a certificated debt security) as set forth in the applicable prospectus supplement. Except as set
forth under the heading “Global Debt Securities and Book-Entry System” below, book-entry debt securities will not
be issuable in certificated form.
Certificated
Debt Securities
You
may transfer or exchange certificated debt securities in accordance with the terms of the indenture. (Section 2.4) You will not
be charged a service charge for any transfer or exchange of certificated debt securities but may be required to pay an amount
sufficient to cover any tax or other governmental charge payable in connection with such transfer or exchange. (Section 2.7)
You
may effect the transfer of certificated debt securities and the right to receive the principal of, premium and interest on certificated
debt securities only by surrendering the certificate representing those certificated debt securities and either reissuance by
us or the trustee of the certificate to the new holder or the issuance by us or the trustee of a new certificate to the new holder.
(Section 2.7)
Global
Securities
Each
global debt security representing book-entry debt securities will be deposited with, or on behalf of, the Depositary, and registered
in the name of the Depositary or a nominee of the Depositary. Please see “Global Securities.”
No
Protection in the Event of a Change of Control
Unless
we state otherwise in the applicable prospectus supplement, the debt securities will not contain any provisions which may afford
holders of the debt securities protection in the event we have a change in control or in the event of a highly leveraged transaction
(whether or not such transaction results in a change in control) which could adversely affect holders of debt securities.
Covenants
Unless
otherwise indicated in this prospectus or the applicable prospectus supplement, our debt securities may not have the benefit of
any covenant that limits or restricts our business or operations, the pledging of our assets or the incurrence by us of indebtedness.
We will describe in the applicable prospectus supplement any material covenants in respect of a series of debt securities. (Article
4)
Consolidation,
Merger and Sale of Assets
We
may not consolidate with or merge with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially
all of our properties and assets to any person, or a successor person, unless:
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the
indenture shall remain in full force and effect and either we are the surviving corporation or the successor person (if other
than us) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction or a corporation
or comparable legal entity organized under the laws of a foreign jurisdiction and expressly assumes by a supplemental indenture
executed and delivered to the trustee, all of our obligations on the debt securities and under the indenture; and
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immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing. (Section 5.1)
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Defaults
and Notice
Unless
otherwise specified in the resolution of our board of directors, supplemental indenture or officer’s certificate establishing
a series of debt securities, “Event of Default” means with respect to any series of debt securities, any of the following:
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failure
to pay the principal of, or premium, if any, on any debt security when the same becomes due and payable at Maturity, upon
acceleration, redemption or otherwise;
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failure
to make a payment of any interest on any debt security of such series when due and payable, and the default continues for
a period of 30 days;
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failure
to perform or observe any other covenants or agreements in the indenture with respect to the debt securities of the series
or in the Indenture for 60 days after written notice from the trustee or the holders of not less than 25% of the aggregate
principal amount of the debt securities of the series then outstanding, with such notice specifying the default, demanding
that it be remedied and stating that the notice is a “Notice of Default”;
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certain
events relating to our bankruptcy, insolvency or reorganization or the bankruptcy, insolvency or reorganization of a Significant
Subsidiary;
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certain
cross defaults, if and as applicable; and
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any
other Event of Default specified in the resolution of our board of directors, supplemental indenture or officer’s certificate
establishing such series of debt securities. (Section 6.1)
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No
Event of Default with respect to a particular series of debt securities necessarily constitutes an Event of Default with respect
to any other series of debt securities. (Section 6.2) The occurrence of certain Events of Default or an acceleration under the
indenture may constitute an event of default under certain indebtedness of ours or our subsidiary outstanding from time to time.
If
an Event of Default with respect to debt securities of any series at the time outstanding (except as to certain events of bankruptcy,
insolvency or reorganization) occurs and is continuing, then the trustee or the holders of not less than 25% in principal amount
of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if given by the holders),
declare to be due and payable immediately the principal of, and accrued and unpaid interest, if any, on, all debt securities of
that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency or reorganization, the
principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities will become
and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of outstanding
debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made,
but before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal
amount of the outstanding debt securities of that series may rescind and annul the acceleration if all Events of Default, other
than the non-payment of accelerated principal and interest, if any, with respect to debt securities of that series, have been
cured or waived as provided in the indenture and such rescission would not conflict with any judgment or decree. (Section 6.2)
We refer you to the prospectus supplement relating to any series of debt securities that are discount securities for the particular
provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an
Event of Default.
The
trustee is entitled to be indemnified by holders of debt securities before proceeding to exercise any trust or power under the
indenture at the request of such holders. (Section 6.6) The holders of at least a majority in aggregate principal amount of the
then outstanding debt securities of any series may direct the time, method and place of conducting any proceedings for any remedy
available to the trustee for such series, or of exercising any trust or power conferred upon the trustee with respect to the debt
securities of such series. (Section 6.5) However, the trustee may decline to follow any such direction that conflicts with law
or the indenture, or that the trustee determines may be unduly prejudicial to the holders of the debt securities of such series
not joining in such direction. (Section 6.5)
No
holder of any debt security of any series will have any right to institute any proceeding or pursue any remedy, with respect to
the indenture or a series of debt securities, unless:
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That
holder has previously given to the trustee written notice of a continuing Event of Default with respect to debt securities
of that series; and
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The
holders of note less than 25% in principal amount of the outstanding debt securities of that series have made written request,
and offered indemnity or security satisfactory to the trustee, to the trustee to institute the proceeding as trustee, and
the trustee has failed to institute the proceeding within 60 days and has not received from the holder of not less than a
majority in principal amount of the outstanding debt securities of that series a direction inconsistent with that request
within such 60 day periods (Section 6.6).
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No
holder of debt securities under the indenture may use the indenture to prejudice the rights of another holder or to obtain a preference
or priority over another holder of debt securities. (Section 6.6)
Notwithstanding
any other provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive
payment of the principal of, premium and any interest on that debt security on or after the due dates expressed in that debt security
and to institute suit for the enforcement of payment. (Section 6.7)
The
indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance
with the indenture. (Section 4.4) If a Default or Event of Default occurs and is continuing with respect to the securities of
any series and if it is known to a responsible officer of the trustee, the trustee shall mail to each holder of the securities
of that series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a responsible officer
of the trustee has knowledge of such Default or Event of Default (except if such Default or Event of Default has been validly
cured or waived before the trustee gives such notice). The indenture provides that the trustee may withhold notice to the holders
of debt securities of any series of any Default or Event of Default (except in payment on any debt securities of that series)
with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in the interest
of the holders of those debt securities. (Section 7.5)
Modification
of the Indenture
We
and the trustee may modify, amend or supplement the indenture or the debt securities of any series without the consent of any
holder of any debt security:
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to
comply with covenants in the indenture described above under the heading “Consolidation, Merger and Sale of Assets”;
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to
provide for uncertificated securities in addition to or in place of certificated securities;
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to
provide for certificated debt securities in addition to uncertificated debt securities;
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to
comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture
Act;
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to
cure any ambiguity, defect or inconsistency or make any other change to the indenture or the debt securities that does not
materially and adversely affect the rights of any holder of our debt securities under the indenture;
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to
provide for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted
by the indenture; or
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to
effect the appointment of a successor trustee with respect to the debt securities of any series and to add to or change any
of the provisions of the indenture to provide for or facilitate administration by more than one trustee. (Section 8.1)
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may also modify or supplement the indenture with the written consent of the holders of at least a majority in principal amount
of the outstanding debt securities of each series affected by the modifications or supplement. The holders of at least a majority
in principal amount of the outstanding debt securities of each such series affected by the modifications or supplement may waive
compliance by us in a particular instance with any provision of the indenture or the debt securities of such affected series of
debt securities without notice to any holder of our debt securities. We may not make any modification or amendment without the
consent of the holders of each affected debt security then outstanding if that amendment will:
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reduce
the amount of debt securities whose holders must consent to an amendment, supplement or waiver;
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reduce
the rate of or change the time for payment of interest (including default interest) on any debt security;
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reduce
the principal of or premium on or change the fixed maturity of any debt security or reduce the amount of, or postpone the
date fixed for, the payment of any sinking fund or analogous obligation with respect to any series of debt securities;
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make
the principal of or premium or interest on any debt security payable in currency other than that stated in the debt security;
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change
the amount or time of any payment required by any debt security, or reduce the premium payable upon any redemption of any
debt securities, or change the time before which no such redemption may be made;
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waive
a default in the payment of the principal of, or interest or premium, if any, on, any debt security (except a rescission of
acceleration of the debt securities of any series by the holders of at least a majority in aggregate principal amount of the
then outstanding debt securities of that series and a waiver of the payment default that resulted from such acceleration);
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waive
a redemption payment with respect to any debt security, or change any of the provisions with respect to the redemption of
any debt securities;
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reduce
the principal amount of discount securities payable upon acceleration of maturity; or
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make
any change to certain provisions of the indenture relating to the rights of holders to institute suit with respect to the
indenture or the debt securities of a series and the modification or supplement of the indenture or the debt securities of
any series requiring the consent of holders of our debt securities. (Section 8.2)
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holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all
the debt securities of such series waive any past default under the indenture with respect to that series and its consequences,
except a default in the payment of the principal of, premium or any interest on any debt security of that series (Section 6.4);
provided, however, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind
an acceleration and its consequences, including any related payment default that resulted from the acceleration. (Section 6.2)
Defeasance
of Debt Securities and Certain Covenants in Certain Circumstances
Legal
Defeasance. The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities,
we may be discharged from any and all obligations in respect of the debt securities of any series (subject to certain exceptions).
We will be so discharged upon the irrevocable deposit with the trustee, in trust, of money and/or U.S. government obligations
or, in the case of debt securities denominated in a single currency other than U.S. Dollars, government obligations of the government
that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their
terms, will provide money or U.S. government obligations in an amount sufficient in the opinion of a nationally recognized firm
of independent public accountants or investment bank to pay and discharge each installment of principal, premium and interest
on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments
in accordance with the terms of the indenture and those debt securities.
This
discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received
from, or there has been published by, the United States Internal Revenue Service a ruling or, since the date of execution of the
indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that,
and based thereon such opinion shall confirm that, the holders of the debt securities of that series will not recognize income,
gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject
to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case
if the deposit, defeasance and discharge had not occurred. (Section 8.3)
Defeasance
of Certain Covenants. The indenture provides that, unless otherwise provided by the terms of the applicable series of debt
securities, upon compliance with certain conditions:
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we
may omit to comply with the covenant described under the heading “Consolidation, Merger and Sale of Assets” and
certain other covenants set forth in the indenture, as well as any additional covenants which may be set forth in the applicable
prospectus supplement; and
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any
omission to comply with those covenants will not constitute a Default or an Event of Default with respect to the debt securities
of that series (“covenant defeasance”).
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This
is referred to as covenant defeasance. The conditions include:
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depositing
with the trustee money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency
other than U.S. Dollars, government obligations of the government that issued or caused to be issued such currency, that,
through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in
the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each
installment of principal of, premium and interest on and any mandatory sinking fund payments in respect of the debt securities
of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities;
and
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delivering
to the trustee an opinion of counsel to the effect that the holders of the debt securities of that series will not recognize
income, gain or loss for United States federal income tax purposes as a result of the deposit and related covenant defeasance
and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as
would have been the case if the deposit and related covenant defeasance had not occurred. (Section 9.3)No Personal Liability
of Directors, Officers, Employees or Securityholders
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No
Personal Liability of Directors, Officers, Employees or Shareholders
None
of our past, present or future directors, officers, employees or shareholders, as such, will have any liability for any of our
obligations under the debt securities or the indenture or for any claim based on, or in respect or by reason of, such obligations
or their creation. By accepting a debt security, each holder waives and releases all such liability. This waiver and release is
part of the consideration for the issue of the debt securities. However, this waiver and release may not be effective to waive
liabilities under U.S. federal securities laws, and it is the view of the SEC that such a waiver is against public policy. (Section
10.9)
Governing
Law
The
indenture and the debt securities, including any claim or controversy arising out of or relating to the indenture or the securities,
will be governed by the laws of the State of New York. (Section 10.8)
DESCRIPTION
OF WARRANTS
We
may issue warrants to purchase shares of our common stock, preferred stock and/or debt securities in one or more series together
with other securities or separately, as described in each applicable prospectus supplement. Below is a description of certain
general terms and provisions of the warrants that we may offer. Particular terms of the warrants will be described in the applicable
warrant agreements and the applicable prospectus supplement for the warrants.
The
applicable prospectus supplement will contain, where applicable, the following terms of and other information relating to the
warrants:
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the
number of shares of common stock or preferred stock purchasable upon the exercise of warrants to purchase such shares and
the price at which such number of shares may be purchased upon such exercise;
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the
designation, stated value and terms (including, without limitation, liquidation, dividend, conversion and voting rights) of
the series of
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preferred
stock purchasable upon exercise of warrants to purchase preferred stock;
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the
principal amount of debt securities that may be purchased upon exercise of a debt warrant and the exercise price for the warrants,
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which
may be payable in cash, securities or other property;
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the
date, if any, on and after which the warrants and the related debt securities, preferred stock or common stock will be separately
transferable;
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the
terms of any rights to redeem or call the warrants;
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the
date on which the right to exercise the warrants will commence and the date on which the right will expire;
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United
States Federal income tax consequences applicable to the warrants; and
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any
additional terms of the warrants, including terms, procedures, and limitations relating to the exchange, exercise and settlement
of the warrants.
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Holders
of equity warrants will not be entitled:
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to
vote, consent or receive dividends;
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receive
notice as shareholders with respect to any meeting of shareholders for the election of our directors or any other matter;
or
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exercise
any rights as shareholders of Polar Power.
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Each
warrant will entitle its holder to purchase the principal amount of debt securities or the number of shares of preferred stock
or common stock at the exercise price set forth in, or calculable as set forth in, the applicable prospectus supplement. Unless
we otherwise specify in the applicable prospectus supplement, holders of the warrants may exercise the warrants at any time up
to the specified time on the expiration date that we set forth in the applicable prospectus supplement. After the close of business
on the expiration date, unexercised warrants will become void.
A
holder of warrant certificates may exchange them for new warrant certificates of different denominations, present them for registration
of transfer and exercise them at the corporate trust office of the warrant agent or any other office indicated in the applicable
prospectus supplement. Until any warrants to purchase debt securities are exercised, the holder of the warrants will not have
any rights of holders of the debt securities that can be purchased upon exercise, including any rights to receive payments of
principal, premium or interest on the underlying debt securities or to enforce covenants in the applicable indenture. Until any
warrants to purchase common stock or preferred stock are exercised, the holders of the warrants will not have any rights of holders
of the underlying common stock or preferred stock, including any rights to receive dividends or payments upon any liquidation,
dissolution or winding up on the common stock or preferred stock, if any.
Prospective
purchasers of warrants should be aware that special United States federal income tax, accounting and other considerations may
be applicable to instruments such as warrants. The applicable prospectus supplement will describe such considerations, to the
extent they are material, as they apply generally to purchasers of such warrants.
DESCRIPTION
OF UNITS
We
may issue units consisting of any combination of the other types of securities offered under this prospectus in one or more series.
We may evidence each series of units by unit certificates that we will issue under a separate agreement. We may enter into unit
agreements with a unit agent. Each unit agent will be a bank or trust company that we select. We will indicate the name and address
of the unit agent in the applicable prospectus supplement relating to a particular series of units.
The
following description, together with the additional information included in any applicable prospectus supplement, summarizes the
general features of the units that we may offer under this prospectus. You should read any prospectus supplement and any free
writing prospectus that we may authorize to be provided to you related to the series of units being offered, as well as the complete
unit agreements that contain the terms of the units. Specific unit agreements will contain additional important terms and provisions
and we will file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference
from another report that we file with the SEC, the form of each unit agreement relating to units offered under this prospectus.
If
we offer any units, certain terms of that series of units will be described in the applicable prospectus supplement, including,
without limitation, the following, as applicable:
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the
title of the series of units;
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identification
and description of the separate constituent securities comprising the units;
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the
price or prices at which the units will be issued;
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the
date, if any, on and after which the constituent securities comprising the units will be separately transferable;
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a
discussion of certain United States federal income tax considerations applicable to the unites; and
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any
other terms of the units and of the securities comprising the units.
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The
provisions described in this section, as well as those described under “Description of Capital Stock,” “Description
of Debt Securities” and “Description of Warrants” will apply to the securities included in each unit, to the
extent relevant and as may be updated in any prospectus supplements.
DESCRIPTION
OF OUR SUBSCRIPTION RIGHTS
We
may issue subscription rights to purchase our common stock, preferred stock or debt securities. These subscription rights may
be offered independently or together with any other security offered hereby and may or may not be transferable by the stockholder
receiving the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into
a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers
may be required to purchase any securities remaining unsubscribed for after such offering.
The
prospectus supplement relating to any subscription rights we offer, if any, will, to the extent applicable, include specific terms
relating to the offering, including some or all of the following:
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the
price, if any, for the subscription rights;
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the
exercise price payable for our common stock, preferred stock or debt securities upon the exercise of the subscription rights;
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the
number of subscription rights to be issued to each stockholder;
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the
number and terms of our common stock, preferred stock or debt securities which may be purchased per each subscription right;
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the
extent to which the subscription rights are transferable;
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any
other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise
of the subscription rights;
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the
date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights
shall expire;
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the
extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities
or an over-allotment privilege to the extent the securities are fully subscribed; and
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if
applicable, the material terms of any standby underwriting or purchase arrangement which may be entered into by us in connection
with the offering of subscription rights.
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The
descriptions of the subscription rights in this prospectus and in any prospectus supplement are summaries of the material provisions
of the applicable subscription right agreements. These descriptions do not restate those subscription right agreements in their
entirety and may not contain all the information that you may find useful. We urge you to read the applicable subscription right
agreements because they, and not the summaries, define your rights as holders of the subscription rights. For more information,
please review the forms of the relevant subscription right agreements, which will be filed with the SEC promptly after the offering
of subscription rights and will be available as described in the section of this prospectus captioned “Where You Can Find
More Information.”
GLOBAL
SECURITIES
Book-Entry,
Delivery and Form
Unless
we indicate differently in any applicable prospectus supplement, the securities initially will be issued in book-entry form and
represented by one or more global notes or global securities, or, collectively, global securities. The global securities will
be deposited with, or on behalf of, The Depository Trust Company, New York, New York, as depositary, or DTC, and registered in
the name of Cede & Co., the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing securities
under the limited circumstances described below, a global security may not be transferred except as a whole by the depositary
to its nominee or by the nominee to the depositary, or by the depositary or its nominee to a successor depositary or to a nominee
of the successor depositary.
DTC
has advised us that it is:
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a
limited-purpose trust company organized under the New York Banking Law;
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a
“banking organization” within the meaning of the New York Banking Law;
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a
member of the Federal Reserve System;
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a
“clearing corporation” within the meaning of the New York Uniform Commercial Code; and
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a
“clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act.
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DTC
holds securities that its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities
transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in participants’
accounts, thereby eliminating the need for physical movement of securities certificates. “Direct participants” in
DTC include securities brokers and dealers, including underwriters, banks, trust companies, clearing corporations and other organizations.
DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation, or DTCC. DTCC is the holding company for
DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies.
DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others, which we sometimes
refer to as indirect participants, that clear through or maintain a custodial relationship with a direct participant, either directly
or indirectly. The rules applicable to DTC and its participants are on file with the SEC.
Purchases
of securities under the DTC system must be made by or through direct participants, which will receive a credit for the securities
on DTC’s records. The ownership interest of the actual purchaser of a security, which we sometimes refer to as a beneficial
owner, is in turn recorded on the direct and indirect participants’ records. Beneficial owners of securities will not receive
written confirmation from DTC of their purchases. However, beneficial owners are expected to receive written confirmations providing
details of their transactions, as well as periodic statements of their holdings, from the direct or indirect participants through
which they purchased securities. Transfers of ownership interests in global securities are to be accomplished by entries made
on the books of participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing
their ownership interests in the global securities, except under the limited circumstances described below.
To
facilitate subsequent transfers, all global securities deposited by direct participants with DTC will be registered in the name
of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of
DTC. The deposit of securities with DTC and their registration in the name of Cede & Co. or such other nominee will not change
the beneficial ownership of the securities. DTC has no knowledge of the actual beneficial owners of the securities. DTC’s
records reflect only the identity of the direct participants to whose accounts the securities are credited, which may or may not
be the beneficial owners. The participants are responsible for keeping account of their holdings on behalf of their customers.
So
long as the securities are in book-entry form, you will receive payments and may transfer securities only through the facilities
of the depositary and its direct and indirect participants. We will maintain an office or agency in the location specified in
the prospectus supplement for the applicable securities, where notices and demands in respect of the securities and the indenture
may be delivered to us and where certificated securities may be surrendered for payment, registration of transfer or exchange.
Conveyance
of notices and other communications by DTC to direct participants, by direct participants to indirect participants and by direct
participants and indirect participants to beneficial owners will be governed by arrangements among them, subject to any legal
requirements in effect from time to time.
Redemption
notices will be sent to DTC. If less than all of the securities of a particular series are being redeemed, DTC’s practice
is to determine by lot the amount of the interest of each direct participant in the securities of such series to be redeemed.
Neither
DTC nor Cede & Co. (or such other DTC nominee) will consent or vote with respect to the securities. Under Its usual procedures,
DTC will mail an omnibus proxy to us as soon as possible after the record date. The omnibus proxy assigns the consenting or voting
rights of Cede & Co. to those direct participants to whose accounts the securities of such series are credited on the record
date, identified in a listing attached to the omnibus proxy.
So
long as securities are in book-entry form, we will make payments on those securities to the depositary or its nominee, as the
registered owner of such securities, by wire transfer of immediately available funds. If securities are issued in definitive certificated
form under the limited circumstances described below and unless if otherwise provided in the description of the applicable securities
herein or in the applicable prospectus supplement, we will have the option of making payments by check mailed to the addresses
of the persons entitled to payment or by wire transfer to bank accounts in the United States designated in writing to the applicable
trustee or other designated party at least 15 days before the applicable payment date by the persons entitled to payment, unless
a shorter period is satisfactory to the applicable trustee or other designated party.
Redemption
proceeds, distributions and dividend payments on the securities will be made to Cede & Co., or such other nominee as may be
requested by an authorized representative of DTC. DTC’s practice is to credit direct participants’ accounts upon DTC’s
receipt of funds and corresponding detail information from us on the payment date in accordance with their respective holdings
shown on DTC records. Payments by participants to beneficial owners will be governed by standing instructions and customary practices,
as is the case with securities held for the account of customers in bearer form or registered in “street name.” Those
payments will be the responsibility of participants and not of DTC or us, subject to any statutory or regulatory requirements
in effect from time to time. Payment of redemption proceeds, distributions and dividend payments to Cede & Co., or such other
nominee as may be requested by an authorized representative of DTC, is our responsibility, disbursement of payments to direct
participants is the responsibility of DTC, and disbursement of payments to the beneficial owners is the responsibility of direct
and indirect participants.
Except
under the limited circumstances described below, purchasers of securities will not be entitled to have securities registered in
their names and will not receive physical delivery of securities. Accordingly, each beneficial owner must rely on the procedures
of DTC and its participants to exercise any rights under the securities and the indenture.
The
laws of some jurisdictions may require that some purchasers of securities take physical delivery of securities in definitive form.
Those laws may impair the ability to transfer or pledge beneficial interests in securities.
DTC
may discontinue providing its services as securities depositary with respect to the securities at any time by giving reasonable
notice to us. Under such circumstances, in the event that a successor depositary is not obtained, securities certificates are
required to be printed and delivered.
As
noted above, beneficial owners of a particular series of securities generally will not receive certificates representing their
ownership interests in those securities. However, if:
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DTC
notifies us that it is unwilling or unable to continue as a depositary for the global security or securities representing
such series of securities or if DTC ceases to be a clearing agency registered under the Exchange Act at a time when it is
required to be registered and a successor depositary is not appointed within 90 days of the notification to us or of our becoming
aware of DTC’s ceasing to be so registered, as the case may be;
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we
determine, in our sole discretion, not to have such securities represented by one or more global securities; or
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an
Event of Default has occurred and is continuing with respect to such series of securities, we will prepare and deliver certificates
for such securities in exchange for beneficial interests in the global securities
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we
will prepare and deliver certificates for such securities in exchange for beneficial interests in the global securities. Any beneficial
interest in a global security that is exchangeable under the circumstances described in the preceding sentence will be exchangeable
for securities in definitive certificated form registered in the names that the depositary directs. It is expected that these
directions will be based upon directions received by the depositary from its participants with respect to ownership of beneficial
interests in the global securities.
Euroclear
and Clearstream
If
so provided in the applicable prospectus supplement, you may hold interests in a global security through Clearstream Banking S.A.,
which we refer to as “Clearstream,” or Euroclear Bank S.A./N.V., as operator of the Euroclear System, which we refer
to as “Euroclear,” either directly if you are a participant in Clearstream or Euroclear or indirectly through organizations
which are participants in Clearstream or Euroclear. Clearstream and Euroclear will hold interests on behalf of their respective
participants through customers’ securities accounts in the names of Clearstream and Euroclear, respectively, on the books
of their respective U.S. depositaries, which in turn will hold such interests in customers’ securities accounts in such
depositaries’ names on DTC’s books.
Clearstream
and Euroclear are securities clearance systems in Europe. Clearstream and Euroclear hold securities for their respective participating
organizations and facilitate the clearance and settlement of securities transactions between those participants through electronic
book-entry changes in their accounts, thereby eliminating the need for physical movement of certificates.
Payments,
deliveries, transfers, exchanges, notices and other matters relating to beneficial interests in global securities owned through
Euroclear or Clearstream must comply with the rules and procedures of those systems. Transactions between participants in Euroclear
or Clearstream, on one hand, and other participants in DTC, on the other hand, are also subject to DTC’s rules and procedures.
Investors
will be able to make and receive through Euroclear and Clearstream payments, deliveries, transfers and other transactions involving
any beneficial interests in global securities held through those systems only on days when those systems are open for business.
Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United
States.
Cross-market
transfers between participants in DTC, on the one hand, and participants in Euroclear or Clearstream, on the other hand, will
be effected through DTC in accordance with the DTC’s rules on behalf of Euroclear or Clearstream, as the case may be, by
their respective U.S. depositaries; however, such cross-market transactions will require delivery of instructions to Euroclear
or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within
the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction
meets its settlement requirements, deliver instructions to its U.S. depositary to take DTC, and making or receiving payment in
accordance with normal procedures for same-day fund settlement. Participants in Euroclear or Clearstream may not deliver instructions
directly to their respective U.S. depositaries.
Due
to time zone differences, the securities accounts of a participant in Euroclear or Clearstream purchasing an interest in a global
security from a direct participant in DTC will be credited, and any such crediting will be reported to the relevant participant
in Euroclear or Clearstream, during the securities settlement processing day (which must be a business day for Euroclear or Clearstream)
immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests
in a global security by or through a participant in Euroclear or Clearstream to a direct participant in DTC will be received with
value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the
business day for Euroclear or Clearstream following DTC’s settlement date.
Other
The
information in this section of this prospectus concerning DTC, Clearstream, Euroclear and their respective book-entry systems
has been obtained from sources that we believe to be reliable, but we do not take responsibility for this information. This information
has been provided solely as a matter of convenience. The rules and procedures of DTC, Clearstream and Euroclear are solely within
the control of those organizations and could change at any time. Neither we nor the trustee nor any agent of ours or of the trustee
has any control over those entities and none of us takes any responsibility for their activities. You are urged to contact DTC,
Clearstream and Euroclear or their respective participants directly to discuss those matters. In addition, although we expect
that DTC, Clearstream and Euroclear will perform the foregoing procedures, none of them is under any obligation to perform or
continue to perform such procedures and such procedures may be discontinued at any time. Neither we nor any agent of ours will
have any responsibility for the performance or nonperformance by DTC, Clearstream and Euroclear or their respective participants
of these or any other rules or procedures governing their respective operations.
PLAN
OF DISTRIBUTION
We
may sell the securities being offered by this prospectus separately or together:
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directly
to purchasers;
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through
agents;
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to
or through underwriters;
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through
dealers;
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in
“at-the-market” offerings (as defined in Rule 415 under the Securities Act);
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through
a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent,
but may position and resell a portion of the block as principal to facilitate the transaction;
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through
a combination of any of these methods of sale; or
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through
any other method permitted by applicable law and described in a prospectus supplement.
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In
addition, we may issue the securities being offered by this prospectus as a dividend or distribution. We may effect the distribution
of the securities from time to time in one or more transactions:
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at
a fixed price or prices, which may be changed from time to time;
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at
market prices prevailing at the times of sale;
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at
prices related to prevailing market prices; or
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at
negotiated prices.
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For
example, we may engage in at-the-market offerings into an existing trading market in accordance with Rule 415(a)(4) under the
Securities Act. We may also sell securities through a rights offering, forward contracts or similar arrangements. In any distribution
of subscription rights to stockholders, if all of the underlying securities are not subscribed for, we may then sell the unsubscribed
securities directly to third parties or may engage the services of one or more underwriters, dealers or agents, including standby
underwriters, to sell the unsubscribed securities to third parties.
The
securities issued and sold under this prospectus will have no established trading market, other than our common stock, which is
listed on Nasdaq. Any shares of our common stock sold pursuant to this prospectus will be eligible for listing and trading on
Nasdaq, subject to official notice of issuance. Any underwriters to whom securities are sold by us for public offering and sale
may make a market in the securities, but the underwriters will not be obligated to do so and may discontinue any market making
at any time without notice. The securities, other than our common stock, may or may not be listed on a national securities exchange
or other trading market.
We
will set forth in a prospectus supplement:
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the
terms of any underwriting or other agreement that we reach relating to sales under this prospectus;
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the
method of distribution of the securities;
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the
names of any agents, underwriters or dealers, including any managing underwriters, used in the offering of securities;
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the
terms of any direct sales, including the terms of any bidding or auction process, or the terms of any other transactions;
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any
delayed delivery obligations to take the securities;
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the
compensation payable to agents, underwriters and dealers, which may be in the form of discounts, concessions or commissions;
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any
activities that may be undertaken by agents, underwriters and dealers to stabilize, maintain or otherwise affect the price
of the securities; and
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any
indemnification and contribution obligations owing to agents, underwriters and dealers.
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If
we sell directly to institutional investors or others, they may be deemed to be underwriters within the meaning of the Securities
Act with respect to any resale of the securities. Unless otherwise indicated in a prospectus supplement, if we sell through an
agent, such agent will be acting on a best efforts basis for the period of its appointment. Any agent may be deemed to be an “underwriter”
of the securities as that term is defined in the Securities Act. If a dealer is used in the sale of the securities, we or an underwriter
will sell securities to the dealer, as principal. The dealer may resell the securities to the public at varying prices to be determined
by the dealer at the time of resale.
To
the extent permitted by and in accordance with Regulation M under the Exchange Act, in connection with an offering an underwriter
may engage in over-allotments, stabilizing transactions, short covering transactions and penalty bids. Over-allotments involve
sales in excess of the offering size, which creates a short position. Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the
securities in the open market after the distribution is completed to cover short positions. Penalty bids permit the underwriters
to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a covering transaction
to cover short positions. Those activities may cause the price of the securities to be higher than it would be otherwise. If commenced,
the underwriters may discontinue any of the activities at any time.
To
the extent permitted by and in accordance with Regulation M under the Exchange Act, any underwriters who are qualified market
makers on Nasdaq may engage in passive market making transactions in the securities on Nasdaq during the business day prior to
the pricing of an offering, before the commencement of offers or sales of the securities. Passive market makers must comply with
applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must
display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered
below the passive market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase
limits are exceeded.
The
specific terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement.
The
underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business
for which they receive compensation.
No
securities may be sold under this prospectus without delivery, in paper format or in electronic format, or both, of the applicable
prospectus supplement describing the method and terms of the offering.
LEGAL
MATTERS
The
validity of the issuance of the securities offered hereby will be passed upon for us by Troutman Pepper Hamilton Sanders LLP.
Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name in the
applicable prospectus supplement. As appropriate, legal counsel representing the underwriters, dealers or agents will be named
in the accompanying prospectus supplement and may opine to certain legal matters.
EXPERTS
The
financial statements of Polar Power, Inc. as of and for the years ended December 31, 2019 and 2018 appearing in Polar Power’s
Annual Report on Form 10-K, as amended by Amendment No. 1 to Annual Report on Form 10-K/A, have been audited by Weinberg &
Company, P.A., an independent registered public accounting firm, as stated in their report thereon, included therein, and are
incorporated by reference in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.
PART II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
14. Other Expenses of Issuance and Distribution.
The
following is an estimate of the expenses (all of which are to be paid by the registrant) that we may incur in connection with
the securities being registered hereby, other than the SEC registration fee.
SEC
registration fee
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$
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10,910
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The
Nasdaq Capital Market supplemental listing fee
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$
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*
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Fees
and expenses of the trustee
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$
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*
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Printing
expenses
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$
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*
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Legal
fees and expenses
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$
|
*
|
|
Accounting
fees and expenses
|
|
$
|
*
|
|
Blue
Sky, qualification fees and expenses
|
|
$
|
*
|
|
Transfer
agent fees and expenses
|
|
$
|
*
|
|
Miscellaneous
|
|
$
|
*
|
|
Total
|
|
$
|
10,910
|
|
*
|
These
fees are calculated based on the securities offered and the number of issuances and accordingly cannot be estimated at this
time.
|
Item
15. Indemnification of Directors and Officers.
Section
145 of the Delaware General Corporation Law (“DGCL”) permits a corporation to indemnify its directors and officers
against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with a pending
or completed action, suit or proceeding if the officer or director acted in good faith and in a manner the officer or director
reasonably believed to be in the best interests of the corporation.
Our
certificate of incorporation provides that, to the fullest extent permitted by the DGCL as the same exists or as may be amended
from time to time, our directors shall not be personally liable to us or our stockholders for monetary damages for breach of fiduciary
duty as a director. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability
of directors, then the liability of our directors shall be eliminated or limited to the fullest extent permitted by the DGCL,
as so amended.
In
addition, our certificate of incorporation and bylaws obligate us to indemnify our directors and officers against expenses and
other amounts reasonably incurred in connection with any proceeding arising from the fact that such person is or was an agent
of ours. Our bylaws also authorize us to purchase and maintain insurance on behalf of any of our directors or officers against
any liability asserted against that person in that capacity, whether or not we would have the power to indemnify that person under
the provisions of the DGCL. We have entered and expect to continue to enter into agreements to indemnify our directors and officers
as determined by our board of directors. These agreements provide for indemnification of related expenses including attorneys’
fees and settlement amounts incurred by any of these individuals in any action or proceeding. We believe that these bylaw provisions
and indemnification agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain
directors’ and officers’ liability insurance.
The
limitation of liability and indemnification provisions in our certificate of incorporation and bylaws may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. They may also reduce the likelihood of derivative
litigation against our directors and officers, even though an action, if successful, might benefit us and other stockholders.
Furthermore, a stockholder’s investment may be adversely affected to the extent that we pay the costs of settlement and
damage awards against directors and officers as required by these indemnification provisions.
Insofar
as the provisions of our certificate of incorporation or bylaws provide for indemnification of directors or officers for liabilities
arising under the Securities Act, we have been informed that in the opinion of the SEC this indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.
Item
16. Exhibits.
EXHIBIT
INDEX
Exhibit
Number
|
|
Description
of Exhibit
|
|
|
|
1.1*
|
|
Form
of Underwriting Agreement.
|
|
|
|
3.1
|
|
Certificate of Incorporation of Polar Power, Inc. (incorporated herein by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K (File No. 001-37960) filed on March 10, 2017)
|
|
|
|
3.2
|
|
Bylaws of Polar Power, Inc. (incorporated herein by reference to Exhibit 3.2 to the Company’s Annual Report on Form 10-K (File No. 001-37960) filed on March 10, 2017)
|
|
|
|
4.1*
|
|
Specimen
certificate evidencing shares of preferred stock
|
|
|
|
4.2*
|
|
Form
of any Certificate of Designation setting forth the preferences and rights with respect to any preferred stock issued hereunder
|
|
|
|
4.3
|
|
Form of Indenture. (filed herewith)
|
|
|
|
4.4*
|
|
Form
of Debt Securities.
|
|
|
|
4.5*
|
|
Form
of Warrant.
|
|
|
|
4.6*
|
|
Form
of Warrant Agreement for Common Stock, including Warrant Certificate for Common Stock.
|
|
|
|
4.7*
|
|
Form
of Warrant Agreement for Preferred Stock, including Warrant Certificate for Preferred Stock
|
|
|
|
4.8*
|
|
Form
of Warrant Agreement for Debt Securities, including Warrant Certificate for Debt Securities
|
|
|
|
4.9*
|
|
Form
of Unit Agreement.
|
|
|
|
4.10*
|
|
Form
of Subscription Rights Agreement
|
|
|
|
5.1
|
|
Opinion of Troutman Pepper Hamilton Sanders LLP. (filed herewith)
|
|
|
|
23.1
|
|
Consent
of Weinberg & Company, P.A., independent registered public accounting firm. (filed herewith)
|
|
|
|
23.2
|
|
Consent of Troutman Pepper Hamilton Sanders LLP (included in Exhibit 5.1).
|
|
|
|
24.1
|
|
Powers of Attorney (incorporated by reference to the signature page hereto).
|
|
|
|
25.1‡
|
|
Statement
of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the trustee, as trustee under the indenture
filed herewith.
|
*
To be filed by amendment or incorporated by reference in connection with the offering of the securities.
‡
To be filed in accordance with the requirements of Item 601(b)(25) of Regulation S-K.
Item
17. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
provided,
however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the
registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in
the registration statement or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration
statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.
(5)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as
of the date the filed prospectus was deemed part of and included in the registration statement; and
(ii)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date.
(6)
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;
(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933,
each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act
of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
(h)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy
as expressed in the Securities Act and will be governed by the final adjudication of such issue.
(j)
The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee
to act under subsection (a) of Section 310 of the Trust Indenture Act (the “Act”) in accordance with the rules and
regulations prescribed by the SEC under section 305(b)(2) of the Act.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in Gardena, California, on January 19, 2021.
|
Polar
Power, Inc.
|
|
|
|
By:
|
/s/
Arthur D. Sams
|
|
Name:
|
Arthur
D. Sams
|
|
Title:
|
President
and Chief Executive Officer
|
POWER
OF ATTORNEY
We,
the undersigned officers and directors of Polar Power, Inc., hereby severally constitute and appoint Arthur D. Sams, our true
and lawful attorney-in-fact and agent, with full power of substitution and resubstitution in him for him and in his name, place
and stead, and in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration
statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act
and thing requisite or necessary to be done in and about the premises, as full to all intents and purposes as she or he might
or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her or his substitute or substitutes,
may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Arthur D. Sams
|
|
President, Chief Executive Officer and Director
|
|
January
19, 2021
|
Arthur D. Sams
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
/s/ Luis Zavala
|
|
Chief Financial Officer
|
|
January
19, 2021
|
Luis Zavala
|
|
(principal financial and accounting officer)
|
|
|
|
|
|
|
|
/s/ Keith Albrecht
|
|
Director
|
|
January
19, 2021
|
Keith Albrecht
|
|
|
|
|
|
|
|
|
|
/s/ Peter Gross
|
|
Director
|
|
January
19, 2021
|
Peter Gross
|
|
|
|
|
|
|
|
|
|
/s/ Katherine Koster
|
|
Director
|
|
January
19, 2021
|
Katherine Koster
|
|
|
|
|
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