GARDENA, CA - Polar Power, Inc. (NASDAQ: POLA), a provider of diverse power solutions, has announced its return to compliance with Nasdaq's minimum bid price requirement, avoiding a previously scheduled hearing. The company was notified by Nasdaq that it now meets the Listing Rule 5550(a)(2), which pertains to the minimum bid price of listed securities. Currently trading at $2.78 with a market capitalization of approximately $7 million, InvestingPro analysis suggests the stock is trading below its Fair Value.
The compliance achievement cancels the need for a hearing with the Nasdaq hearings panel that was set for January 23, 2025. CEO and Chairman Arthur Sams expressed the importance of this compliance for the company's growth and stability and reiterated a commitment to building shareholder value.
Polar Power specializes in power and cooling systems for various industrial applications, including telecom, military, and renewable energy sectors. The company touts its products as innovative and efficient, with capabilities to operate on multiple energy sources such as solar, diesel, and propane. Polar Power also focuses on technology that reduces the environmental impact of power generation. Financial data reveals challenging conditions, with revenue declining 17% and a gross profit margin of 9.5% in the last twelve months, according to InvestingPro data.
The company's offerings are designed to provide cost savings and efficiency, with applications ranging from mobile rapid battery charging for electric vehicles to combined heat and power systems for residential use. Polar Power also provides solutions for environments with unreliable or nonexistent grid power.
The news release emphasized the forward-looking nature of certain statements regarding future business performance, clarifying that such statements are based on current management plans and subject to inherent risks and uncertainties. InvestingPro subscribers have access to 10 additional key insights about Polar Power's financial health, growth prospects, and market position, along with detailed financial metrics and expert analysis.
This announcement is based on a press release statement from Polar Power, Inc. and reflects the company's recent developments in maintaining its listing status with Nasdaq.
In other recent news, Polar Power, Inc. has announced a reverse stock split of its common stock at a ratio of 1-for-7. This action aligns with the company's aim to meet Nasdaq's minimum bid price rule. The split, authorized by Polar Power's stockholders at their annual meeting, is set to take effect soon and will result in a reduction of the number of outstanding shares. Concurrently, it is expected to proportionally increase the stock's per-share trading price. The company's common stock will retain its ticker symbol POLA on the Nasdaq Capital Market. Additionally, the reverse stock split will adjust the number of shares available under the company's equity incentive plan and the number of shares issuable upon the exercise of outstanding stock options. These are among the recent developments for Polar Power.
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