Why Polar Power Stock (POLA) Is Down 50% Today

Polar Power Inc (NASDAQ:POLA) shares are trading lower by 50% to $0.42 Friday morning after the company set the price for its public offering of 4 million shares of common stock at $0.40 per share, aiming to generate $1.6 million in gross proceeds.

The company may offer an additional 600,000 shares or pre-funded warrants to the underwriters.

The offering is anticipated to close on December 5, pending standard closing requirements. ThinkEquity serves as the exclusive underwriter for this offering.

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According to data from Benzinga Pro, Polar Power has a 52-week high of $2.22 and a 52-week low of $0.40.