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Get filing alertsPolar Power secures $2.5M credit line requiring lender to control majority of board
Filed May 14, 2026 · Period ending May 13, 2026 · ~1 min read
Key Changes
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Company entered $2.5M revolving credit facility at 12% interest with Stone Brothers Capital, but lender has sole discretion over funding requests and loan matures in one year.
Item 1.01 verify on EDGAR → -
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Loan closing requires two directors to resign and three lender-appointed directors to join the board, giving the lender effective control over company governance.
Item 1.01 verify on EDGAR → -
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Two independent directors, Keith Albrecht and Katherine Koster, resigned effective May 19, 2026, fulfilling the loan agreement's board restructuring requirement.
Item 5.02 verify on EDGAR →
1 more material change behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · May 25, 2026 · How we verify