Polar Power Stock Surges 37%

(RTTNews) - Polar Power, Inc. (POLA) shares jumped $0.5550, or 37.67 percent, to $2.0250 on Tuesday, likely extending gains following the company's previous day announcement of a $25 million Committed Equity Facility (CEF) with Roth Principal Investments, LLC.

The stock opened at $1.7250 and traded between $1.6850 and $2.3600 during the session on the Nasdaq. It has traded in a 52-week range of $1.3100 to $5.7500. Trading volume reached 34.03 million shares, compared with an average daily volume of 0.11 million shares.

The agreement gives Polar Power the option, but not the obligation, to sell up to $25 million of its common stock to Roth Principal Investments over time. The company said it intends to use any net proceeds for working capital and general corporate purposes, including expanding its DC power systems business into markets such as drone charging, micro/nano grids, EV charging.