Polar Power: Drops on discounted private placement plans

Polar Power

02/07/2020 18:49

** DC power systems maker's shares  POLA.O  slip 18% to
$2.56 in afternoon trade; among top losers on the Nasdaq 
    ** Co enters deal with certain institutional investors to
raise ~$2.8 mln through private placement  urn:newsml:reuters.com:*:nGNX4pcwwf
    ** Says it will sell an aggregate of 1.25 mln shares of
common stock at $2.25/shr, a 28% discount to its last close  
    ** Intends to use net proceeds for working capital
    ** Stock up ~7% YTD 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))