Shares of Polar Power were trading below recent 52-week lows in the after-hours market following news the company is planning to sell stock and/or warrants in an underwritten public offering.
At 5:34 p.m. EST, the company’s stock had fallen 14% to trade at 70 cents per share. The stock closed Thursday’s regular session with a 2% gain at 82 cents per share. Year to date, the stock price has fallen by over 63%.
On Nov. 25, the stock touched a 52-week low of 72 cents per share.
Proceeds from the sale will be used primarily for product development and general corporate purposes, Polar Power said.