Company remains focused on maximizing shareholder value and evaluating credible strategic opportunities

GARDENA, Calif., Oct. 05, 2026 (GLOBE NEWSWIRE) -- Polar Power, Inc. (NASDAQ:POLA) (the "Company"), a global provider of prime, backup and solar hybrid power solutions, today announced that its Board of Directors has rejected an all-cash proposal from Solidion to acquire all of the Company’s assets.

The Company received Solidion’s offer last week. Following a review, the Board determined that the proposal materially and substantially undervalues Polar Power’s assets, intellectual property, existing business opportunities and the significant growth opportunities the Company believes lie ahead.

The Board and management team remain firmly committed to maximizing value for Polar Power shareholders and will actively evaluate credible strategic opportunities that may advance that objective, including mergers, acquisitions, business combinations, joint ventures, strategic investments and other transactions designed to unlock and enhance shareholder value.

"Polar Power has spent decades developing valuable technology, intellectual property and operating capabilities that we believe position the Company for significant opportunities across our existing and emerging markets," said Arthur Sams, Chief Executive Officer of Polar Power. "The Board determined that Solidion’s proposal does not come close to reflecting the value of those assets or the future opportunities we see for the Company. Our focus is on maximizing value for our shareholders, and we remain open to evaluating credible strategic transactions that we believe can deliver superior value."

Polar Power will continue to pursue its existing business strategy while remaining open to strategic alternatives that the Board believes could enhance long-term shareholder value.

About Polar Power, Inc.

Polar Power, Inc. (NASDAQ:POLA) designs, manufactures and sells direct-current power systems and related technologies for telecommunications, data centers, defense, EV charging, microgrids and other distributed power markets. The Company is headquartered in Gardena, California.

Forward-Looking Statements

This press release contains forward-looking statements regarding, among other matters, the Company’s business opportunities, growth prospects, strategic alternatives and efforts to maximize shareholder value. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including risks described in the Company’s filings with the Securities and Exchange Commission. Polar Power undertakes no obligation to update forward-looking statements except as required by law.

Media and Investor Relations

Polar Power, Inc.

249 E. Gardena Blvd.

Gardena, CA 90248

Tel: 310-830-9153

Email: ir@polarpowerinc.com

www.polarpower.com