Solidion Technology, Inc (STI) News & EventsSTISolidion Technology, Inc

Solidion Responds to Polar Power's Rejection of Acquisition Proposal

Solidion (STI) responded to the decision of the board of directors of Polar Power (POLA) to reject Solidion's previously submitted all-cash proposal to acquire substantially all of Polar Power's assets. "Our acquisition proposals are not personal, nor are our valuations meant to diminish the technology, people or opportunities of the companies we evaluate," said Jaymes Winters, chairman and CEO of Solidion Technology. "Our offers and valuations are the product of disciplined financial modeling, due diligence and our assessment of both the value of the assets and the capital and execution required to realize their potential. We will continue to make offers based on those fundamentals, and we will not overpay to simply complete a transaction." Winters continued, "Polar Power, Inc. is a severely distressed company who is desperate to raise expensive, dilutive capital in the face of economic headwinds and without adequate downside protection for their own shareholders. This entities' future is in doubt."

Polar Power Rejects Solidion Acquisition Proposal

Polar Power (POLA) announced that its board of directors has rejected an all-cash proposal from Solidion (STI) 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. "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, CEO 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."

Solidion Disappointed by Flux Power's Rejection of Acquisition Proposal

Solidion (STI) responded to the decision of the board of directors of Flux Power (FLUX) to reject Solidion's previously announced acquisition proposal. Solidion considers its bid to be best and final. "Solidion strongly disagrees with the Flux Power Board's assertion that its proposal 'significantly undervalues' the company," said Jaymes Winters, chairman and CEO of Solidion Technology. "This offer takes into account the capital and execution required to stabilize the business, and Solidion has no intention of increasing its offer at this time." Winters continues, "Solidion is and always will be an opportunistic acquirer of companies it believes will complement and amplify its existing technology. In doing so, we will be resolute custodians of our shareholder value and not seek opportunities that are overpriced, beyond repair or not related to Solidion's growth strategy. We will continue to pursue other prospects in parallel with FLUX."