Solidion Technology Maintains Offer to Polar Power Despite Rejection of Acquisition Proposal

Solidion Technology Stands Firm on Acquisition Proposal

Solidion Technology, Inc. (NASDAQ: STI), a company specializing in advanced battery technology, recently reaffirmed its commitment to its acquisition strategy in the face of rejection from Polar Power, Inc. (NASDAQ: POLA) regarding a cash proposal to acquire most of its assets. This development underscores Solidion’s disciplined approach to acquisitions and its focus on maximizing shareholder value.

Background of the Proposal

At a press conference held on October 6, 2026, Jaymes Winters, the Chairman and CEO of Solidion Technology, addressed the decision made by Polar Power’s Board of Directors to reject the acquisition offer. Solidion's proposal, submitted earlier, was structured as an all-cash transaction aimed at acquiring key assets from Polar Power. Winters emphasized that the offer was based on thorough financial analysis and due diligence, reflecting the actual value of Polar Power's assets amidst its ongoing financial challenges.

Financial Difficulties of Polar Power

The comments made by Winters brought to light several critical issues regarding Polar Power's current condition. According to the latest reports, Polar Power has been facing severe financial distress, accumulating significant operating losses and negative cash flow. For instance, during the first half of 2026, Polar recorded a net loss of approximately $2 million, severely impacting its liquidity, with cash reserves dwindling to around $183,000.

Additionally, Polar Power has recently sought new capital through dilutive financing mechanisms. This includes a $25 million equity facility initiated on July 27, 2026, designed to raise working capital. However, the reliance on such measures can dilute existing shareholders’ equity, emphasizing the company's precarious financial situation.

Concerns About Market Compliance

Not only is Polar Power struggling with operational inefficiencies and liquidity issues, but it is also grappling with compliance challenges posed by NASDAQ. After reporting a significantly low stockholder's equity of about $144,000, the exchange notified Polar that it failed to meet minimum requirements, giving the company until October 28, 2026, to demonstrate compliance. The urgency of this situation was highlighted further by a statement from Polar's independent registered accountants, indicating substantial doubt regarding the company's ability to continue as a going concern.

Solidion's Strategic Perspective

In light of these challenges, Winters asserted that Solidion's offer for Polar Power must reflect the realities of its financial state. He reiterated that Solidion is committed to being a