Solidion Technology, Inc. Announces Pricing of $3.85 Million Private Placement
Summary
DALLAS, TEXAS, March 13, 2024 (GLOBE NEWSWIRE) -- Solidion Technology, Inc., (the Company, "Solidion, we, our or us), an advanced battery technology solutions provider, today announced that it has entered into a securities purchase agreement with institutional investors to raise approximately $3.85 million in aggregate cash proceeds, before deducting fees to the placement agent and other offering expenses payable by the Company. The number of securities issued under the units is subject to adjustment as described in more detail in the Current Report on Form 8-K to be filed in connection with the private placement.The Company intends to use the net proceeds from the private placement primarily for general working capital and administrative purposes.EF Hutton is acting as exclusive placement agent for the offering. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares issuable upon exercise of the pre-funded warrants and warrants.This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidions core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Solidion batteries are designed to deliver significantly extended EV range, improved battery safety, lower cost per KWh, fastest time-to-market, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements).This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Important factors that could cause actual results to differ from those in the forward-looking statements include (i) the lack of a third party valuation in determining to pursue the business combination, (ii) the effect of the announcement or closing of the business combination on Solidions business relationships, operating results and business generally, (iii) risks that the business combination disrupts current plans and operations of Solidion and potential difficulties in Solidion employee retention as a result of the transaction, (iv) the outcome of any legal proceedings that may be instituted against Honeycomb Battery Company or against Nubia Brand International Corp. (Nubia) related to the transaction, (v) the ability to maintain the listing of Solidions securities on a national securities exchange, (vi) volatility of the price of Solidions securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Solidion operates, variations in operating performance across competitors, changes in laws and regulations affecting Solidions business and changes in the combined capital structure, (vi) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (vii) the risk of downturns and a changing regulatory landscape in the highly competitive EV battery industry, and the Risk Factors contained within our filings with the SEC, including Nubias definitive proxy statement filed with the SEC November 8, 2023.