{"success":true,"data":{"pressRelease":{"id":"161404","rtpr_id":"nPrezZv4Wa-20261006","ticker":"POLA","exchange":"NASDAQ","all_tickers":["POLA","STI"],"title":"Solidion Technology (NASDAQ: STI) Sees no Basis to Increase Its Offer to Polar Power, Inc. (NASDAQ: POLA) in Response to Board Rejection of All-Cash Asset Acquisition Proposal","author":"PR Newswire","published_at":"2026-10-06T10:00:03.647Z","article_body":"Solidion Technology (NASDAQ: STI) Sees no Basis to Increase Its Offer to Polar\nPower, Inc. (NASDAQ: POLA) in Response to Board Rejection of All-Cash Asset\nAcquisition Proposal\nPR Newswire\n\nDALLAS, Oct. 6, 2026\n\nWarns Polar Power Shareholders that the Company is \"Severely Distressed\"\n\nDALLAS, Oct. 6, 2026 /PRNewswire/ -- Solidion Technology, Inc.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4790388-1&h=796287139&u=https%3A%2F%2Fwww.solidiontech.com%2F&a=Solidion+Technology%2C+Inc.) (NASDAQ:\nSTI) (\"Solidion Technology\" or \"the Company\"), an advanced battery technology\nsolutions provider, today reaffirmed its disciplined acquisition strategy and\ncommitment to maximizing shareholder value. Additionally, the Company\nresponded to the decision of the Board of Directors of Polar Power, Inc.\n(NASDAQ: POLA) (\"Polar Power\" or \"POLA\") to reject Solidion's previously\nsubmitted all-cash proposal to acquire substantially all of Polar Power's\nassets.\n\n\n\"Our acquisition proposals are not personal, nor are our valuations meant to\ndiminish the technology, people or opportunities of the companies we\nevaluate,\" said Jaymes Winters, Chairman and CEO of Solidion Technology. \"Our\noffers and valuations are the product of disciplined financial modeling, due\ndiligence and our assessment of both the value of the assets and the capital\nand execution required to realize their potential. We will continue to make\noffers based on those fundamentals, and we will not overpay to simply complete\na transaction.\"\n\nWinters continues, \"Polar Power, Inc. is a severely distressed company who is\ndesperate to raise expensive, dilutive capital in the face of\neconomic headwinds and without adequate downside protection for their own\nshareholders. This entities' future is in doubt.\"\n\nIn Solidion's opinion, the offer in the previously submitted all-cash asset\nacquisition does not undervalue Polar Power for the following reasons:\n1. Polar continues to require additional capital and relies on dilutive\nfinancing: On July 27, 2026, Polar established a committed equity facility\npermitting the sale of up to $25 million of common stock to support working\ncapital. Additionally, Polar Power recently raised capital through convertible\nsecurities with conversion prices tied to its market price, including August\n26 notes that convert at the lower of 80% of the five-day VWAP or $1.00 per\nshare, if not repaid at maturity, at the expense of existing shareholders.\n2. Polar continues to generate operating losses and negative cash flow: For\nthe six months ended June 30, 2026, Polar Power reported a net loss of\napproximately $2.0 million and used approximately $2.2 million of cash in\noperations resulting in a cash balance of $183,000.\n3. Polar continues to face NASDAQ compliance issues and going concern\ndoubts: NASDAQ notified Polar on December 31, 2025 that Polar did not satisfy\nits minimum stockholders' equity requirement after Polar reported\napproximately $144,000 in stockholders' equity. Polar has until October 28,\n2026 to demonstrate compliance. In its June 30, 2026 Form 10-Q, Polar Power's\nindependent registered public accounting firm expressed substantial doubt\nabout Polar's ability to continue as a going concern.  \n4. Recent balance sheet actions do not eliminate the underlying need for\noperating capital: Polar Power recently converted approximately $614,700 of\ndebt owed to its CEO to preferred equity. Polar said this was an important\nstep toward reaching NASDAQ compliance, however it does not provide the\noperating liquidity required to fund the business or eliminate the need for\nadditional capital.\nSolidion is a strategic acquirer, and it is first and foremost a custodian of\nshareholder capital. Solidion fully intends to fulfill its fiduciary\nobligations of maximizing shareholder value, and the Company will continue to\nvalue potential acquisition targets and make offers based on disciplined\nfinancial modeling. Solidion will not overpay for the companies it seeks to\nacquire.\n\nAs such, Solidion's valuation reflects the realities of a company as deeply\ndistressed as Polar Power, alongside the investment and execution necessary\nfor Solidion to assume following an acquisition.\n\nAbout Solidion Technology, Inc.\n\nHeadquartered in Dallas, Texas with pilot production facilities in Dayton,\nOhio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery\nmaterials and components, as well as development and production of\nnext-generation batteries for energy storage systems, including UPS systems\nserving the artificial intelligence (AI) data center market and electric\nvehicles for ground, aerospace, and sea transportation. Solidion holds a\nportfolio of over 385 patents, covering innovations such as high-capacity,\nsilane gas free and graphene-enabled silicon anodes, biomass-based graphite,\nadvanced lithium-sulfur and lithium-metal technologies.\n\nFor more information, please visit www.solidiontech.com or contact Investor\nRelations.\n\nImportant Information Regarding the Proposed Transaction\n\nSolidion has expressed its interest in pursuing a potential asset acquisition\nof Polar Power, Inc. No assurance can be given that a definitive agreement\nwill be entered into or that any transaction will ultimately be commenced or\nconsummated. This is not a legally binding obligation, offer, or commitment by\neither party. No past, present, or future expression of intent, proposal,\ndiscussion, or course of conduct shall give rise to any legally binding\ncontract or obligation to proceed with or close the proposed transaction\nunless and until a definitive written acquisition agreement has been fully\nexecuted. Any proposed transaction would be subject to applicable legal and\nregulatory requirements, the completion of due diligence, financing\nconsiderations, required approvals and other customary conditions.\n\nThis communication is for informational purposes only and does not constitute\nan offer to purchase or a solicitation of an offer to sell any securities.\nAdditionally, this communication does not constitute an offer to buy or\nsolicitation of an offer to sell any securities. This communication relates to\na proposal which Solidion has made for a business combination transaction with\nPolar. This communication is not a substitute for any proxy statement,\nregistration statement, tender offer statement, prospectus or other document\nthe parties may file with the SEC in connection with the proposed\ntransaction.  This document shall not constitute an offer to sell or the\nsolicitation of an offer to buy any securities, nor shall there be any sale of\nsecurities in any jurisdiction in which such offer, solicitation or sale would\nbe unlawful prior to registration or qualification under the securities laws\nof any such jurisdiction. If and when a transaction is commenced, Solidion\nexpects to file applicable materials with the U.S. Securities and Exchange\nCommission. Investors and security holders are urged to read such materials\ncarefully and in their entirety when and if they become available because they\nwill contain important information.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Solidion Technology\nInc., (NASDAQ: STI) (the \"Company,\" \"Solidion,\" \"we,\" \"our\" or \"us\") desires\nto take advantage of the safe harbor provisions of the Private Securities\nLitigation Reform Act of 1995 and is including this cautionary statement in\nconnection with this safe harbor legislation. The words \"forecasts\" \"believe,\"\n\"may,\" \"estimate,\" \"continue,\" \"anticipate,\" \"intend,\" \"should,\" \"plan,\"\n\"could,\" \"target,\" \"potential,\" \"is likely,\" \"expect\" and similar expressions,\nas they relate to us, are intended to identify forward-looking statements. We\nundertake no obligation to publicly update any forward-looking statements,\nwhether as a result of new information, future developments or otherwise,\nexcept as may be required by law.\n\nPlease follow us on:\n\nLinkedIn: https://www.linkedin.com/company/solidion-tech \n\nX: https://x.com/solidiontech?lang=en \n\nView original content to download\nmultimedia:https://www.prnewswire.co.uk/news-releases/solidion-technology-nasdaq-sti-sees-no-basis-to-increase-its-offer-to-polar-power-inc-nasdaq-pola-in-response-to-board-rejection-of-all-cash-asset-acquisition-proposal-302899555.html\n\n\n\nCONTACTS: Investors: Allison Reichel, Director of Investor Relations, ir@solidiontech.com; Media: press@solidiontech.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1618696/Solidion-Logo.jpg?id=OA2989476\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPrezZv4Wa-20261006","title":"Solidion Technology (NASDAQ: STI) Sees no Basis to Increase Its Offer to Polar Power, Inc. (NASDAQ: POLA) in Response to Board Rejection of All-Cash Asset Acquisition Proposal","author":"PR Newswire","ticker":"POLA","created":"2026-10-06T10:00:03.647Z","tickers":["POLA","STI"],"exchange":"NASDAQ","article_body":"Solidion Technology (NASDAQ: STI) Sees no Basis to Increase Its Offer to Polar\nPower, Inc. (NASDAQ: POLA) in Response to Board Rejection of All-Cash Asset\nAcquisition Proposal\nPR Newswire\n\nDALLAS, Oct. 6, 2026\n\nWarns Polar Power Shareholders that the Company is \"Severely Distressed\"\n\nDALLAS, Oct. 6, 2026 /PRNewswire/ -- Solidion Technology, Inc.\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4790388-1&h=796287139&u=https%3A%2F%2Fwww.solidiontech.com%2F&a=Solidion+Technology%2C+Inc.) (NASDAQ:\nSTI) (\"Solidion Technology\" or \"the Company\"), an advanced battery technology\nsolutions provider, today reaffirmed its disciplined acquisition strategy and\ncommitment to maximizing shareholder value. Additionally, the Company\nresponded to the decision of the Board of Directors of Polar Power, Inc.\n(NASDAQ: POLA) (\"Polar Power\" or \"POLA\") to reject Solidion's previously\nsubmitted all-cash proposal to acquire substantially all of Polar Power's\nassets.\n\n\n\"Our acquisition proposals are not personal, nor are our valuations meant to\ndiminish the technology, people or opportunities of the companies we\nevaluate,\" said Jaymes Winters, Chairman and CEO of Solidion Technology. \"Our\noffers and valuations are the product of disciplined financial modeling, due\ndiligence and our assessment of both the value of the assets and the capital\nand execution required to realize their potential. We will continue to make\noffers based on those fundamentals, and we will not overpay to simply complete\na transaction.\"\n\nWinters continues, \"Polar Power, Inc. is a severely distressed company who is\ndesperate to raise expensive, dilutive capital in the face of\neconomic headwinds and without adequate downside protection for their own\nshareholders. This entities' future is in doubt.\"\n\nIn Solidion's opinion, the offer in the previously submitted all-cash asset\nacquisition does not undervalue Polar Power for the following reasons:\n1. Polar continues to require additional capital and relies on dilutive\nfinancing: On July 27, 2026, Polar established a committed equity facility\npermitting the sale of up to $25 million of common stock to support working\ncapital. Additionally, Polar Power recently raised capital through convertible\nsecurities with conversion prices tied to its market price, including August\n26 notes that convert at the lower of 80% of the five-day VWAP or $1.00 per\nshare, if not repaid at maturity, at the expense of existing shareholders.\n2. Polar continues to generate operating losses and negative cash flow: For\nthe six months ended June 30, 2026, Polar Power reported a net loss of\napproximately $2.0 million and used approximately $2.2 million of cash in\noperations resulting in a cash balance of $183,000.\n3. Polar continues to face NASDAQ compliance issues and going concern\ndoubts: NASDAQ notified Polar on December 31, 2025 that Polar did not satisfy\nits minimum stockholders' equity requirement after Polar reported\napproximately $144,000 in stockholders' equity. Polar has until October 28,\n2026 to demonstrate compliance. In its June 30, 2026 Form 10-Q, Polar Power's\nindependent registered public accounting firm expressed substantial doubt\nabout Polar's ability to continue as a going concern.  \n4. Recent balance sheet actions do not eliminate the underlying need for\noperating capital: Polar Power recently converted approximately $614,700 of\ndebt owed to its CEO to preferred equity. Polar said this was an important\nstep toward reaching NASDAQ compliance, however it does not provide the\noperating liquidity required to fund the business or eliminate the need for\nadditional capital.\nSolidion is a strategic acquirer, and it is first and foremost a custodian of\nshareholder capital. Solidion fully intends to fulfill its fiduciary\nobligations of maximizing shareholder value, and the Company will continue to\nvalue potential acquisition targets and make offers based on disciplined\nfinancial modeling. Solidion will not overpay for the companies it seeks to\nacquire.\n\nAs such, Solidion's valuation reflects the realities of a company as deeply\ndistressed as Polar Power, alongside the investment and execution necessary\nfor Solidion to assume following an acquisition.\n\nAbout Solidion Technology, Inc.\n\nHeadquartered in Dallas, Texas with pilot production facilities in Dayton,\nOhio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery\nmaterials and components, as well as development and production of\nnext-generation batteries for energy storage systems, including UPS systems\nserving the artificial intelligence (AI) data center market and electric\nvehicles for ground, aerospace, and sea transportation. Solidion holds a\nportfolio of over 385 patents, covering innovations such as high-capacity,\nsilane gas free and graphene-enabled silicon anodes, biomass-based graphite,\nadvanced lithium-sulfur and lithium-metal technologies.\n\nFor more information, please visit www.solidiontech.com or contact Investor\nRelations.\n\nImportant Information Regarding the Proposed Transaction\n\nSolidion has expressed its interest in pursuing a potential asset acquisition\nof Polar Power, Inc. No assurance can be given that a definitive agreement\nwill be entered into or that any transaction will ultimately be commenced or\nconsummated. This is not a legally binding obligation, offer, or commitment by\neither party. No past, present, or future expression of intent, proposal,\ndiscussion, or course of conduct shall give rise to any legally binding\ncontract or obligation to proceed with or close the proposed transaction\nunless and until a definitive written acquisition agreement has been fully\nexecuted. Any proposed transaction would be subject to applicable legal and\nregulatory requirements, the completion of due diligence, financing\nconsiderations, required approvals and other customary conditions.\n\nThis communication is for informational purposes only and does not constitute\nan offer to purchase or a solicitation of an offer to sell any securities.\nAdditionally, this communication does not constitute an offer to buy or\nsolicitation of an offer to sell any securities. This communication relates to\na proposal which Solidion has made for a business combination transaction with\nPolar. This communication is not a substitute for any proxy statement,\nregistration statement, tender offer statement, prospectus or other document\nthe parties may file with the SEC in connection with the proposed\ntransaction.  This document shall not constitute an offer to sell or the\nsolicitation of an offer to buy any securities, nor shall there be any sale of\nsecurities in any jurisdiction in which such offer, solicitation or sale would\nbe unlawful prior to registration or qualification under the securities laws\nof any such jurisdiction. If and when a transaction is commenced, Solidion\nexpects to file applicable materials with the U.S. Securities and Exchange\nCommission. Investors and security holders are urged to read such materials\ncarefully and in their entirety when and if they become available because they\nwill contain important information.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Solidion Technology\nInc., (NASDAQ: STI) (the \"Company,\" \"Solidion,\" \"we,\" \"our\" or \"us\") desires\nto take advantage of the safe harbor provisions of the Private Securities\nLitigation Reform Act of 1995 and is including this cautionary statement in\nconnection with this safe harbor legislation. The words \"forecasts\" \"believe,\"\n\"may,\" \"estimate,\" \"continue,\" \"anticipate,\" \"intend,\" \"should,\" \"plan,\"\n\"could,\" \"target,\" \"potential,\" \"is likely,\" \"expect\" and similar expressions,\nas they relate to us, are intended to identify forward-looking statements. We\nundertake no obligation to publicly update any forward-looking statements,\nwhether as a result of new information, future developments or otherwise,\nexcept as may be required by law.\n\nPlease follow us on:\n\nLinkedIn: https://www.linkedin.com/company/solidion-tech \n\nX: https://x.com/solidiontech?lang=en \n\nView original content to download\nmultimedia:https://www.prnewswire.co.uk/news-releases/solidion-technology-nasdaq-sti-sees-no-basis-to-increase-its-offer-to-polar-power-inc-nasdaq-pola-in-response-to-board-rejection-of-all-cash-asset-acquisition-proposal-302899555.html\n\n\n\nCONTACTS: Investors: Allison Reichel, Director of Investor Relations, ir@solidiontech.com; Media: press@solidiontech.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1618696/Solidion-Logo.jpg?id=OA2989476\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-06T10:00:03.69325368Z","server_sent_at_ms":1791280803693},"received_at":"2026-10-06T10:00:03.743Z","source_url":null},"analysis":{"id":"149935","press_release_id":"161404","analysis_json":{"industry":{"label":"Electrical Equipment","sector":"Industrials"},"redFlags":["acquirer publicly states no basis to raise its offer after board rejection","going-concern doubt expressed by independent auditor in June 30, 2026 Form 10-Q","NASDAQ minimum stockholders' equity deficiency with October 28, 2026 compliance deadline","cash balance of only $183,000 against ongoing operating losses","dilutive convertible notes with conversion tied to market price (80% of five-day VWAP or $1.00 cap)"],"eventType":"m_and_a","narrative":"Solidion Technology publicly declined to raise its all-cash proposal to acquire substantially all of Polar Power's assets after POLA's board rejected the offer, saying it will not overpay for a 'severely distressed' company.\n\nSolidion detailed Polar's distress: a $2.0 million net loss and $2.2 million of operating cash burn over the six months ended June 30, 2026, leaving just $183,000 in cash, plus dilutive financing including a $25 million equity facility and convertible notes converting at as low as $1.00 per share.\n\nPolar also faces a NASDAQ minimum-equity deficiency (about $144,000 in stockholders' equity) with an October 28, 2026 compliance deadline, and its auditor flagged substantial going-concern doubt.\n\nFor POLA shareholders, the acquirer's public refusal to raise its bid weakens near-term deal leverage while reinforcing the dilution and delisting risks management itself has flagged.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Acquirer goes public refusing to raise its bid for distressed Polar Power -- deal probability down, delisting clock ticking to Oct 28."},"keyFigures":{"customDimensions":{"cash_balance":"$183,000","convert_note_terms":"convert at lower of 80% of five-day VWAP or $1.00 per share","net_loss_six_months":"$2.0 million","stockholders_equity":"$144,000","cash_used_in_operations":"$2.2 million","committed_equity_facility":"$25 million","nasdaq_compliance_deadline":"October 28, 2026","debt_converted_to_preferred":"$614,700"}},"quotedText":"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.","namedEntities":{"people":[{"name":"Jaymes Winters","role":"Chairman and CEO of Solidion Technology"},{"name":"Allison Reichel","role":"Director of Investor Relations, Solidion"}],"products":[],"companies":[{"name":"Solidion Technology, Inc.","ticker":"STI","relationship":"acquirer"},{"name":"Polar Power, Inc.","ticker":"POLA","relationship":"target"}],"dollarAmounts":[{"amount":"$25 million","context":"Polar committed equity facility for common stock sales"},{"amount":"$2.0 million","context":"Polar Power net loss for six months ended June 30, 2026"},{"amount":"$2.2 million","context":"Polar Power cash used in operations (six months)"},{"amount":"$183,000","context":"Polar Power cash balance at June 30, 2026"},{"amount":"$144,000","context":"Polar Power stockholders' equity triggering NASDAQ deficiency"},{"amount":"$614,700","context":"Polar debt owed to its CEO converted to preferred equity"},{"amount":"$1.00 per share","context":"cap on August 26 convertible note conversion price"}]},"materialImpact":{"score":4,"reasoning":"The acquirer publicly refused to raise its all-cash offer after POLA's board rejected it, and issued damaging allegations about POLA's distress, NASDAQ compliance, and going-concern doubt. This materially degrades deal prospects and increases dilution/delisting risk for the filer."},"tickerRelevance":{"others":[{"ticker":"STI","relevance":"acquirer"}],"primary":"POLA"},"globalImportance":35,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"dealStage":"unsolicited proposal rejected, no definitive agreement","tickerTier":"micro-cap","eventGravity":"public M&A pressure on distressed micro-cap target","distressSignals":["going concern","NASDAQ compliance","minimal cash"]}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bearish","material_impact_score":4,"narrative":"Solidion Technology publicly declined to raise its all-cash proposal to acquire substantially all of Polar Power's assets after POLA's board rejected the offer, saying it will not overpay for a 'severely distressed' company.\n\nSolidion detailed Polar's distress: a $2.0 million net loss and $2.2 million of operating cash burn over the six months ended June 30, 2026, leaving just $183,000 in cash, plus dilutive financing including a $25 million equity facility and convertible notes converting at as low as $1.00 per share.\n\nPolar also faces a NASDAQ minimum-equity deficiency (about $144,000 in stockholders' equity) with an October 28, 2026 compliance deadline, and its auditor flagged substantial going-concern doubt.\n\nFor POLA shareholders, the acquirer's public refusal to raise its bid weakens near-term deal leverage while reinforcing the dilution and delisting risks management itself has flagged.","key_figures":{"customDimensions":{"cash_balance":"$183,000","convert_note_terms":"convert at lower of 80% of five-day VWAP or $1.00 per share","net_loss_six_months":"$2.0 million","stockholders_equity":"$144,000","cash_used_in_operations":"$2.2 million","committed_equity_facility":"$25 million","nasdaq_compliance_deadline":"October 28, 2026","debt_converted_to_preferred":"$614,700"}},"named_entities":{"people":[{"name":"Jaymes Winters","role":"Chairman and CEO of Solidion Technology"},{"name":"Allison Reichel","role":"Director of Investor Relations, Solidion"}],"products":[],"companies":[{"name":"Solidion Technology, Inc.","ticker":"STI","relationship":"acquirer"},{"name":"Polar Power, Inc.","ticker":"POLA","relationship":"target"}],"dollarAmounts":[{"amount":"$25 million","context":"Polar committed equity facility for common stock sales"},{"amount":"$2.0 million","context":"Polar Power net loss for six months ended June 30, 2026"},{"amount":"$2.2 million","context":"Polar Power cash used in operations (six months)"},{"amount":"$183,000","context":"Polar Power cash balance at June 30, 2026"},{"amount":"$144,000","context":"Polar Power stockholders' equity triggering NASDAQ deficiency"},{"amount":"$614,700","context":"Polar debt owed to its CEO converted to preferred equity"},{"amount":"$1.00 per share","context":"cap on August 26 convertible note conversion price"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-06T10:00:14.448Z","global_importance":35,"audience_relevance":25,"importance_components":{"dealStage":"unsolicited proposal rejected, no definitive agreement","tickerTier":"micro-cap","eventGravity":"public M&A pressure on distressed micro-cap target","distressSignals":["going concern","NASDAQ compliance","minimal cash"]}},"durationMs":8109,"modelName":"glm-5.3-flashx"}}