Solidion says it will not raise cash offer for Polar Power assets after board rejection
STI•Solidion Technology said it will not raise its cash offer for substantially all Polar Power assets after Polar’s board rejected the proposal. Solidion cited Polar’s $183,000 in cash at June 30, 2026, a roughly $2 million six-month net loss and a Nasdaq compliance deadline of Oct. 28, 2026.
1. Offer remains unchanged
Solidion said it would keep its cash offer to buy substantially all of Polar Power’s assets despite the board’s rejection. It cited Polar’s $183,000 in cash at June 30, 2026, and a net loss of about $2 million for the six months ended that date. Solidion also pointed to Polar’s 25 million equity facility, warning that ongoing funding needs could dilute shareholders, and cited the company’s Oct. 28, 2026, Nasdaq compliance deadline and doubts about its ability to continue.
