Solidion Technology sees no basis to raise cash offer for Polar Power assets after board rejection
STI•Solidion Technology said it would not raise its all-cash offer for substantially all of Polar Power’s assets after Polar’s board rejected it, citing Polar’s operating losses, negative cash flow and limited liquidity. Solidion also cited Polar’s Nasdaq compliance deadline of Oct. 28, 2026, and its going-concern warning.
1. Offer remains unchanged
Solidion Technology said it sees no basis to raise its valuation for substantially all of Polar Power’s assets after Polar’s board rejected its all-cash offer. Solidion cited Polar’s operating losses, negative cash flow and limited liquidity, as well as reliance on potentially dilutive financing, including a $25 million committed equity facility and convertible securities tied to the market price. It also pointed to Polar’s Nasdaq compliance deadline of Oct. 28, 2026, after a minimum stockholders’ equity notice, and a going-concern warning in Polar’s June 30, 2026 Form 10-Q.
