- Solidion submitted an all-cash asset acquisition proposal for substantially all of Polar Power's assets.
- Polar Power's board rejected the proposal.
- Solidion says it will not increase its offer.
- Polar Power raised capital through convertible securities with conversion prices tied to market price.
- Polar has until October 28, 2026 to demonstrate NASDAQ compliance.
- Solidion Technology (STI) announced it sees no basis to increase its all-cash asset acquisition offer for Polar Power (POLA) after Polar's board rejected the proposal. Solidion warned Polar is severely distressed, citing need for dilutive capital, operating losses, NASDAQ compliance issues, and going concern doubts. Solidion reaffirmed its disciplined acquisition strategy and will not overpay.
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