Company will take necessary steps to maintain
listing
DALLAS, March 6,
2025 /PRNewswire/ -- Solidion Technology, Inc.
(NASDAQ: STI), an advanced battery technology solutions provider
previously disclosed in a Current Report on Form 8-K filed on
August 7, 2024, Solidion Technology,
Inc. (the "Company") received a notice from the Listing
Qualifications staff (the "Staff") of the Nasdaq Stock Market LLC
("Nasdaq") that because the closing bid price for the Company's
common stock had fallen below $1.00
per share for 30 consecutive business days, the Company no longer
complied with the minimum bid price requirement for continued
listing on the Nasdaq Global Market under Nasdaq Listing Rule
5450(a)(1) (the "Bid Price Rule").
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), at the time, the
Company had been provided an initial compliance period of 180
calendar days, or until January 28, 2025, to regain compliance with
the minimum bid price requirement. To regain compliance, the
closing bid price of the Company's common stock must meet or exceed
$1.00 per share for a minimum of 10 consecutive business days prior
to January 28, 2025.
On January 29, 2025, the Company
received a Staff determination letter that stated the Company had
not regained compliance with the Bid Price Rule, and, as a result,
the Company's common stock was subject to delisting from the Nasdaq
Global Market at the opening of business on February 7, 2025. The Company submitted a written
request to appeal the Staff's determination to a Hearings Panel on
February 5, 2025.
In response to the Company's Written Request, on March 5, 2025, the Company received written
notification (the "Extension Notice") from the Panel notifying the
Company that the Panel had granted the Company's request for an
additional period, during which the Company will remain listed on
Nasdaq, to regain compliance with the Bid Price Rule. Pursuant to
the Extension Notice, the Panel granted the Company an additional
period until May 16, 2025 to effect a
reverse stock split, if necessary, to regain compliance with the
Bid Price Rule by May 30, 2025.
For more information, please visit
www.solidiontech.com or contact Investor Relations.
About Solidion Technology, Inc.
Headquartered in Dallas, Texas
with pilot production facilities in Dayton, Ohio, Solidion's (NASDAQ: STI) 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 holds a
portfolio of over 550 patents, covering innovations such as
high-capacity, non-silane gas and graphene-enabled silicon anodes,
biomass-based graphite, advanced lithium-sulfur and lithium-metal
technologies.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Solidion Technology Inc., (NASDAQ: STI) (the "Company,"
"Solidion," "we," "our" or "us") desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "forecasts"
"believe," "may," "estimate," "continue," "anticipate," "intend,"
"should," "plan," "could," "target," "potential," "is likely,"
"expect" and similar expressions, as they relate to us, are
intended to identify forward-looking statements. We undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
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SOURCE Solidion Technology, Inc.
