Solidion Technology Reports Results for Q1 2024
June 07 2024 - 7:00AM
Solidion Technology Inc. (“Solidion” or the “Company”) (Nasdaq:
STI), an advanced battery technology solutions provider, today
announced it has released financial and operating results for
Solidion for the first quarter of 2024. The unaudited condensed
consolidated and combined financial statements of Solidion and
additional information, can be found in Solidion’s Form 10-Q, filed
with the Securities and Exchange Commission today, June 7, 2024
(the “Form 10-Q”). This earnings release should be read together
with the information contained in the Form 10-Q.
Select Year-to-Date
Highlights
- $3.8 million operating loss.
- The net loss of $29.7 million
included $8.2 million due to the change in the fair value of
derivative liabilities and $17.8 million due to the issuance of
common stock and warrants related to the Private Placement
financing.
“Despite challenging market conditions, Solidion
is making progress towards commercialization of its suite of
battery materials products,” said Jaymes Winters, CEO of Solidion
Technology. “There are opportunities to enter the market
organically, or through existing sector participants.”
About SolidionSolidion’s 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 offers two lines of battery products: (i)
advanced anode materials (ready for production expansion); and (ii)
three classes of solid-state batteries, including Silicon-rich
all-solid-state lithium-ion cells (Gen 1), anode less lithium metal
cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an
advanced polymer- or polymer/inorganic composite-based solid
electrolyte that is process-friendly. Solidion’s solid-state
batteries can be manufactured at scale using current lithium-ion
cell production facilities; this feature enables fastest
time-to-market of safe solid-state batteries. Solidion batteries
are designed to deliver significantly extended EV range, improved
battery safety, lower cost per KWh, fastest time-to-market, and
next-gen cathodes (potential to replace expensive nickel and cobalt
with sulfur (S) and other more abundant elements). The company is
headquartered in Dallas, Texas, and has pilot production facilities
in Dayton, Ohio.
For additional information about, please visit:
https://www.solidiontech.com/
Forward-Looking StatementsThis
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 have based these forward-looking
statements primarily on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy,
and financial needs. Important factors that could cause actual
results to differ from those in the forward-looking statements
include (i) the lack of a third party valuation in determining to
pursue the business combination, (ii) the effect of the
announcement or closing of the business combination on Solidion’s
business relationships, operating results and business generally,
(iii) risks that the business combination disrupts current plans
and operations of Solidion and potential difficulties in Solidion
employee retention as a result of the transaction, (iv) the outcome
of any legal proceedings that may be instituted against Honeycomb
Battery Company or against Nubia Brand International Corp.
(“Nubia”) related to the transaction, (v) the ability to maintain
the listing of Solidion’s securities on a national securities
exchange, (vi) volatility of the price of Solidion’s securities due
to a variety of factors, including changes in the competitive and
highly regulated industries in which Solidion operates, variations
in operating performance across competitors, changes in laws and
regulations affecting Solidion’s business and changes in the
combined capital structure, (vi) the ability to implement business
plans, forecasts, and other expectations after the completion of
the transaction, and identify and realize additional opportunities,
and (vii) the risk of downturns and a changing regulatory landscape
in the highly competitive EV battery industry, and the Risk Factors
contained within our filings with the SEC, including Nubia’s
definitive proxy statement filed with the SEC November 8, 2023. Any
forward-looking statement made by us herein speaks only as of the
date on which it is made. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. 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.
Contact Information: Investors:
ir@solidiontech.com Media: press@solidiontech.com
Source: Solidion Technology Inc.
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