Solidion announces $3.85M private placement

Last night, Solidion Technology announced that it has entered into a securities purchase agreement with institutional investors to raise approximately $3.85M in aggregate cash proceeds, before deducting fees to the placement agent and other offering expenses payable by the company. The closing of the private placement is expected to occur on March 14, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement. In connection with the private placement, the company will issue an aggregate of 5.13M units and pre-funded units. The company intends to use the net proceeds from the private placement primarily for general working capital and administrative purposes. EF Hutton is acting as exclusive placement agent for the offering. Benesch Friedlander Coplan & Aronoff and Loeb & Loeb are serving as counsel to the company for the private placement. Winston & Strawn is serving as counsel to the placement agent.