Solidion prices $3.85M private placement

Solidion Technology announced that it has entered into a securities purchase agreement with institutional investors to raise approximately $3.85 million 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, 2024, 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 5,133,332 units and pre-funded units. The pre-funded units will be sold at the same purchase price as the units, less the pre-funded warrant exercise price of $0.0001. Each unit and pre-funded unit will consist of one share of common stock (or pre-funded warrant), two common warrants each exercisable for one share of common stock at an exercise price of $0.75 per share and one common warrant at an exercise price of $0.0001 to purchase such amount of shares of common stock as will be determined on the Reset Date. EF Hutton is acting as exclusive placement agent for the offering.