Solidion prices $4M private placement

Solidion Technology has entered into a securities purchase agreement with institutional investors to raise approximately $4 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 September 3, 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 approximately 12,217,468 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 $0.3274 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. The common warrants will be exercisable upon issuance and will have a term of 5.5 years from the stockholder approval date. The number of securities issued under the units is subject to adjustment as described in more detail in the Current Report on Form 8-K to be filed in connection with the private placement. The Company intends to use the net proceeds from the private placement primarily for general working capital and administrative purposes.