Solidion Rejects Raising Bid After Polar Power Board Turns Down Cash Offer
Image
Dallas – October 06, 2026 -- Solidion Technology, Inc. (NASDAQ: STI) said it will not raise its all-cash offer to acquire substantially all assets of Polar Power, Inc. (NASDAQ: POLA) after Polar's board rejected the proposal, calling the target company "severely distressed."
Solidion cites Polar's reliance on dilutive financing to justify its valuation
Polar Power established a committed equity facility on July 27, 2026 permitting the sale of up to $25 million in common stock to fund working capital. The company also raised capital through convertible notes issued August 26 that convert at the lower of 80% of the five-day volume-weighted average price or $1.00 per share if not repaid at maturity, terms Solidion said come at the expense of existing shareholders.