Solidion Technology, Inc. (NASDAQ:STI) ("Solidion Technology" or "the Company"), an advanced battery technology solutions provider, today reaffirmed its disciplined acquisition strategy and commitment to maximizing shareholder value. Additionally, the Company responded to the decision of the Board of Directors of Polar Power, Inc. (NASDAQ:POLA) ("Polar Power" or "POLA") to reject Solidion's previously submitted all-cash proposal to acquire substantially all of Polar Power's assets.
Winters continues, "Polar Power, Inc. is a severely distressed company who is desperate to raise expensive, dilutive capital in the face of economic headwinds and without adequate downside protection for their own shareholders. This entities' future is in doubt."
In Solidion's opinion, the offer in the previously submitted all-cash asset acquisition does not undervalue Polar Power for the following reasons:
Polar continues to require additional capital and relies on dilutive financing: On July 27, 2026, Polar established a committed equity facility permitting the sale of up to $25 million of common stock to support working capital. Additionally, Polar Power recently raised capital through convertible securities with conversion prices tied to its market price, including August 26 notes that convert at the lower of 80% of the five-day VWAP or $1.00 per share, if not repaid at maturity, at the expense of existing shareholders.
Polar continues to generate operating losses and negative cash flow: For the six months ended June 30, 2026, Polar Power reported a net loss of approximately $2.0 million and used approximately $2.2 million of cash in operations resulting in a cash balance of $183,000.
Polar continues to face NASDAQ compliance issues and going concern doubts: NASDAQ notified Polar on December 31, 2025 that Polar did not satisfy its minimum stockholders' equity requirement after Polar reported approximately $144,000 in stockholders' equity. Polar has until October 28, 2026 to demonstrate compliance. In its June 30, 2026 Form 10-Q, Polar Power's independent registered public accounting firm expressed substantial doubt about Polar's ability to continue as a going concern. 
Recent balance sheet actions do not eliminate the underlying need for operating capital: Polar Power recently converted approximately $614,700 of debt owed to its CEO to preferred equity. Polar said this was an important step toward reaching NASDAQ compliance, however it does not provide the operating liquidity required to fund the business or eliminate the need for additional capital.
Solidion is a strategic acquirer, and it is first and foremost a custodian of shareholder capital. Solidion fully intends to fulfill its fiduciary obligations of maximizing shareholder value, and the Company will continue to value potential acquisition targets and make offers based on disciplined financial modeling. Solidion will not overpay for the companies it seeks to acquire.
As such, Solidion's valuation reflects the realities of a company as deeply distressed as Polar Power, alongside the investment and execution necessary for Solidion to assume following an acquisition.