Solidion Technology Announces Receipt of Expected Delinquency Notification Letter From Nasdaq Relating to Non-Compliance with Listing Rule 5250(c)(1)
Rhea-AI Summary
On June 6, 2024, Solidion Technology announced it received a delinquency notification from Nasdaq due to a delay in filing its Quarterly Report for the quarter ended March 31, 2024. This delay means the company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely submission of financial reports to the SEC. Solidion has 60 days to submit a plan to regain compliance, and if approved, could receive up to 180 days to meet the requirements. The notification does not impact the immediate trading of Solidion's stock (STI) on the Nasdaq Global Market. The company is working diligently to file the report as soon as possible.
Positive
- The delinquency notice does not have an immediate effect on the listing or trading of Solidion's securities on Nasdaq.
- Solidion Technology is actively working to complete and file the delayed Quarterly Report promptly.
- Nasdaq may grant up to 180 days to regain compliance if the company's plan is accepted.
Negative
- Solidion Technology is not in compliance with Nasdaq Listing Rule 5250(c)(1) due to a delay in filing its Quarterly Report.
- Non-compliance may create uncertainty regarding the company's adherence to regulatory requirements.
- There is no assurance that Nasdaq will accept Solidion's compliance plan or grant the additional 180 days.
News Market Reaction 1 Alert
On the day this news was published, STI declined 7.45%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Dallas, TX, June 06, 2024 (GLOBE NEWSWIRE) -- On May 31, 2024, Solidion Technology, Inc. (the “Company”) received an expected delinquency notification letter (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”), which indicated that, as a result of the Company's delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 (the “Form 10-Q”) by the applicable due date, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires Nasdaq-listed companies to timely file all required periodic financial reports with the U.S. Securities and Exchange Commission (the “SEC”).
The Notice states that the Company has 60 calendar days to submit to Nasdaq a plan to regain compliance with the Rule. If Nasdaq accepts the Company's plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the prescribed due date of the Form 10-Q to regain compliance; however, there can be no assurance that these events will occur.
Neither the Notice nor the Company's noncompliance with the Rule has an immediate effect on the listing or trading of the Company's securities on Nasdaq, which will continue to trade on The Nasdaq Global Market under the symbol “STI.” The Company continues to work diligently to complete the Form 10-Q and plans to file the same as promptly as possible to regain compliance with the Rule.
About Solidion
Solidion’s core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Solidion offers two lines of battery products: (i) advanced anode materials (ready for production expansion); and (ii) three classes of solid-state batteries, including Silicon-rich all-solid-state lithium-ion cells (Gen 1), anode less lithium metal cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an advanced polymer- or polymer/inorganic composite-based solid electrolyte that is process-friendly. Solidion’s solid-state batteries can be manufactured at scale using current lithium-ion cell production facilities; this feature enables fastest time-to-market of safe solid-state batteries. Solidion batteries are designed to deliver significantly extended EV range, improved battery safety, lower cost per KWh, fastest time-to-market, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements). The company is headquartered in Dallas, Texas, and has pilot production facilities in Dayton, Ohio.
For additional information about, please visit: https://www.solidiontech.com/
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Solidion Technology Inc., (Nasdaq: STI) (the “Company,” “Solidion,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include (i) the lack of a third party valuation in determining to pursue the business combination, (ii) the effect of the announcement or closing of the business combination on Solidion’s business relationships, operating results and business generally, (iii) risks that the business combination disrupts current plans and operations of Solidion and potential difficulties in Solidion employee retention as a result of the transaction, (iv) the outcome of any legal proceedings that may be instituted against Honeycomb Battery Company or against Nubia Brand International Corp. (“Nubia”) related to the transaction, (v) the ability to maintain the listing of Solidion’s securities on a national securities exchange, (vi) volatility of the price of Solidion’s securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Solidion operates, variations in operating performance across competitors, changes in laws and regulations affecting Solidion’s business and changes in the combined capital structure, (vi) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (vii) the risk of downturns and a changing regulatory landscape in the highly competitive EV battery industry, and the Risk Factors contained within our filings with the SEC, including Nubia’s definitive proxy statement filed with the SEC November 8, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact Information:
Investors: ir@solidiontech.com
Media: press@solidiontech.com
FAQ
Why did Solidion Technology receive a delinquency notification from Nasdaq?
What is Nasdaq Listing Rule 5250(c)(1)?
How long does Solidion Technology have to regain compliance with Nasdaq Listing Rule 5250(c)(1)?
Will the delinquency notification affect the trading of Solidion Technology's stock?
What steps is Solidion Technology taking to regain compliance with Nasdaq Listing Rule 5250(c)(1)?
