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Accounting error prompts Solidion (STI) to restate 2024 warrant-related results

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Solidion Technology is warning investors not to rely on its previously issued 2024 financial statements after finding an error in how it accounted for exercises of its Series A and Series B warrants. The issue affects only non-cash derivative accounting and does not change liquidity, cash, or total stockholders’ equity.

The company now expects higher non-cash, non-operating losses from changes in fair value of derivative liabilities by about $0.1 million for the quarter ended June 30, 2024, $2.3 million for the quarter ended September 30, 2024, and $5.7 million for the year ended December 31, 2024, with a corresponding increase in additional paid-in capital. Solidion plans to file a new 2025 Form 10-K that will include restated 2024 figures. The board also scheduled the 2026 annual stockholder meeting for June 11, 2026, with stockholder proposal and nomination deadlines set at April 3, 2026.

Positive

  • None.

Negative

  • Non-reliance and restatement of 2024 audited and interim financial statements due to a warrant valuation error, increasing non-cash derivative losses by about $5.7 million for the year and signaling weaknesses in accounting for complex financial instruments.

Insights

Non-cash warrant valuation error triggers 2024 restatement and non-reliance.

Solidion Technology identified an error in how it remeasured Series A and Series B warrant liabilities immediately before certain 2024 exercises. This underreported non-cash, non-operating losses from fair value changes and understated additional paid-in capital, without altering liquidity, cash balances, or total equity.

The company will correct the 2024 audited and interim results within its upcoming 2025 Form 10-K, which will include restated figures. Management is also reviewing other financial instruments to confirm their accounting treatment, signaling a broader clean-up of complex instrument reporting beyond just the identified warrants.

Non-reliance on prior statements is a serious disclosure because it revises the quality of historic earnings, even when cash metrics are unaffected. Investors will likely focus on the restated 2024 income statement within the comprehensive 2025 Form 10-K to understand the full impact on reported losses and any further adjustments from the ongoing review.

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United States

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 18, 2026

 

SOLIDION TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-41323   87-1993879
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)

 

13355 Noel Road, Suite 1100

Dallas, TX 75240

(Address of principal executive offices, including zip code)

 

(972) 918-5120

Registrant’s telephone number, including area code:

 

Not Applicable
(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which
registered
Common Stock, par value $0.0001 per share   STI   The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 4.02 Non-reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

 

On March 18, 2026, the Chief Financial Officer of Solidion Technology, Inc. (the “Company”), after consultation with the Company’s Audit Committee, concluded that the Company’s previously issued audited financial statements as of and for the year ended December 31, 2024 and related audit report as well as the interim periods within that year (the “Affected Financial Information”), included in the Company’s Annual Report on Form 10-K for such period, should no longer be relied upon. Similarly, any prior earnings releases and investor communications that included or discussed the Affected Financial Information should no longer be relied upon.

 

Subsequent to the issuance of the Affected Financial Information, the Company identified an error related to the accounting for exercises of the Company’s Series A and Series B warrants, which relates solely to non-cash derivative accounting adjustments and does not affect the Company’s liquidity, cash balances, or total stockholders’ equity. Specifically, the Company determined that even though it appropriately remeasured the Series A and Series B warrants at each reporting date, the fair value of the warrants was not remeasured immediately prior to certain warrant exercise events and the related settlement of those liabilities in equity during fiscal year 2024.

 

As a result, the Company understated the non-cash, non-operating loss related to change in fair value of derivative liabilities for the three months ended June 30, 2024 and September 30, 2024 by approximately $0.1 million and $2.3 million, respectively, and for the year ended December 31, 2024 by approximately $5.7 million, with a corresponding understatement of additional paid-in capital within stockholders’ equity. In addition, the Company is continuing to evaluate the accounting treatment of its other financial instruments to confirm the appropriateness of the related accounting conclusions.

 

The Company will file a comprehensive Annual Report on Form 10-K for the year ended December 31, 2025 containing restated financial statements related to the Affected Financial Information as soon as reasonably practicable.

 

The Company’s management and the Audit Committee have discussed the matters disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with CBIZ CPAs P.C., the Company’s independent registered public accounting firm, as well as with Deloitte & Touche LLP, the Company’s auditor for the fiscal year ended December 31, 2024.

 

Item 5.08 Shareholder Direct Nominations.

 

To the extent applicable, Item 8.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.08.

 

Item 8.01 Other Events.

 

The board of directors of the Company has scheduled its first annual meeting of stockholders following the effectiveness of the Company’s Amended and Restated Certificate of Incorporation for June 11, 2026 (the “Annual Meeting”). The record date, time and location of the 2026 Annual Meeting will be as set forth in the Company’s proxy statement for the Annual Meeting.

 

The Company has set a deadline of April 3, 2026 for the receipt of any stockholder proposals for inclusion in the proxy materials to be distributed in connection with the Annual Meeting pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which the Company believes to be a reasonable time before it expects to begin to print and distribute its proxy materials for the Annual Meeting. Any Exchange Act Rule 14a-8 proposal received after this date will be considered untimely. Stockholders should send any such proposal to the Company’s Chief Financial Officer at c/o Solidion Technology, Inc., 13355 Noel Road, Suite 1100, Dallas, TX 75240, and such proposal must comply with all applicable requirements set forth in the rules and regulations of the Securities and Exchange Commission, including Exchange Act Rule 14a-8, and the Amended and Restated Bylaws in order to be eligible for inclusion in the Company’s proxy materials for the Annual Meeting.

 

To comply with the universal proxy rules pursuant to Rule 14a-19 under the Exchange Act, stockholders who intend to solicit proxies in support of a director nominee other than the Company’s nominee must additionally provide notice to the Company setting forth the information required by Rule 14a-19(b) under the Exchange Act, and such notice must be postmarked or transmitted electronically to the Company at its principal executive office no later than April 3, 2026.

 

Pursuant to the Amended and Restated Bylaws, any stockholder seeking to raise a proposal outside the processes of Exchange Act Rule 14a-8 or make a nomination for consideration at the Annual Meeting, but not included in the proxy materials for the Annual Meeting, must comply with the requirements of the Amended and Restated Bylaws, including by delivering notice of their proposal or nomination to the Company’s Chief Financial Officer at c/o Solidion Technology, Inc., 13355 Noel Road, Suite 1100, Dallas, TX 75240, no later than 5:00 p.m., Eastern time, on April 3, 2026. Any proposal or nomination received after such date will be considered untimely and will not be considered at the Annual Meeting.

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: March 24, 2026  
   
  SOLIDION TECHNOLOGY, INC.
   
  By: /s/ Jaymes Winters
  Name: Jaymes Winters
  Title: Chief Executive Officer

 

2

 

FAQ

What did Solidion Technology (STI) disclose about its 2024 financial statements?

Solidion Technology disclosed that investors should no longer rely on its audited 2024 financial statements and related interim periods. An error in accounting for Series A and B warrant exercises understated non-cash derivative losses, requiring restatement in a forthcoming 2025 Form 10-K.

Does the Solidion Technology warrant accounting error affect cash or equity?

The company stated the warrant accounting error affects only non-cash derivative adjustments. It does not change Solidion Technology’s liquidity, cash balances, or total stockholders’ equity, because the correction increases non-cash loss and additional paid-in capital in offsetting fashion.

How much will Solidion Technology’s 2024 non-cash losses increase after restatement?

Solidion expects to increase its non-cash, non-operating loss from changes in fair value of derivative liabilities by about $0.1 million for Q2 2024, $2.3 million for Q3 2024, and $5.7 million for full-year 2024, tied to warrant exercise accounting.

When will Solidion Technology file restated financials for 2024?

Solidion plans to include restated 2024 financial statements in a comprehensive Form 10-K for the year ended December 31, 2025. The company says it will file this report as soon as reasonably practicable, consolidating updated historical information with 2025 results.

Is Solidion Technology reviewing other financial instruments beyond the warrants?

Yes. Solidion stated it is continuing to evaluate the accounting treatment of its other financial instruments. The goal is to confirm that prior accounting conclusions remain appropriate following discovery of the warrant-related error, potentially leading to further adjustments if issues are found.

When is Solidion Technology’s 2026 annual meeting and proposal deadline?

The board scheduled the 2026 annual stockholder meeting for June 11, 2026. Stockholder proposals and director nominations, including universal proxy notices under Rule 14a-19, must be delivered to the Chief Financial Officer by April 3, 2026 to be considered timely.

Filing Exhibits & Attachments

3 documents
Solidion Tech

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