Polar Power reported $183,000 in cash; Solidion sees no basis to raise its proposal.

Solidion Technology (NASDAQ: STI) Sees no Basis to Increase Its Offer to Polar Power, Inc. (NASDAQ: POLA) in Response to Board Rejection of All-Cash Asset Acquisition Proposal

Any acquisition remains non-binding and subject to due diligence, financing considerations and required approvals.

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Solidion Technology (NASDAQ: STI) will not increase its all-cash proposal after Polar Power’s board rejected the proposed asset acquisition. The proposal concerns substantially all of Polar Power’s assets, not a completed transaction.

The proposed acquisition is non-binding; an obligation to proceed would require a fully executed written acquisition agreement. Any transaction would be subject to due diligence, financing considerations and required approvals. Solidion intends to continue evaluating acquisition targets and making offers based on its financial modeling.

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

Hollow bars mark forward-looking points. How the balance works

AI-generated analysis. How Rhea-AI works. Not financial advice.

Warns Polar Power Shareholders that the Company is "Severely Distressed"

DALLAS, Oct. 6, 2026 /PRNewswire/ -- 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.

"Our acquisition proposals are not personal, nor are our valuations meant to diminish the technology, people or opportunities of the companies we evaluate," said Jaymes Winters, Chairman and CEO of Solidion Technology. "Our offers and valuations are the product of disciplined financial modeling, due diligence and our assessment of both the value of the assets and the capital and execution required to realize their potential. We will continue to make offers based on those fundamentals, and we will not overpay to simply complete a transaction."

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:

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.

About Solidion Technology, Inc.

Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion's (NASDAQ: STI) core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems, including UPS systems serving the artificial intelligence (AI) data center market and electric vehicles for ground, aerospace, and sea transportation. Solidion holds a portfolio of over 385 patents, covering innovations such as high-capacity, silane gas free and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.

For more information, please visit www.solidiontech.com or contact Investor Relations.

Important Information Regarding the Proposed Transaction

Solidion has expressed its interest in pursuing a potential asset acquisition of Polar Power, Inc. No assurance can be given that a definitive agreement will be entered into or that any transaction will ultimately be commenced or consummated. This is not a legally binding obligation, offer, or commitment by either party. No past, present, or future expression of intent, proposal, discussion, or course of conduct shall give rise to any legally binding contract or obligation to proceed with or close the proposed transaction unless and until a definitive written acquisition agreement has been fully executed. Any proposed transaction would be subject to applicable legal and regulatory requirements, the completion of due diligence, financing considerations, required approvals and other customary conditions.

This communication is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell any securities. Additionally, this communication does not constitute an offer to buy or solicitation of an offer to sell any securities. This communication relates to a proposal which Solidion has made for a business combination transaction with Polar. This communication is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document the parties may file with the SEC in connection with the proposed transaction. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. If and when a transaction is commenced, Solidion expects to file applicable materials with the U.S. Securities and Exchange Commission. Investors and security holders are urged to read such materials carefully and in their entirety when and if they become available because they will contain important information.

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 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.

LinkedIn: https://www.linkedin.com/company/solidion-tech

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SOURCE Solidion Technology, Inc.

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Solidion Technology will not increase its offer following Polar Power’s board rejection of its previously submitted all-cash proposal. The proposal covers substantially all of Polar Power’s assets.

The proposed acquisition is not legally binding. An obligation to proceed requires a fully executed written acquisition agreement, and any transaction would be subject to due diligence, financing considerations and required approvals.