Solidion Technology Reports Results for Full Year 2023
April 12 2024 - 9:00AM
Solidion Technology, Inc. (f/k/a Nubia Brand International Corp.)
(“Solidion” or the “Company”) (Nasdaq: STI), an advanced battery
technology solutions provider, today announced it has released
financial and operating results for Solidion for the full year
2023. The unaudited condensed consolidated financial statements of
Solidion and additional information, including updated pro forma
information, can be found in Solidion’s Form 10-K, filed with the
Securities and Exchange Commission today, April 12, 2024 (the “Form
10-K”). This earnings release should be read together with the
information contained in the Form 10-K.
Select Year-to-Date
Highlights
- Completed business combination on
February 2nd with Nubia Brand International Co. and commenced
trading on the Nasdaq under the ticker “STI” on February 5th
- Excluding an $18.5 million change
in fair value of derivative asset/liability, net income before tax
provision was $287,102
“Our first earnings report as a public company
represents an important milestone for Solidion Technology as a new
publicly traded company,” said Jaymes Winters, CEO of Solidion. “We
are well positioned to deliver valuable synthetic graphite derived
from biomass, advanced anode materials, and patented battery
technology to a market that is essential to our society’s energy
needs. In the coming quarters, we will update the market on our
progress as we continue to execute our business plan, as part of
our ultimate goal of providing advanced battery materials and
technological solutions.”
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 StatementsThis
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
Source: Solidion Technology Inc.
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