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
Solidion Technology reaffirmed its disciplined acquisition strategy and stated it sees no basis to increase its all-cash offer for substantially all of Polar Power's assets after Polar Power's Board rejected the proposal. Solidion also warned Polar Power shareholders that the company is "severely distressed."
Why it matters — Polar Power watchers would care because the prospective acquirer has declined to raise its bid and publicly characterized the company as severely distressed, signaling a weakened negotiation position for POLA.