Dallas – October 05, 2026 -- Solidion Technology, Inc. (NASDAQ: STI) has refused to raise its acquisition offer for Flux Power Holdings, Inc. (NASDAQ: FLUX), calling the bid "best and final" after Flux's board rejected the proposal as undervaluing the company.
Solidion rejects board's undervaluation claim
Jaymes Winters, Chairman and CEO of Solidion Technology, said the company strongly disagrees with Flux Power's assertion that the offer undervalues the battery maker, stating the bid already reflects the capital and execution needed to stabilize the business. Winters added that Solidion has no intention of increasing the offer and will continue pursuing other acquisition targets in parallel.
Flux Power needs at least $10 million in fresh capital, Solidion says
Solidion estimates Flux Power requires a minimum of $10 million in new capital to meet its stated objectives. Absent an acquisition by a stronger company, Solidion argues the only financing path available to Flux would involve substantial shareholder dilution through private placements or equity lines of credit, financing tools Solidion says may have already been used on October 2, 2026.
NASDAQ compliance deadline looms over Flux Power
Flux Power received a NASDAQ notice on July 24, 2026, after its common stock closed below the $1.00 minimum bid price for 30 consecutive business days, triggering an initial 180-day compliance window. Solidion warned that a reverse stock split, if required, has historically triggered a 20-40% post-split price decline.
Tariff exposure adds to macroeconomic risk
Solidion said Flux Power's supply chain carries significant tariff exposure and that the company's expectations for easing macroeconomic headwinds overlook continued uncertainty. Solidion contends a company with a stronger balance sheet is better positioned to absorb such pressures.
Solidion called on Flux Power's board to disclose how much additional capital will be required, its source, and the cost to existing shareholders if the turnaround strategy proceeds without a sale.