Solidion Technology Inc. announced that it has entered into a securities purchase agreement with institutional investors to issue 5,133,332 units and pre-funded units for the gross proceeds of $3,850,000 on March 13, 2024. The closing of the private placement is expected to occur on March 14, 2024, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement. The pre-funded units will be sold at the same purchase price as the units, less the pre-funded warrant exercise price of $0.0001.

Each unit and pre-funded unit will consist of one share of common stock, two common warrants each exercisable for one share of common stock at an exercise price of $0.75 per share and one common warrant at an exercise price of $0.0001 to purchase such amount of shares of common stock as will be determined on the reset date. The common warrants will be exercisable upon issuance and will have a term of 5.5 years from the stockholder approval date.