Solidion Technology (NASDAQ: STI) Remains Firm on Flux Power (NASDAQ: FLUX) Below Market Offer in Response to Flux Board Rejection

Sees no Basis to Increase Its Offer as Flux Power Continues to Face Highly Dilutive Financing Requirements, Regulatory Issues, and Default Risk

DALLAS, Oct. 5, 2026 /PRNewswire/ -- Solidion Technology, Inc. (NASDAQ: STI) ("Solidion Technology" or "the Company"), an advanced battery technology solutions provider, today responded to the decision of the Board of Directors of Flux Power Holding, Inc. (NASDAQ: FLUX) ("Flux Power" or "Flux") to reject Solidion's previously announced acquisition proposal. Solidion considers its bid to be best and final.

"Solidion strongly disagrees with the Flux Power Board's assertion that its proposal 'significantly undervalues' the company," said Jaymes Winters, Chairman and CEO of Solidion Technology. "This offer takes into account the capital and execution required to stabilize the business, and Solidion has no intention of increasing its offer at this time."

Winters continues, "Solidion is and always will be an opportunistic acquirer of companies it believes will complement and amplify its existing technology. In doing so, we will be resolute custodians of our shareholder value and not seek opportunities that are overpriced, beyond repair or not related to Solidion's growth strategy. We will continue to pursue other prospects in parallel with FLUX."

In Solidion's opinion:

1. Flux Power still faces an immediate need for capital, resulting in highly discounted equity issuance: Private placements, equity lines of credit or other highly dilutive capital facilities used in this distressed manner (which may have been utilized on 10/02/2026) will only accelerate the loss of shareholder value. If the Board believes that its strategy offers greater shareholder value, Solidion believes that shareholders deserve to know how much additional capital will be required, where it will come from, and what it could cost existing shareholders.
2. In order to meet their stated objectives, Flux Power requires, at minimum, $10 million in fresh capital: In order to achieve this without substantial shareholder dilution, the only alternative financing path is an acquisition of Flux by a stronger company.
3. Flux Power continues to face NASDAQ listing pressure: On July 24, 2026, Flux Power received notice from NASDAQ that its common stock had closed below the $1.00 minimum bid price for 30 consecutive business days, providing an initial 180-day period to regain compliance. Additionally, in the event that a reverse stock split becomes necessary, the post-stock split decay risk has historically resulted in a 20-40% decline in the price per share.
4. Changing macroeconomic winds remain a significant risk: Flux Power's expectations for easing headwinds overlook continued uncertainty in the macroeconomic environment, particularly with regard to the significant tariff exposure facing its supply chain. In order to overcome these challenges, a company with a strong balance sheet is far better suited to weather macroeconomic uncertainties.

Solidion believes that Flux Power shareholders should be given the transparency and information necessary to make an informed assessment of the condition of Flux's ability to continue as a going concern, and deserve a clear choice between an acquisition that provides a large degree of certainty or continuing to fund a turnaround whose ultimate cost, dilution, and outcome remain critically uncertain.

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 acquisition of Flux Power Holdings, 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  Flux. 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.

Forward-Looking Statements

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.

Please follow us on:

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

X: https://x.com/solidiontech?lang=en