Solidion Technology Inc. Faces Delisting Notice
Ticker: STI · Form: 8-K · Filed: Sep 3, 2024 · CIK: 1881551
Sentiment: bearish
Topics: delisting, compliance, listing-rule
TL;DR
Solidion's stock might get delisted, big trouble brewing.
AI Summary
Solidion Technology Inc. filed an 8-K on August 27, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company, formerly known as Nubia Brand International Corp., is incorporated in Delaware and headquartered in Dallas, Texas.
Why It Matters
This filing indicates potential issues with Solidion Technology's compliance with stock exchange listing requirements, which could impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event that can lead to severe consequences for the company's stock.
Key Players & Entities
- Solidion Technology Inc. (company) — Registrant
- Nubia Brand International Corp. (company) — Former company name
- August 27, 2024 (date) — Date of earliest event reported
- Dallas, TX (location) — Principal executive offices
FAQ
What is the specific reason for Solidion Technology Inc.'s notice of delisting or failure to satisfy a continued listing rule?
The provided filing is a Form 8-K reporting the notice itself, but it does not detail the specific rule or standard that Solidion Technology Inc. has failed to satisfy.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on August 27, 2024.
What was Solidion Technology Inc.'s former company name?
Solidion Technology Inc.'s former company name was Nubia Brand International Corp.
Where are Solidion Technology Inc.'s principal executive offices located?
Solidion Technology Inc.'s principal executive offices are located at 13355 Noel Road, Suite 1100, Dallas, TX 75240.
Under which section of the Securities Exchange Act of 1934 is this report filed?
This Current Report is filed Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 910 words · 4 min read · ~3 pages · Grade level 13.8 · Accepted 2024-09-03 17:25:22
Key Financial Figures
- $0.0001 — registered Common Stock, par value $0.0001 per share STI The Nasdaq Stock Mark
- $15,000,000 — market value of publicly held shares of $15,000,000 (the " MVPHS Rule"). The notice has no
- $50.0 m — isted Securities ("MVLS") was less than $50.0 million, which does not meet the requirem
- $50.0 million — , the Company's MVLSmust meet or exceed $50.0 million for a minimum of ten consecutive busine
Filing Documents
- ea0213341-8k_solidion.htm (8-K) — 27KB
- 0001213900-24-075174.txt ( ) — 199KB
- sti-20240827.xsd (EX-101.SCH) — 3KB
- sti-20240827_lab.xml (EX-101.LAB) — 33KB
- sti-20240827_pre.xml (EX-101.PRE) — 22KB
- ea0213341-8k_solidion_htm.xml (XML) — 4KB
01 Notice
Item 3.01 Notice of Delisting or Failure to Satisfy Continued Listing Rule or Standard; Transfer of Listing. Minimum Market Value of Publicly Held Shares On August 27, 2024, Solidion Technology Inc., a Delaware corporation (the "Company"), received written notice from the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, based on the market value of publicly held shares for the previous 30 consecutive business days, the Company is not in compliance with Nasdaq Listing Rule 5450(b)(2)(C), which requires the Company's listed securities to maintain a minimum market value of publicly held shares of $15,000,000 (the " MVPHS Rule"). The notice has no immediate effect on the listing of the Company's securities on Nasdaq. The Company intends to monitor the market value of the Company's listed securities and may, if appropriate, consider available options to regain compliance with the MVPHS Rule. Under Nasdaq Listing Rule 5810(c)(3)(D), the Company has a period of 180 calendar days (or until February 24, 2025) to regain compliance with the MVPHS Rule. To regain compliance during this 180-day compliance period, the minimum market value of publicly held shares must close at $15,000,000 or more for a minimum of 10 consecutive business days. In the event that the Company does not regain compliance with the MVPHS Rule prior to the expiration of the 180-day compliance period, the Company will receive written notification from Nasdaq that the Company's securities are subject to delisting. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance that, if the Company does appeal the delisting determination by Nasdaq to the panel, that such appeal would be successful. Minimum Market Value of Listed Securities On August 27, 2024, the Company received a letter (the "MVLS Notice") from the Listing Qualifications Departme
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: September 3, 2024 SOLIDION TECHNOLOGY, INC. By: /s/ Jaymes Winters Name: Jaymes Winters Title: Chief Executive Officer 2