2024 年 11 月 8 日に証券取引委員会に提出されたもの
登録番号 333 — 282470
アメリカ合衆国の
証券取引委員会
ワシントンD.C.，20549
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至れり尽くせり
形式
登録声明
はい
1933年証券法
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| | 3359 | 87-1993879 | ||
| (明またはその他の司法管轄権 | (主な標準工業 | (国際税務署雇用主) |
13355 Noel Rd ， Suite 1100
ダラス， テキサス州 75240
(972) 918-5120
（ 郵便番号を含む住所、市外局番を含む電話番号 ）
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ジェイムズ · ウィンターズ
最高経営責任者
株式会社ソリディオンテクノロジー
13355 Noel Rd ， Suite 1100
ダラス， テキサス州 75240
(972) 918-5120
(サービスエージェントの名前、住所、郵便番号と電話番号、市外局番を含む)
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コピーは以下のように送信される
ミッチェル S 。Nussbaum 、 Esq 。
アレックス · ウェニガー— アラウジョEsq.
ローブ & ローブ LLP
公園通り345号
ニューヨーク州ニューヨーク 10154
電話番号 ： （ 212 ） 40 7-4000
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一般公開の開始日をお勧めします 有効日以降に随時。このフォームに登録されている有価証券のいずれかが、 1933 年の証券法に基づく規則 415 に基づいて遅延または継続的に提供される場合、次のボックスをチェックしてください。 」と
このフォームは、証券法規則 462 （ b ） に基づく募集のための追加証券を登録するために提出される場合、次のボックスにチェックし、同じ募集のための以前の有効な登録声明の証券法登録声明番号を記載してください。 ↓ ↓
このフォームが証券法下のルール462(C)に従って提出された発効後改訂された場合、以下のボックスを選択し、同じ発行された以前に発効した登録声明の証券法登録宣言番号をリストしてください↓ ↓
この表が証券法第462(D)条の規則に基づいて提出された改正案である場合は、以下の枠を選択し、同一の発行された以前に発効した登録書の証券法登録書番号をリストアップしてください↓ ↓
登録者が大型加速申告会社，加速申告会社，非加速申告会社，小さな報告会社，あるいは新興成長型会社であることを再選択マークで示す。“取引所法案”第120条の2規則における“大型加速申告会社”、“加速申告会社”、“小申告会社”、“新興成長型会社”の定義を参照されたい。
| 大規模データベース加速ファイルマネージャ | ↓ ↓ | 加速ファイルマネージャ | ↓ ↓ | |||
| | 」と | 規模の小さい新聞報道会社 | | |||
| 新興市場と成長型会社 | |
新興成長型企業であれば、登録者が証券法第7(A)(2)(B)節で提供された任意の新たなまたは改正された財務会計基準を遵守するために延長された過渡期を使用しないことを選択するか否かを再選択マークで示す↓ ↓
カタログ表
ページ
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本募集説明書について |
注意事項将来見通しに関する記述 |
募集説明書の概要
供物
市場 · 業界データ · 予測
リスク要因 収益の使用
• 配送計画 証券説明書 業務.業務
• 法律訴訟 普通株式市場及び関連株主問題
• 監査を受けていない備考は簡明合併財務情報 経営陣の財務状況と経営成果の検討と分析 管理する 役員報酬 特定の関係や関連取引と取締役の独立性 -そうだな 本目論見書に含まれる記述は、以下の記述を含みますが、これらに限定されません。 財務および事業指標を含む財務および事業業績は 当社の戦略、将来の事業、財務状況、損益見通し、原価見通し、見通しおよび計画の変更
• 高い能力を開発し — 容積 製造ラインでコストを拡大し
• (v) 3,750,000 -有効だ マナー； 生産能力を増強する能力とそのコストとタイミング
• 当社の製品のターゲット市場が予想されます 競合他社や業界に関する進展 知的財産権の保護と他人の権利を侵害しない能力の獲得と維持への期待
• 私たちの未来の資本需要と現金の源と用途 私たちのビジネスのために資金を得る能力は
• 事業、拡大計画、機会、 知られていて知られていない訴訟と規制手続きの結果。 転送 29, 2024;
• —looking ステートメントは、「に記載されているものを含む、多くのリスク、不確実性および仮定の対象となります。
• 以下の要約は、本目論見書に記載されているより詳細な情報および財務諸表およびその注記によって完全に修飾されています。 概要
• Solidion Technology， Inc. （ 以前は「 Honeycomb Battery Company 」として知られ、以前は Global Graphene Group， Inc. のエネルギーソリューション部門 ）（ 「 G3 」 ） は、アメリカ合衆国テキサス州ダラス -ベース
電池材料、コンポーネント、セル、および選択されたモジュール / パック技術の開発と商業化に焦点を当てた先進的な電池技術会社。Solidion の共同創設者である Bor Z Jang 博士は、 2002 年にグラフェンの米国特許出願を行った。共同創業者 Aruna Zhamu 博士と Jang 博士が率いる研究開発チームはグラフェンを発明しました
— 強化された 世界初のグラフェン製造施設を建設— 有効
イオン — バッテリー
ソリディオンは、知的財産 （ 「 IP 」 ） のグローバルリーダーとして高い-5120.
—capacity 陽極と高い— エネルギー
固体
-州/州 科学的および特許情報の研究と分析に特化したフランスの企業 KnowMade によって認められたバッテリー。ソリディオンは、高度な陽極材料 （ 比容量 300 ～ 3，500 ミリアンペア以上 ） を提供するユニークな立場にあります。— 時間の
グラムあたりの質量 （ 「 mAh / g 」 ） およびシリコン
すべて
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. G 3 と Solidion の間の供給ライセンス契約に従い、当社のバッテリーに使用するグラフェンおよびグラファイト製品の製造を制限します。 |
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バッテリープラットフォーム技術は、電気自動車 （ 「 EV 」 ） のバッテリースペース全体を固体に変換することができます。 |
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6，175，000件の引受権証(“株式公開承認証”)を行使した後に発行可能な普通株であり、これらの株式承認証は最初にヌビア初公開時に発行された。 |
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私たちは証券保有者が私たちの普通株を売却したどの株式からも現金収益を得ません。しかし、私たちは現金行使のための引受権証の純収益を受け取るつもりだ。 |
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F-1 |
売却証券保有者は、本願明細書に従って売却された任意の証券を売却する全純収益を得ることになる。私たちはこのような販売から何の収益も得ないだろう。しかし、私たちは現金行使のための引受権証の純収益を受け取るつもりだ。参照してください“
i
“この目論見書には。
私たちの普通株の市場-1私たちの普通株はナスダック世界市場で看板取引をしています。私たちは私たちの普通株をナスダック市場に上場することを申請した。
ナスダック自動受信機記号“STI”リスク要因
私たちの証券へのどんな投資も投機的で、高い危険を扱っている。あなたは次の資料をよく考えなければならないリスク要因本募集説明書9ページ及び当行最新の年報表10にその後、Form 10で四半期レポートを発表します現在の表8の報告と
— エネルギー
固体-州/州 バッテリー技術、またはそのような競合技術が私たちの高いよりも効率的または効果的であると判断された場合
—capacity 陽極と高— エネルギー 固体
ii
バッテリー技術、当社のパートナーは、当社の事業、財務結果、および見通しに重大な影響を与える可能性のある競合他社の技術または製品を採用してインストールすることを選択することがあります。
当社は、大容量アノードおよび高エネルギー固体電池技術について予備的な安全試験を実施したに過ぎず、電気自動車への搭載前に追加的かつ広範な安全試験が必要となります。自動車 OEM の受け入れを達成するために、期待される商業-大きさ 私たちのハイ—capacity 陽極と高— エネルギー 固体-州/州
バッテリー技術は広範な安全試験を受けなければなりませんこのような試験が成功することを保証することはできません。また、当社のプロトタイプセルに含まれていなかった当社の開発または市販セルにおいて異なるまたは新しい安全問題を特定する可能性があります。安全性問題に対処するために設計を変更する必要がある場合は、販売を遅延または中断する必要があり、事業、見通し、財務状況、業績およびブランドに重大な損害を与える可能性があります。当社の操業は複雑な設備に依存しており、生産には操業性能やコストの面で大きなリスクと不確実性が伴います。私たちは、私たちの操作と私たちの高い生産のための複雑な設備に大きく依存しています。
• —capacity
• 陽極と高
• — エネルギー 固体-州/州 バッテリー技術だこの機器を当社の高性能生産に統合するために必要な作業—capacity
• 陽極と高
• — エネルギー
• 固体
• -州/州
• バッテリー技術は時間のかかるため、当社の独自技術で適切に動作するように機器プロバイダーと緊密に協力する必要があります。この統合にはある程度の不確実性とリスクがあり、生産の拡大が遅れたり、当社の高いコストが追加されたりする可能性があります。
• —capacity
• 陽極と高
• — エネルギー
固体-州/州 バッテリー技術だ-ベース燃料電池駆動の車です。競争相手の代替技術の発展や電池技術の改善は私たちの製品の販売、定価と毛金利に重大な悪影響を及ぼす可能性があります。技術の変化に伴い、私たちは製品に最新の技術を提供するために、私たちの製品をアップグレードしたり調整したりすることを試みます。しかし、私たちの製品は時代遅れになるかもしれないし、私たちの研究開発努力は変化に適応したり、必要な技術を作ったりして効率的に競争するのに十分ではないかもしれない。もしこれらの技術がリチウムよりも低い価格を達成したり、より大きな政策支援を達成すれば、競争の発展についていけないなら、イオン —電池産業では、私たちの競争的地位と成長の見通しが損なわれるかもしれない。同じように、私たちの経済成長が高位にあることを正確に予測して確保できなければ—capacity 陽極と高— エネルギー 固体-州/州バッテリ技術は、お客様の絶えず変化する需要や新興技術の傾向を満たすことができます。あるいは、私たちのお客様が高性能による予想されるメリットを実現できない場合—capacity 陽極と高
— エネルギー 固体-州/州電池技術、私たちの業務は損害を受けるだろう。私たちは経済を発展させるために多くの資源を投入し続けなければならない
iii
陽極と高
— エネルギー
固体
-州/州
これらのコミットメントは、投資が潜在的な顧客が受け入れられる製品をもたらすかどうかを知らずに行われなければなりません。私たちは正常に新しい顧客の要件を特定し、開発し、私たちの高いもたらす保証はありません—capacity 陽極と高— エネルギー 固体-州/州 バッテリー技術をタイムリーに市場に投入するか、他社が開発した製品や技術が私たちの高い—capacity 陽極と高
— エネルギー 固体-州/州 バッテリー技術が時代遅れまたは競争力のない場合、事業や業績に悪影響を及ぼす可能性があります。自動車 OEM やトップレベルのバッテリーセルサプライヤーは、私たちの高いライセンスをライセンスする可能性が低いと予想しています。—capacity 陽極と高— エネルギー 固体— エネルギー 固体-州/州 特にバッテリー技術です当社が恩恵を受ける補助金およびインセンティブの水準の変更は、当社の事業、見通し、財務状況および営業結果に重大な悪影響を及ぼす可能性があります。法規制コンプライアンスに関連するリスク私たちは様々な製品の貯蔵と運搬規定に支配されている。私たちは製品責任クレームの影響を受けるかもしれません。もし私たちがこのようなクレームの弁護や保険加入に成功できなければ、私たちの財務状況と流動性を損なうかもしれません。当社は、事業、見通し、業績および財務状況を損なう可能性のある製品責任請求の対象となる場合があります。当社は、高値の場合にクレームにさらされる固有のリスクに直面しています。—capacity 陽極と高— エネルギー 固体-州/州 バッテリー技術が期待通りに動作しないか、人身傷害を引き起こす故障 カタログ表
死か。この分野におけるリスクは、特に高い—capacity 陽極と高— エネルギー 固体-州/州 電池材料、コンポーネント、セル、および選択されたモジュール / パック技術の開発と商業化に焦点を当てた先進的な電池技術会社。Solidion の共同創設者である Bor Z Jang 博士は、 2002 年にグラフェンの米国特許出願を行った。共同創業者 Aruna Zhamu 博士と Jang 博士が率いる研究開発チームはグラフェンを発明しました— 強化された 世界初のグラフェン製造施設を建設— 有効 リチウム用シリコンアノード材料イオン — バッテリー
ソリディオンは、知的財産 （ 「 IP 」 ） のグローバルリーダーとして高い—capacity 陽極と高い— エネルギー 固体-州/州 科学的および特許情報の研究と分析に特化したフランスの企業 KnowMade によって認められたバッテリー。ソリディオンは、高度な陽極材料 （ 比容量 300 ～ 3，500 ミリアンペア以上 ） を提供するユニークな立場にあります。
— 時間の
グラムあたりの質量 （ 「 mAh / g 」 ） およびシリコン
— リッチ すべて—solid—state
リチウム
1
電池、無電極リチウム金属電池、およびリチウム — 硫黄 高度なポリマーまたはハイブリッド固体電解質を特徴とする細胞は — フレンドリー . G 3 と Solidion の間の供給ライセンス契約に従い、当社のバッテリーに使用するグラフェンおよびグラファイト製品の製造を制限します。-関連して 製品と第三者への転売を禁止し、私たちはグラファイトを供給するのに良い位置にあると考えています
-ベース
持続可能なソースからの陽極材料。
私たちのすべて
• —solid—state
• バッテリープラットフォーム技術は、電気自動車 （ 「 EV 」 ） のバッテリースペース全体を固体に変換することができます。
• -州/州
2
• -州/州
• 現在のリチウムで大規模に製造できる電池を
• イオン — 新しい設計、新しいインフラ、新しいサプライチェーンを必要としない細胞生産施設。当社の電池は、大幅に拡張された EV 範囲、電池安全性の向上、キロワット時あたりの低コスト、最速時間を提供することができます市場に出す
負極では、黒鉛の代わりに金属リチウム(Li)を用いてリチウム金属電池を得ることができ、この電池は、一般に1400の範囲のエネルギー密度を提供することができると考えられる
WHr/kgは、使用するカソード材料に依存する。しかし、そのような潜在的な利点に挑戦がないわけではない。充電中に
-退院した リチウム金属電池、針の循環
— 好き いわゆる“リチウム樹枝結晶”の特徴は，陽極中のリチウム金属上に形成される可能性がある。樹枝晶はスペーサを通って陰極側に到達し，内部短絡を起こし，火災や爆発の危険をもたらす。また、リチウムと液体電解液との繰り返し反応は、活性リチウムイオンと液体電解液とを消費し続け、容量が急速に減衰する。これまで、これらの問題は、従来のリチウム電池に代わる金属リチウム電池の実用化を阻害してきたイオン —電気自動車用電池です。Solidionは，これらの技術問題を解決するためのリチウム金属保護戦略を開発してきた。
リチウムの安全性
イオン — リチウム金属電池は非があるかどうかに依存します 5, 2024.
-燃えやすい電解液。現在リチウムでよく使われている液体電解液イオン —電池は、有機溶媒に溶解したリチウム塩を含み、有機溶媒には発火する可能性のある揮発性分子が含まれている。対照的に様々なタイプの固体は-州/州
3
これら2種類のリチウムについては，いずれも揮発性化学種を少なくまたは含まない電解液が開発されている
イオン — リチウムと— メタル バッテリーの種類さらに、ソリッド-州/州
電解質はセパレータとして使用するとリチウム樹状結晶の問題を大幅に低減または排除できますただし、固体-州/州 電解質は、高い内部インピーダンス （ したがって、低電力 ） 、低い陽極または陰極活性材料比率 （ したがって、低電力 ） など、電池設計者に他の種類の課題をもたらします。予想以上に エネルギー密度 ） と製造コストが高くなります。後者の課題は、主に固体を生産するための新しいプロセスと新しい設備を開発する必要性の結果です。-州/州 セパレータと必要な部品をバッテリーセルに組み立てるために。 Solidion は 2 種類の準を開発しています—solid より実用的な製造性が期待されるハイブリッド電解質や
—at—scale - 溶媒 >
— インソルト
> > 溶媒— インポリマー「電解質」ソリディオンの取り組みには、多用途な固体の開発も含まれています。-州/州 電解質技術だソリディオンの電解質 （FireShieldTM） は、プロセス化を目指します
(a) 2,000,000 — フレンドリー
(b) 現在のリチウムと互換性があり
(c) イオン —
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細胞の製造プロセス具体的には、ソリディオンの開発は、現在のリチウムを可能にする破壊的な材料プロセス技術を提供することに焦点を当てています。
(d) イオン —
(e) 固形電池製造施設-州/州 準または
—solid
電解液
-ベース 既存の設備や設備を大幅に変更する必要のない安全なリチウム電池つまりリチウムはイオン — 電池産業は固体の利点を容易に享受できます-州/州， リチウム金属電池は本質的にすぐに、 10 年待つ必要はありません。ソリディオンバッテリーテクノロジーは、バッテリー容量、寿命、安全性、高速充電においてコストを最小限に抑えながら大きなメリットを実現することを目指しています。Solidion 、グラフェンの商業化準備を進めている-保護されてる リチウム金属電池産業の加速的な出現に不可欠なリチウム金属アノード技術。プロセスの— フレンドリー 電解質も Solidion を固化する準備ができていますリチウム電池業界全体を準電池産業に転換したリーダーシップを発揮しました —solid Solid と-州/州 状況だ
自動車業界では、ほとんどの EV メーカーがシリコン金属とリチウム金属に高い関心を持っています。
-ベース-5120 電池重量または容積が同じであれば、 EV の運転範囲を向上させるための陽極。例えば、 Gm はシリコンの実験をしています。-K— リッチ-Q 次世代ウルチウム電池のための電極のドライ処理、固体および高電圧電解質、およびリチウム金属陽極、 2025 年頃に予定されています。フォード、 VW 、 BMW もバッテリースタートに取り組んでいます-K-UPS 固体の開発について.
-州/州
リチウム金属と Siベース アノードだカタログ表電気自動車電池市場の需要概要以上のように，2030年までにリチウム電池供給不足は約3，700 GWhと予想される。2028年までに世界の黒鉛供給は140万トン/年不足すると予測されている。天然黒鉛の採掘や石油や石炭からの人工黒鉛の生産は通常環境に無害ではないとされている。市場は持続可能なグラファイト資源を必要とする。電気自動車業界はリチウム電池が極めてよく使われているコバルト(Co)やニッケル(Ni)などのキー元素の潜在的な不足を意識しているイオン —
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電池；正極材料の代替は電気自動車電池業界の持続可能な発展の鍵である。電気自動車市場はネクストに非常に興味を持っている
ゲン
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以下の機能を有する電池： |
1回の充電は航続距離を著しく延長することができ、これは航続不安を緩和する |
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既製固形物 |
• (i) 12,217,468 火災や爆発の危険はなく、より安全な電池システム 15分以内に80%まで充電することを目標としています • 電池コストはもっと低く、目標は1キロワット当たり100ドル以下です —hour • 電気自動車の電池はより高いエネルギー密度を含む厳格な基準を満たす必要があります。走行距離を延長し、より安全な準を使用する必要があります —solid 固体または -州/州 電解液は安全性を強化し、材料、電池と部品/部品などの異なるレベルで改良設計を行い、急速充電を促進し、1キロワット当たりのコストを低減した —hour ギャップ。A drop -入力 ソリューションは、今日の製造プロセスや設備と互換性が期待されます。現在のバッテリー技術と未来のソリッドのギャップを縮めるには、 2 つの道があります。 • -州/州 性能： シリコン — リッチ • (v) 3,750,000 固体 -州/州 • リチウム イオン — 細胞と固形 • -州/州 リチウム金属電池は 2 ～ 3 年以内に商用化できると予想しています高いエネルギー密度と固体 • -州/州 電解質は、次世代 EV 電池の鍵です。EV バッテリーは、走行距離を延長するための高いエネルギー密度を提供する必要があります。 —solid 29, 2024; • 固体または -州/州 • 安全性のための電解質、材料、セル、およびモジュール / パックにおける設計の改善 —levels • 高速充電、キロワットあたりの低負極および / または負極コスト —hour |
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第 1 世代 固体 |
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-州/州 |
リチウム |
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イオン — |
シリコンを特徴とする細胞— リッチ 陽極と準 |
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—solid |
ポリマーか |
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— 無機 |
複合電解質 （ 2026 年発売予定 ） 。 |
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第 2 世代： 固体 |
-州/州 薄いリチウム金属陽極または最初はリチウム金属を特徴とするリチウム金属電池-無料だ-K アノード （ Anode-Q—less-K」と、ポリマー |
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陰極と in situ 硬化性ポリマー
— 無機
複合電解質 （ 2027 年予想 ） 。
要約すると、 Solidion は、 EV 業界で最も重要な問題を解決するために、迅速に商用化できる優れた技術を持っています。
コスト：
ソリディオン技術は、現在の電池のコスト / KWh を大幅に削減し、採用を加速させ、持続可能な EV が内燃機関を迅速に置き換えることを可能にすると考えています。また、将来のソリッドよりもバッテリーコストを低く抑えることができると考えています。
-州/州
バッテリー
-作成
競合他社
時間です
市場に出す
• ソリディオンの固体
• -州/州
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• — フレンドリー
• 「未来」の固体化
• -州/州 既存 · 現在のリチウムを用いて「今」生産される電池
• イオン —
• 電池生産設備。EV OEM は既存の工場を利用して固体認定できる
• -州/州
• 4 年から 7 年待つのではなく 2 年から 3 年でバッテリーをこれは他の固体とは対照的に
• -州/州
• リチウム金属電池の生産を開始する企業です
-州/州
2025 年の電池
.従来の固体電池技術の実装には、大規模な工場インフラの再建が必要であり、開発には何年もかかります。Solidion は既存の工場を使用し、市場投入までの時間、コストを節約し、サプライチェーンの需要を迅速にサポートします。
駆動範囲：
固形
-州/州 リチウム電池とリチウム — 硫黄 バッテリーは、同じサイズのバッテリーで最大 100% の航続距離の増加を提供し、航続距離不安をなくす可能性があります。 安全性 ： 私たちの火 / 炎-耐えられる
擬似—solid Solid と-州/州 電解質はあらゆる種類の充電式リチウム電池をより安全にしますバッテリー充電時間 ： 充電時間を 15 分未満に短縮することで、 EV の普及を促進し、充電インフラの課題を軽減できます。トータルソリューション ： 当社の電池は低コストで高性能で、緊急電力用途の電池モジュール / パックを経済的に商業化することができます。これらの電力システムは、グリッドと太陽光 / 風力に接続できます。
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電源は車両に利用できます—to—hom (V2H)充電するカタログ表EV 部門とは別に、 Solidion はハンドなどの多様な市場への参入を戦略的に模索しています。— 保持 デバイス、エネルギー貯蔵システム、電動工具、および e— バイク.当社の電池は、コストを含む明確な利点により、かなりの市場シェアを獲得する準備ができています。
効果性
、優れた充電 / 放電性能、安全機能、拡張サイクル
-生活だ
、並外れた耐久性。これらの属性は、複数のセクターで大幅な成長と成功をもたらします。
ソリディオンの製品と開発段階の概要。
陽極活性材料 ：
グラフィット
• -ベース
• 陽極材料 （ 持続可能なソースを含む原料の柔軟な選択 ） は製品開発の最終段階にあります。
• グラフェン
— 強化された
酸化ケイ素 （ （ SiOx ） アノード材料 ） は製品開発の最終段階にあります。
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— リッチ
陽極材料： 小さい 最大 94% の効率と 2，000 の比容量， 200 mAh / g ） は、次のエネルギー密度の増加と低コストの要件を満たします
• ゲン
• EV バッテリー
• 過程
• — フレンドリー
• 擬似
—solid
Solid と-州/州 電解質：
ソリディオンは真に破壊的なソリッドを開発してきました
-州/州 EV 産業のバッテリー安全性を強化できるプラットフォーム技術。当社の主要電解質技術は、 （ a ） エラストマー固体電解質を発明しました。 inサイト — 治癒 カタログ表あるいは…
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サイト —
高分子電解質の固化 （ c ） 準電解質を発明しました—solid 電解質 （ d ） 熱安定で炎症性の高い— 遅延剤 ポリマーおよびポリマー / 無機ハイブリッド電解質； （ e ） 当社の電解質は現在の Li と互換性があります
イオン —
（ f ） 汎用的で簡単なインフラストラクチャとプロセス
—to—process
固体
-州/州
安全なリチウムの電解質イオン — リチウムと
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バッテリー下の図 3 に要約されているように、準で最も古い IP を持つ。
—solid
電解質 （ 溶媒— インソルト 溶媒は— インポリマー、および固体高分子電解質の強い IP 位置 （その場で 重合および固体エラストマー電解質 ） 、およびポリマー複合電解質 （ 弾性、炎 ）— 遅延剤 と高い— 温度 ポリマー電解質 ）図 3 Li の電解質の種類イオン —.
リチウム金属電池。
リチウム金属電池：リチウム金属陽極保護は、すべての商業化の鍵です—solid—state 液体か-州/州 リチウム金属電池 （ リチウム金属を陽極活性材料として使用した電池、したがってエネルギー密度が高い ） 。ソリディオンは、リチウム金属アノード保護の分野で最も重要な IP （ 米国特許 50 件以上、多くの外国特許 ） を有すると考えています。当社のグラフェンおよび / またはポリマー— 有効 リチウム金属保護技術は、技術的障壁 （ リチウムデンドライト、大きな界面インピーダンスなど ） を克服することを目指しています。固体の商業化が妨げられてきた-州/州
リチウム金属電池。グラフェン / ポリマーは
-ベース Li 金属保護層は、あらゆる種類の固体の鍵となる技術です-州/州 リチウム金属電池ソリディオン陽極 （ Solidion 's Anode ）— 保護 層とエラストマー固体電解質がウルトラの商業化を加速薄い — リチウム （ Liライト —） 陽極電池または無陽極電池は、いずれもセル重量と体積を低減し、エネルギー密度を高めます。リチウムは— 硫黄 リチウムと— セレン 細胞： Solidion の研究者はグラフェンの分野のパイオニアです— 有効 李と—Se
この主題で 50 以上の米国特許と多数の外国特許を持つバッテリー。特に、ソリディオンはナノ構造グラフェンを開発しました。— 硫黄 （ a ） 非常に高い硫黄含有量と利用効率、 （ b ） 高比容量 （ 1，000 mAh / g まで ） 、 （ c ） 高比エネルギー （ 理論的には 500 Wh / kg まで、従来のリチウムの 2 倍以上 ） を有する陰極イオン — （ d ） シャトル効果を最小限に抑え、良好なサイクルを可能にする-生活だリチウム化学を超えて ：ソリディオンは他のタイプの電池でも印象的な技術を開発しました。Solidion はアルミニウム分野のパイオニアですイオン —
細胞はおそらくこのトピックで最も重要な IP を持つでしょうSolidion はまた、ナトリウムで良い IP を持っています
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細胞だ
要約すると、ソリディオンはグラフェンを含む多くの主要な電池技術の発明者です。— 有効 電池、弾性ポリマー-保護されてる 電池、準—solid 電解質、エラストマー固体
-州/州
電解質、火炎— 遅延剤 高分子複合電解質、グラフェン— 有効 バイポーラ電極や電池などこの大規模な IP ポートフォリオは、 EV およびエネルギー貯蔵システム産業に、 （ a ） Si など、いくつかの破壊的な電池技術を提供しています。— リッチ 高い性能 / コスト比を有する陽極、 （ b ） 高い—capacity 硫黄陰極材料 （Co 、 Ni 、 Mn）-無料だ） 、 （ c ） 高度なプロセス— フレンドリー 固体-州/州 電解質、 （ d ） 将来のリチウム金属電池の成功に不可欠な保護されたリチウム金属アノード、 （ e ） 高速充電性、 （ f ） アルミニウム
イオン —
細胞と （ g ） ナトリウムイオン — 細胞だカタログ表ソリディオンのバッテリー製品には、以下の特徴や利点があると考えています。高エネルギー密度。 走行距離不安をなくすために EV の走行距離を 20% から 80% 増加させる。
固体-州/州 パフォーマンス。 リチウムの変換を促進することを目指してイオン — 電池設備を固体化-州/州
リチウム電池生産ライン私たちは Solidion 固体を期待します
-州/州 電池は 2 年から 3 年で入手可能になります安全だ クアシ—solid Solid と-州/州 電解質は電池火災や爆発の問題に効果的な解決策を提供しますキロワットあたりの低コスト。—hour当社の技術は、競合他社に比べてコスト優位性を提供すると考えています。我々は高い期待—capacity 陽極、陰極、電解質技術とユニークなモジュール / パック-レベル エネルギー密度の向上、パックシステムコストの削減、安全性の向上、冷却規定の削減、電気化学形成の排除または削減、および電流リチウムを使用する能力をもたらしますイオン — 細胞生産設備，充電が早い。 当社は、電池とパックの両方で、アノード材料設計、革新的な電池構成、受動および能動の熱管理を開発しています。
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充電速度を向上させます
パフォーマンス改善 ：
第 2 世代は全て
—solid—state
リチウム金属電池 （ 2026 年予定 ） と世代 3 すべて
—solid—state
リチウム. — 硫黄 セル （ 2027 年予定 ） は、現在の Li よりも大幅な性能向上をもたらします。試作 （ パイロット ）生産するステップ
技術的な期待に応える A 億および C サンプルを開発する。
パイロットプラント機器の設計 · 評価
機器の購入設備の設置テストラン顧客にサンプルを送る工場立地調査エンジニアリングデザイン機器の評価機器の購入設備の設置テストラン顧客にサンプルを送る
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適切なリソースがあれば、重大な技術的障害は予想しません。電池製造設備などの設備のリードタイムが長すぎる場合 （ 9 ～ 18 ）ヶ月 ） 。待機期間短縮を目指して、複数の地域の潜在的なサプライヤーと積極的に交流しています。同じ納期の問題です。特定の製造装置(例えば、SiOx生産)はカスタマイズされていなければならない
-設計それは.私たちは、このプロジェクト問題を克服するために、選定されたエンジニアリング設計会社や設備メーカーと協力し始めている。生産計画です。合成黒鉛の生産--段階生産1.2026年までに生産能力1万トンの加工工場を建設する予定で、資本支出は100ドルと予想されています900万ドル収入9000万ドルから1億ドルです私たちは2032年までに年間生産能力を18万トンに拡大する予定だ。陽極製品−オハイオ州デイトン市に位置する陽極材料生産ラインの現在の生産能力は年間1500万トンであり，2026年までに年間>150トンの生産能力に拡大する予定である。電池製品：2026年までにGen 1とGen 2電池、2027年までにGen 3電池を発売する予定です。知的財産権Solidionは520以上の特許を持っている。この製品の組み合わせは次世代電気自動車電池の多くの重要な特許を含んでいる。ソリーディオンはグラフェンの発明者です— 有効弾性ポリマー電池-保護されてる準電池—solidエラストマー固体電解質-州/州
電解質、高度なポリマー / 無機ハイブリッド電解質、その他多くの破壊的な電池技術。この膨大なインテリジェントポートフォリオは、シリコンなどの主要なバッテリー技術を EV 業界に提供します。— リッチ 最高の性能 / コスト比率を持つ陽極、最も高い—capacity 硫黄陰極材料 （ コバルト、ニッケルおよびマンガンのない ） 、最もプロセス— フレンドリー 固体-州/州 電解質、保護されたリチウム金属陽極、急速充電性、アルミニウムイオン — 細胞とナトリウムイオン — 細胞だSolidion は、グラフェンまたはポリマーに関する 100 以上の主要な米国特許を保有しています。— 強化された シリコン-ベース 素材だ35 以上の主要な米国特許を保有しています。
-耐えられる リチウム電池用の電解質です次の主要技術に関する 70 以上の米国特許を保有しています。-一世代だ すべて別の KnowMade レポート （ 図 6 ） では、 Solidion が次のように特定されています。 ♪the the the Si アノード技術の米国リーダー。米国では、 Solidion が第 1 位 （ Si 陽極で 131 の特許ファミリーを持ち ） で、 Gm （ 90 ） 、 Enevate （ 77 ） 、 Amprius （ 71 ） が続きます。さらに、 Honeycomb / G 3 は、 8 つの主要な Li に次いでバッテリー業界全体で 9 位にランクされています。イオン — 電池セルメーカーですが、 Solidion はすべての電池スタートアップの中で No. 1 です。-UPS 世界の中で図 6 ソリディオンが「 Li 用シリコン陽極」のリーダーとして認められるイオン — バッテリー > >カタログ表私たちの高シリコン—content 陽極はドロップを提供します-入力
リチウムのエネルギー密度を高めるソリューションですイオン — バッテリー弾性ポリマーに関する最古かつ最も重要な IP を保有しています-保護されてる シリコン粒子は最もコストがイオン — 細胞の生産プロセスと設備により、迅速な時間を可能にします市場に出す すべてと比較して
• —solid—state
• バッテリーこの汎用性の高いプラットフォーム技術はリチウムを変革する可能性がある
• イオン —
• バッテリー産業は安全で固体の生産者に
• -州/州
17
EV 、 ESS 、コンシューマーエレクトロニクス、およびその他の電力貯蔵アプリケーションのためのバッテリー。
• カタログ表
• 以下の 2 つのグラフは、 Solidion の製品と技術を競合他社と差別化する主な属性を要約しています （ 図 8 と図 9 ） 。
図 8 ソリディオンの製品 / 技術特性を他の主要シリコンと比較した簡単な概要
アノード
-集中して
バッテリースタート-UPS図 9 ソリディオンの製品 / 技術特性を他の主要なリチウム金属と比較した簡単な概要
セル-集中して26 、 2024 、記録の株主 [_] がいました。当社の普通株式の実質所有者は、各ディーラー、清算機関、銀行、ブローカー、その他の受託者の名義で保有されています。配当政策。当社は、普通株式の現金配当を宣言 · 支払ったことはありません。当社は、当社の普通株式に対する現金配当を当面行う見込みではありません。現在、収益があれば事業に使用するために保持する予定です。今後宣言される配当は、取締役会の裁量によるものであり、貸し手によって課される制限の対象となります。
株式補償計画に基づく発行を承認された有価証券
以下の表は、当社の株式補償計画に基づき発行される有価証券について、 2023 年 12 月 31 日現在の情報を示します。
計画種別量証券はしなければならない発行日演習をする卓越した選択肢は、株式引受証及び権利.権利重みをつける平均値トレーニングをする値段
18
選択肢は、
株式引受証及び
権利.権利
量
証券
残り利用可能未来発行公平な条件の下で補償平面図（ 除く
有価証券Reflected in the第 1 列 ）証券保有者が承認した持分補償計画証券保有者の許可を得ていない持分補償計画総額カタログ表
監査を受けていない備考は簡明合併財務情報
以下に含まれる定義された用語は、 2023 年 11 月 8 日に SEC に提出された代理ステートメントの他の場所で定義され含まれた用語と同じ意味を有します。文脈で別段の定めがない限り、本節における「合併会社」への言及はすべて、取引の実施後の Solidion およびその完全子会社を指します。(歴史)ヌビア
(歴史)
19
調整する
形式的には
組み合わせている
売上高
収入コスト
総利益
• 運営コストと支出：
• 研究 · 開発
• 販売費、一般管理費
• 総運営コストと費用
• 営業収入(赤字)その他の収入(支出)：派生負債の公正価値変動
普通株式 · ワラントの発行利 子 収入利子費用
その他の収入(費用)
その他収入合計
20
規定
所得税支給
純収益(赤字)
ソリディオン
(歴史)
ヌビア
(歴史)
形式的には
組み合わせている
加重平均発行済株式 — 普通株式1 株当たり基本利益および希釈純利益 （ 損失 ） — 普通株式加重平均発行済株式 — 償還対象のクラス A 普通株式
21
1 株当たり基本 · 希釈純利益 （ 損益 ） — 償還対象のクラス A 普通株式
加重平均発行済株式 — クラス A & b 非償還普通株式
1 株当たり基本および希釈純利益 （ 損益 ） — クラス A および b 非償還普通株式
カタログ表
監査を受けていない備考合併貸借対照表を圧縮する
2023年12月31日まで
ソリディオン
• (歴史)
• ニュビア
• (歴史)
• 形式的には
• 調整する
形式的には組み合わせている資産
22
現金 · 現金同等物
売掛金
親からの債権在庫品前払い費用と他の流動資産
• 派生資産流動資産総額非経常資産 ：信託口座に持っている現金と有価証券特許、ネット財産と設備、純額非経常資産総額
• 総資産
• 負債、臨時資本金、株主資本金 （ 赤字 ）売掛金と売掛金所得税に対処する消費税の納付償還済株主への支払金派生負債関係者からの進展
• 関係者の都合で
• 目標からの進捗
• 両親への支払
• 本票
• カタログ表
• 未監査プロフォームコンデンサドコンビネッドバランスシート — （ 続き ）
• 2023年12月31日まで
ソリディオン
(歴史)
ヌビア
(歴史)
形式的には
23
形式的には組み合わせている転換支払手形
可換手形 — スポンサー
流動負債総額非経常負債 ：繰延引受料に対処する非経常債務総額負債総額
引受金とその他の事項一時的株式 ：償還可能な普通株式
株主権益(赤字)：
A類普通株B類普通株追加実収資本赤字を累計する株主権益合計負債 · 臨時資本金 · 株主赤字の合計カタログ表
監査を受けていない備考簡明合併業務報告書
2023 年 12 月 31 日期末
(単位は千、1株当たりのデータは除く)ソリディオン(歴史)ニュビア(歴史)形式的には調整する
24
組み合わせている売上高収入コスト総利益運営コストと支出：研究 · 開発販売費、一般管理費総運営コストと費用営業収入(赤字)その他の収入(支出)：派生負債の公正価値変動DD信託口座に保有された投資の利子AA型利 子 収入
その他の収入(費用)
その他収入合計
所得税引当前純利益 （ 損失 ）
所得税支給BB.BB純収益(赤字)ソリディオン(歴史)ニュビア(歴史)
形式的には12月末現在年度は審査備考なし簡明総合経営報告書に掲載されている取引会計調整2023年31日の状況は以下の通り(Aa)信託口座の利子収入の減少を反映する(Bb)これは、信託利子収入に関連する税収の廃止を反映する。
(Cc)取引コストを反映する
(DD)派生公平価値の変動を反映する
25
経営陣の議論と分析
財務状況と経営成果以下、会社の財務状況及び経営結果の検討及び分析は、本募集説明書の他の部分に含まれる財務諸表及びその注釈と共に読まなければならない。以下に説明する議論および分析に含まれるいくつかの情報は-そうだな危険と不確実な要素に関する陳述。以前発表された財務諸表を読み返す以下の討論と分析は著者らの経営業績、財務状況、流動資金とキャッシュフローに影響する重要な要素をまとめた。以下の議論と分析は、本報告に含まれる監査されていない簡明、合併及び連結財務諸表及びその関連付記とともに読まなければならない。この報告書は6月までと現在の四半期の金額を再記述している2023年3月30日、期日が11月の最終依頼書に含まれています
8，2024年ですより多くの情報は、“監査されていない合併·連結財務諸表”に付記2--“以前に印刷された財務諸表を再報告する”ことを参照されたい。再記述の影響は、以下の経営陣の財務状況と業務結果の検討と分析に反映される。概要Solidion Technology，Inc.はアメリカテキサス州ダラスにあります-ベース 電池材料、コンポーネント、セル、および選択されたモジュール / パック技術の開発と商業化に焦点を当てた先進的な電池技術会社。Solidion は、知的財産のグローバルリーダーとして高い両方で認められています。
—capacity
陽極と高い— エネルギー 固体
26
科学的および特許情報の研究と分析に特化したフランスの企業 KnowMade によって認められたバッテリー。ソリディオンは、高度な陽極材料 （ 比容量 300 ～ 3，500 ミリアンペア以上 ） を提供するユニークな立場にあります。
— 時間の グラムあたりの質量 （ 「 mAh / g 」 ） およびシリコン— リッチ すべて—solid—state
リチウム
イオン —
電池、無電極リチウム金属電池、およびリチウム— 硫黄 高度なポリマーまたはハイブリッド固体電解質を特徴とする細胞は
27
当社の技術と製品陽極活性材料当社の製品にはグラファイトが含まれます
固体
-州/州
リチウム
イオン —
細胞と固形
-州/州 リチウム金属電池は 2 ～ 3 年以内に商用化できると予想しています高いエネルギー密度と固体-州/州 電解質は、次世代 EV 電池の鍵です。EV バッテリーは、走行距離を延長するための高いエネルギー密度を提供する必要があります。—solid 固体または-州/州 安全性のための電解質、材料、セル、およびモジュール / パックにおける設計の改善—levels 高速充電、キロワットあたりの低負極および / または負極コスト—hour バッテリーコストを低減できます当社のチームは、 15 年にわたるバッテリーの研究開発に取り組んできた取り組みは、これらの問題に取り組むことに正確に行われてきました。簡単に言えば、以下の電池を生産する予定です。第 1 世代 固体
-州/州 リチウムイオン — シリコンを特徴とする細胞— リッチ 陽極と準—solid ポリマーか— 無機
28
第 2 世代： 固体-州/州 薄いリチウム金属陽極または最初はリチウム金属を特徴とするリチウム金属電池
-無料だ アノード （ Anode—less」と、ポリマー— 無機 複合電解質 （ 2026 年予定 ）第 3 世代 固体
-州/州
リチウム— 硫黄 リチウム金属陽極、硫黄または変換を特徴とする電池タイプ 陰極と in situ 硬化性ポリマー
— 無機 複合電解質 （ 2027 年予想 ） 。要約すると、 Solidion は、 EV 業界で最も重要な問題を解決するために、迅速に商用化できる優れた技術を持っています。コスト： ソリディオン技術は、現在の電池のコスト / KWh を大幅に削減し、採用を加速させ、持続可能な EV が内燃機関を迅速に置き換えることを可能にすると考えています。また、将来のソリッドよりもバッテリーコストを低く抑えることができると考えています。
-州/州
バッテリー
-作成
29
時間です
市場に出す
ソリディオンの固体-州/州 電解質はプロセス— フレンドリー「未来」の固体化-州/州 既存 · 現在のリチウムを用いて「今」生産される電池イオン — 電池生産設備。EV OEM は既存の工場を利用して固体認定できる-州/州 4 年から 7 年待つのではなく 2 年から 3 年でバッテリーをこれは他の固体とは対照的に-州/州 リチウム金属電池の生産を開始する企業です-州/州 2025 年の電池
.従来の固体電池技術の実装には、大規模な工場インフラの再建が必要であり、開発には何年もかかります。Solidion は既存の工場を使用し、市場投入までの時間、コストを節約し、サプライチェーンの需要を迅速にサポートします。駆動範囲： 固形
-州/州
30
31
-耐えられる
擬似—solid Solid と
-州/州
• 電解質はあらゆる種類の充電式リチウム電池をより安全にしますカタログ表バッテリー充電時間 ：
• 充電時間を 15 分未満に短縮することで、 EV の普及を促進し、充電インフラの課題を軽減できます。トータルソリューション ： 当社の電池は低コストで高性能で、緊急電力用途の電池モジュール / パックを経済的に商業化することができます。これらの電力システムは、グリッドと太陽光 / 風力に接続できます。
• -ベース 電源は車両に利用できます—to—hom (V2H)充電するEV 部門とは別に、 Solidion はハンドなどの多様な市場への参入を戦略的に模索しています。
• — 保持
• デバイス、エネルギー貯蔵システム、電動工具、および e
• — バイク
• .当社の電池は、コストを含む明確な利点により、かなりの市場シェアを獲得する準備ができています。
• 効果性、優れた充電 / 放電性能、安全機能、拡張サイクル-生活だ
• 、並外れた耐久性。これらの属性は、複数のセクターで大幅な成長と成功をもたらします。
• ソリディオンの製品概要と開発段階
陽極活性材料 ：
グラフィット-ベース 陽極材料 （ 持続可能なソースを含む原料の柔軟な選択 ） は製品開発の最終段階にあります。グラフェン— 強化された 酸化ケイ素 （ （ SiOx ） アノード材料 ） は製品開発の最終段階にあります。シ— リッチ 陽極材料： 小さい-割合 生産は進行中 （ 現在、年間 15 トン （ 「 MTA 」 ） ） 。2026 年までに 150 MTA 以上への拡大を計画しています。
歴史.歴史
32
-持っている
ヌビアの子会社 （ 「 Merger Sub 」 ） です。合併契約に基づき、 Merger Sub は HBC と合併し （ 「合併」および合併契約で想定される取引は「取引」 ） 、 HBC はヌビアの完全子会社として合併し、「 Solidion Technology， Inc. 」と改称しました。閉店後。六月三十日純売上高
販売原価
運営費その他収入合計純収益(赤字)運営費6 月末の 3 ヶ月間の営業費用は 1，900 ， 333 ドル増加しました。
2024 年 30 日。この増加は主にプロフェッショナル手数料、株式によるものです。
-ベース
33
2024 年 2 月 2 日現在、公的事業体として事業を行うことに伴う補償、保険、その他の管理費用。
カタログ表
その他の収入(費用)その他の収入は 6 月末の 3 ヶ月間で 24，95 1，334 ドル増加した。2024 年 30 月にこの増加は、フォワード購入契約に関連するデリバティブ負債およびプライベート · プレイスメント · ファイナンスに関連するワラントの公正価値の変化による 24，96 6，700 ドルの増加によるものです。さらに、プライベート · プレイスメント · ファイナンスに関連する普通株式およびワラントの発行により 17，820 ， 998 ドルの損失が発生しました。2024 年 6 月 30 日期および 2023 年 6 月 30 日期営業決算書の概要For the
6 ヶ月終了
六月三十日 純売上高
販売原価運営費その他収入合計
純損失
運営費
6 月末の営業費用は 3，91 7，552 ドル増加しました。2024 年 30 日。この増加は主にプロフェッショナル手数料、株式によるものです。-ベース
2 月現在における公的事業体としての事業運営に伴う補償 · 保険その他の管理費用
その他の収入(費用)
その他経費は 6 月末の 6 ヶ月間で 1，05 5，868 ドル増加した。
• 2024 年 30 日。この増加は、先行き購入契約に関連するデリバティブ債務およびプライベート · プレイスメント · ファイナンスに関連するワラントの公正価値の変更による 16，78 4，200 ドルの増加によるものです。さらに、プライベート · プレイスメント · ファイナンスに関連する普通株式およびワラントの発行により 17，820 ， 998 ドルの損失が発生しました。
• キャッシュフロー
• 以下の表は、各期間のキャッシュ · フローの概要です。
34
• 6 ヶ月終了
• 六月三十日
• 提供された現金純額(使用)：
• 経営活動
• 投資活動
• 資産に関わる契約
契約義務
6月まで
2024 年 30 日、当社の契約上の義務は以下のとおりです。
総額
関係者の都合で
所得税に対処する
消費税
35
短期手形総額 上記の金額は、当社の財務諸表に記載されている現在の負債を反映しています。
6 月に
• 2024 年 30 日、私たちは長くはなかった
• -Term
• 負債、キャピタルリース債務、オペレーティングリース債務または長期—term 負債。
• カタログ表肝心な会計見積もりヴラド · プランツェヴィチ
最高財務責任者
ソンハイ · チャイ博士
首席技術官
36
ディ レク ター
シンシア · エクバーグ · 蔡
ディ レク ターカリン = ジョイス （KJ） Tjonディ レク ター執行役員 · 取締役に関する情報行政員
ボル · ジャン博士 取締役会長兼最高科学責任者を務めます。Dr. Jang co
-成立だ
HBC は 2015 年に設立され、その後社長を務めている。Dr.Jang co
-成立だ
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2012 年に AEC を設立し、その後会長を務めている。AEC は、リチウム用陽極活性材料の開発 · 商業化に従事しています。
イオン —
株式数：ごく普通である株式提供 準拠 このリセール 奉納する見積もりの後
の株
ごく普通である在庫品有益な
持っている
百分率：
優秀
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在庫品
有益な
オーナー
株式 ごく普通である在庫品
有益な
持っている
百分率：
優秀
ごく普通である
在庫品
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オーナー
アンソン · インベストメント · マスターファンド LP
Alto Opportunity Master Fund 、 SPC — 分離型マスターポートフォリオ B
FirstFire Global Opportunities Fund 、
有限責任会社
グレートポイント · キャピタル、 LLC
L 1 キャピタルグローバル · オポチュニティ · マスターファンド
メテオラセレクト取引機会マスター、 LP
ブースベイダイバーシティアルファマスター
LP ファンド
S. H.N ファイナンシャル · インベストメント株式会社メテオラキャピタルパートナーズ LPMeteora Strategic Capital ， LLC株式会社グローバルグラフェングループアーバーレイクキャピタル株式会社-8アーバーレイクキャピタル LLC
エンバークホールディングス、 LLC
BKL グローバルソリューションズ、 LLC
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アンドリュー · スピロ
エンバークホールディングス II 、 LLC
• ワクサーホールディングス
• オルガ · ボリソワ
• ムファサホールディングス LLC
• Hasanov Capital LLC
• マイケル · R 。マーティン
02 キャピタル株式会社
ICO プロダクト LLC
劉多倫エディ · ニ喬陳
• Thanh Chi Thi Nguyen
• 李清
• Alta Capital Partners LLC-2BIG 4 スポンサー LLC
ジェイムズ · ウィンターズヴラド · プランツェヴィチニック · マテフ
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エマニュエル · ルス
カタログ表
販売証券保有者の名称
見積もりの前に極大値数量：
株式数：
ごく普通である
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準拠
このリセール
奉納する見積もりの後の株ごく普通である在庫品有益な持っている百分率：優秀
ごく普通である在庫品有益なオーナー株式 ごく普通である在庫品有益なオーナー百分率：優秀 ごく普通である在庫品有益な持っているアレクサンダー · モンジェデイヴィッド · キャンベルマイケル · パターソンスカリン = ジョイス （KJ） Tjonイヴォンヌ · ブラウンパトリック · オーランドBIG 4 スポンサー LLCジェイムズ · ウィンターズ
ヴィック · ソロモンニック · マテフエマニュエル · ルスポール · ハゲンズマイケル · ハゲンズケン · ムーンら。ポール · プランツェヴィチマイケル · ジョンソンランダル · パーカールビー · ジュバート · ジョンソンランドール · パーカーデイヴィッド · シェパードジョン · チャンドラー
ジョン · チャンドラー 2 世バリー · ウルフジェームズ · コークリーリンダ · ボイルマーク · ボイルメリッサ · ウィリアムズスティーブ · セラーズ
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デイヴィー · トーマス
ロドニー · スコットアレックス · シェフチュクチャールズ · グールズビージャニス · ニックス = ヴィクトリアキンバリー · ウォマックリンダ · チャールズ
マリオール · チャールズナターシャ · ヤングブラッドモニーク · メイヨ
ナターシャ · ジョンソン
ロッド · ウォーマックスライヴェスター · ジュベールテニール · ジョンソン
Kingswoods Capital Partners ， LLC-360ジョセフ · T 。ラッロカタログ表販売証券保有者の名称-200見積もりの前に-250極大値数量：株式数：-4ごく普通である-400株式提供
準拠 このリセール 奉納する見積もりの後
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ごく普通である 在庫品有益な持っている百分率：優秀 ごく普通である在庫品有益なオーナー
の株ごく普通である在庫品有益なオーナー百分率：優秀 ごく普通である在庫品有益な
現金フロー表-500連結財務諸表への注記株式会社ソリディオンテクノロジー （f / k / a ヌビアブランドインターナショナル株式会社）ページ監査済み財務諸表独立公認会計事務所報告書 （ PCAOb Firm # 688 ）財務諸表：
合併貸借対照表連結業務報告書合併株主権益変動表統合現金フロー表連結財務諸表付記株式会社ソリディオンテクノロジー監査済み連結財務諸表2024 年 6 月 30 日と 2023 年 6 月 30 日までの 3 ヶ月間ページ財務諸表：連結貸借対照表連結業務報告書合併株主権益変動表統合現金フロー表連結財務諸表付記
カタログ表独立公認会計士事務所報告株主の皆様へグローバルグラフェングループ株式会社財務諸表のいくつかの見方私たちは同伴する組み合わせ彫刻を監査しました-出力
株式会社グローバルグラフェングループのバッテリーグループのバランスシート(the「会社」 ） 2023 年 12 月 31 日および 2022 年 12 月 31 日現在、および関連する複合彫刻-出力 終了後の各年度の営業計算書、親会社の純資本およびキャッシュフロー （ 総称して「財務諸表」 ） 。私たちの意見では、彫刻-出力 財務諸表は、米国で一般的に認められている会計原則に従って、 2023 年 12 月 31 日および 2022 年 12 月 31 日時点における当社の財務状況、およびその期間の事業結果およびキャッシュフローを、すべての重要な点において公正に提示しています。継続的な懸念として付随する組み合わせ彫刻-出力 財務諸表は、当社が継続する事業を前提として作成しています。当社は、財務諸表の重要な会計方針の概要に記載されているように、営業損失および営業キャッシュフローのマイナスを繰り返し経験しており、事業継続能力について大きな疑問が生じています。これらの事項に関する経営陣の計画も、財務諸表の注記に記載されています。財務諸表には、この不確実性の結果に起因する可能性のある調整は含まれていません。意見の基礎これらの財務諸表は会社の経営陣が責任を負う。私たちの責任は私たちの監査に基づいて会社の財務諸表に意見を発表することです。私たちは米国上場企業会計監督委員会(PCAOB)に登録されている公共会計士事務所であり、米国連邦証券法および米国証券取引委員会とPCAOBの適用規則と法規に基づいて、会社を独立させなければならない。私たちはPCAOBの基準に基づいて監査を行っています。これらの基準は、財務諸表に重大な誤報がないかどうかを合理的に保証するために、ミスによるか不正であっても、監査を計画し、実行することを要求しています。当社はその財務報告の内部統制を監査することを求められておらず、私たちも招聘されて監査を行っていません。私たちの監査の一部として、財務報告の内部統制を理解することが求められていますが、社内財務報告の内部統制の有効性に対する意見を表明するためではありません。したがって、私たちはそのような意見を表現しない。我々の監査には、財務諸表の重大な誤報リスクを評価するプログラム、エラーによるものであれ詐欺であっても、これらのリスクに対応するプログラムを実行することが含まれています。これらの手続きは、財務諸表中の金額および開示に関連する証拠をテストに基づいて検討することを含む。我々の監査には、経営陣が使用する会計原則の評価と重大な見積もり、財務諸表の全体列報を評価することも含まれています。私たちは私たちの監査が私たちの観点に合理的な基礎を提供すると信じている。/ s / GBQ Partners LLC2022年以来、私たちは会社の監査役を務めてきた。オハイオ州コロンバス2024 年 4 月 15 日カタログ表グローバルグラフェングループ株式会社のバッテリーグループ複合刻印バランスシート 2023年12月31日と2022年12月31日十二月三十一日資産流動資産現金売掛金その他売掛金
親からの債権’在庫品前払い費用と他の流動資産流動資産総額資産 · 設備、費用土地改良’建築とレンタルの改善機械と設備減算：減価償却累計財産と設備の合計その他の資産
特許、償却金ネット総資産責任と親の純資本流動負債売掛金発生経費両親への支払流動負債総額長期負債負債総額親の純株式
45
親の純資本総額
負債総額および親の純資本付属注釈は、財務諸表の不可欠な部分です。カタログ表グローバルグラフェングループ株式会社のバッテリーグループ営業計算書の統合版
• 2023年12月31日まで及び2022年12月31日まで年度
• 2013年12月31日までの年間純売上高販売原価
• 毛利(損)
• 運営費
• 給与 · 福利厚生 · 給料税賃貸料.
専門費修理 & メンテナンス公共事業供給品旅行する税金 & 購読減価償却および償却取引コスト.
他にも
総運営費
営業損失その他の収入(費用)その他の収入(費用)その他収入合計所得税引前純損失所得税の給付 （ 引当 ）純損失付属注釈は、財務諸表の不可欠な部分です。カタログ表グローバルグラフェングループ株式会社のバッテリーグループ親の株式の組合せ切り出しステートメント 2023年12月31日まで及び2022年12月31日まで年度2013年12月31日までの年間親の純資本 （ 期間の初め ）純損失
親会社およびその他の関連会社との拠出金および純振替親の純資本 （ 期末付属注釈は、財務諸表の不可欠な部分です。-30カタログ表グローバルグラフェングループ株式会社のバッテリーグループ連結キャッシュ · フロー計算書 2023年12月31日と2022年12月31日2013年12月31日までの年間経営活動のキャッシュフロー：純損失純損失と経営活動で使用される現金純額の調整：減価償却 · 償却営業資産 · 負債の変動売掛金
46
前払い費用と他の流動資産売掛金発生経費
両親への支払
総額を調整する経営活動のための現金純額投資活動によるキャッシュフロー：財産と設備を購入する資本化特許コスト投資活動に使用された純現金資金調達活動のキャッシュフロー：親会社およびその他の関連会社への拠出金、純移転および純変更融資活動が提供する現金純額現金が純増する現金 — 期間の開始現金 — 期末付属注釈は、財務諸表の不可欠な部分です。カタログ表グローバルグラフェングループ株式会社のバッテリーグループ連結財務諸表への注記 2023年12月31日と2022年12月31日事業の性質 · 範囲株式会社グローバルグラフェングループ（ 「 G3 」または「親」 ） は、デラウェア州で登録され、オハイオ州デイトンに本社を置く、グラフェンおよび電池関連企業における様々な利益のための持株会社として 2016 年 2 月に設立されました。G 3 は、グラフェンおよびグラフェンの製造 · 応用に関する研究開発活動に従事しています。— 有効 電池および導電性アプリケーション、熱管理、腐食制御、ゴム複合材料などを含むがこれらに限定されない技術。G 3 のコア事業は電池です。バッテリーグループは、本質的に先進的な材料とバッテリー技術企業であり、次の開発と商業化に焦点を当てています。-一世代だ在庫品在庫品は第一項の低いものを基準とします-入力
• まず、まず-出力コストまたは現金化可能な純価値。会社はこう書いています-下へその推定値は、古い在庫または滞貨在庫と、将来の需要および市場状況の仮定に基づいて推定された市場価値との間の差額に等しい。会社が価値が減値していると思った場合、会社は古い在庫のために準備金を用意する。2023年12月31日、2023年12月31日、2022年12月31日まで、会社は準備金を必要としないと確定した。財産と設備、純額財産と設備はコストから減価償却と償却を差し引いて入金される。関連資産経済耐用年数を延長していないメンテナンス·メンテナンス支出は、発生時に運営費用を計上し、経済耐用年数を延長した支出を資本化する。資産が廃棄又はその他の方法で処分された場合には、コスト及び関連する減価償却又は償却が勘定から差し引かれ、処置時のいかなる収益又は損失も確認される。当社は毎年その物件や設備の帳簿価値を評価して減価を計算しています。その評価によると、当社は2023年および2022年に何の減価費用も発生していない。財務報告の目的のために，会社は直接減価償却法を用いてその財産と設備を減価償却する-回線だ 資産の推定耐用年数を上回る方法です推定耐用寿命は以下の通りである。建築物
• 40年賃借権改善十五年機械設備5年間2023年と2022年の財産および設備減価償却費用はそれぞれ約311，000ドルと557，000ドル。現金前払い費用派生資産
• 流動資産総額信託口座に保有されている現金及び投資その他の資産総資産負債 · 株主 （ 赤字 ）流動負債：売掛金と売掛金所得税に対処する消費税を納めるべきだ
発売コストを計算すべきである
• 株式償還のための配分派生負債関係者からの進展目標からの進捗転換手形 — 関連当事者可換手形支払金 — スポンサー
• 流動負債総額引受手数料を延期する: 負債総額引受金とその他の事項償還可能なクラス A 普通株式。 そして 株式 （ 償還価額 ）株主赤字：優先株、$ パーバル； 株式認可 ありません 発行済みおよび未払いA類普通株、$ パー値、 株式認可、 発行済および発行済 （ 2023 年 12 月 31 日時点の償還対象株式 2，29 3，741 株、 2022 年 12 月 31 日時点の償還対象株式 12，35 万株を除く ）-30クラス b 普通株式 ， $
• パー値、 株式認可、 2023 年 12 月 31 日現在、 2022 年 12 月 31 日現在、発行済および残高追加実収資本赤字を累計する株主損益総額
• 総負債と株主赤字付記はこれらの連結財務諸表の構成要素である。カタログ表SOLIDION TECHNOLOGY 株式会社（ F / K / A ヌビアブランドインターナショナル株式会社 ）連結業務報告書For the 現在までの年度
• 十二月三十一日For the
• 現在までの年度十二月三十一日費用.費用管理手数料 — 関係者一般と行政総費用
47
デリバティブ資産 · 負債の公正価値の変化信託口座における投資による収益利 子 収入超過配分債務の公正価値の変化その他 （ 経費 ） 合計純収入所得税引当前の純 （ 損失 ） 利益所得税支給純収益クラス A 償還可能普通株式の加重平均発行済株式数、基本
クラス A 償還可能普通株式の 1 株当たり基本純利益 （ 損失 ）
• クラス A 及び b の未償還普通株式の加重平均発行済株式数、基本
• クラス A および b 非償還普通株式の 1 株当たり基本純利益 （ 損失 ）希釈済クラス A 償還可能普通株式の加重平均発行済株数クラス A 償還可能普通株式 1 株当たり希釈純利益 （ 損失 ）
• クラス A 及び b の未償還普通株式発行済株式の加重平均数、希釈クラス A 及び b 非償還普通株式の 1 株当たり希釈純利益 （ 損失 ）付記はこれらの連結財務諸表の構成要素である。
• カタログ表SOLIDION TECHNOLOGY 株式会社（ F / K / A ヌビアブランドインターナショナル株式会社 ）連結株主資本 （ 赤字 ） 変動計算書2023 年 12 月 31 日および 2022 年 12 月 31 日を末日とする年度について
A類普通株クラスB
普通株
その他の内容
支払い済み資本積算赤字.赤字株主の株式会社(赤字)株金額株金額2021年12月31日の残高公的令状に配分された収益プライベート · ワラントの収益-3株式商品の公正価値に配分された取引コストの価値代表者に発行されたクラス A 普通株式株式公開時における A 級普通株式償還可能再評価調整
クラス A 普通株式償還可能再測定調整クラス b 普通株の没収純収入2022年12月31日の残高クラス A 普通株式償還可能再測定調整クラス A 普通株式の償還に対する消費税純損失2023年12月31日の残高付記はこれらの連結財務諸表の構成要素である。カタログ表SOLIDION TECHNOLOGY 株式会社（ F / K / A ヌビアブランドインターナショナル株式会社 ）統合現金フロー表
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現在までの年度十二月三十一日For the 現在までの年度十二月三十一日経営活動のキャッシュフロー：純収益(赤字)純収益(損失)と業務活動で使用される現金純額を調整する：信託口座における投資による収益超過配分債務の公正価値の変化デリバティブ資産 · 負債営業資産 · 負債の変動前払い費用その他の資産発生した研修 · 提供コスト所得税に対処する売掛金と売掛金営業活動に利用された純現金投資活動によるキャッシュフロー：税金のための現金引き出しクラス普通株式の償還のための現金引き出し信託口座に入金した現金投資活動による純現金 （ 使用 ）資金調達活動のキャッシュフロー：転換社債の収益 — スポンサー転換可能手形の収益関係者からの進展目標からの進捗クラス A 普通株式の償還支払い引受割引を差し引いた新規株式公開におけるユニットの売却
プライベート · プレイスメント · ワラントの販売収益引受人手数料の支払要約費用を支払う
資金調達活動による純現金 （ 使用 ） 現金純変動額期初の現金期末現金補足情報開示所得税の現金を納める非現金融資活動の追加開示：未払いの募集費用に含まれる繰延募集費用関連者負担に含まれる繰延提供費用当社が株式を初公開した登録書は2022年3月10日に発効を発表した。2022年3月15日、当社は初公募株を完成させた10単位(“単位”は、発売単位内の普通株を含めて“公開株式”と呼ぶ)で、毛収入#ドルを生成するこの点は、注3で説明する。初公募が終了すると同時に，当社は合算を完成させたMach FM Acquirements LLC(“保証人”)に引受権証(“私募株式証”)を発行し，購入価格は$とする私募株式証明書によると、会社にもたらす総収益は$2022年3月15日、引受業者は追加購入しました*各単位は部分的に管理権を行使する-割り当て オプションだユニットは $の提供価格で販売されました。 1 単位あたり、 $の追加総収益を当社に生成します。
それは.また，部分についてはOverを行使する-割り当てオプション、保証人と引受業者は追加のを購入しました私募株式証，購入価格は$1つの株式承認証は会社に追加の毛収入をもたらします$会社が運営を始める能力があるかどうかはその初公募で十分な財務資源を得ることにかかっている*単位責任(引受業者の責任の一部を含む) Li-S-割り当てオプション)$当社はすべて空だと思っています-Term購入時の原始満期日が3ヶ月以下の投資は現金等価物である。会社には、2023年12月31日、2023年12月31日、2022年12月31日まで、現金等価物は何もありません。信託口座の現金と投資信託基金が保有する資金は、“投資会社法”第2(A)(16)節に規定する意味での米国政府証券にのみ投資され、期限は185日以下、または未満期証券終了.
規則第2 a条のある条件を満たす投資会社は，当社が通貨市場基金に選定する 投資会社法によると、(I)業務合併および(Ii)分配信託口座内に保有する資金が完了するまで、当社が決定し、両者のうち早い者を基準とする。信託口座における会社のすべての投資は取引証券に分類される。取引性証券は、各報告期間終了時に公正価値で貸借対照表に一覧表示される。信託口座保有投資の公正価値変動による収益と損失は，添付の経営報告書に信託口座保有投資の収入を計上する。信託口座における投資の推定公正価値は、既存の市場情報に基づいて決定される。2023年12月11日、信託口座内の資金は非に移行される-利息(I)業務合併および(Ii)分配信託口座内に保有する資金が完了するまで当社が決定した独立口座を負担し，両者は比較的早い者を基準とする。2023年第4四半期に同社は約1ドルを抽出しました2023財政年度信託口座から発生する利息推定納税義務。当時は直接税金を納めていませんでしたが、納税義務は2024年に後で納付されます。事後的には、信託から差し押さえられた金額は迅速に送金されるべきであるか、または制限的な現金として保有されるべきである。その会社は約$を送金した2024年第1四半期に関係税務機関に税金を納め、実際に実行可能な場合にはできるだけ早く余剰金を送金するとともに、適用される税務機関の最終期限に合わせる予定だ。
初公募株に関する発行コスト会社が財務会計基準委員会(FASB)ASC：340の要求を遵守するアメリカ証券取引委員会従業員会計公報(“SAB”)話題5 A“費用を請求します“初公開で発行された分離可能金融商品は、相対公正価値基準で受信した総収益に応じて発売コストを分配する。初公開発売完了後、A類普通株式に関する発売コストは、相対公正価値法に従って仮株式及び公開株式証の間に分配される。初公開発売終了時の総発売コストは$それは.その他の費用：$主に、専門、法律、その他の費用など、初公開発売の準備に関する費用が含まれている。これらの発行コストに引受業者の費用を加えて$(その中で)最新の会計基準FASBは2023年12月にASUを発表しました所得税(主題：740)：所得税の改善開示(アリゾナ州立大学、2023年)税率調整における増分所得税情報の開示や、納入所得税の開示拡大などを要求しています。ASU 2023 年 2024 年 12 月 15 日以降に始まる会計年度に有効です。早期養子縁組が可能です。当社の経営陣は ASU 2023 の採用を信じていない 財務諸表および開示に重大な影響を及ぼすでしょう経営陣は、最近発行されているが、まだ有効ではない会計基準が、現在採用されれば、当社の財務諸表に重大な影響を及ぼすとは考えていません。カタログ表SOLIDION TECHNOLOGY 株式会社（ F / K / A ヌビアブランドインターナショナル株式会社 ）連結財務諸表への注記注 3— 初期公開について株式公開により、当社は売却しました。 単位の価格 $ 1 単位あたり。各ユニットは 1つは クラス A 普通株式のシェアと 1-半分だ 1 つの償還可能な令状 （ 「公的令状」 ） 。各公的令状全体は保有者に購入する権利を与える
49
.当社は、残高の公正価値を計上しました。
• -割り当て $オプション
• ASC 815 に基づく責任として 2022 年 3 月 15 日に2022 年 4 月 29 日、残りの-割り当て オプションが満了し負債は営業計算書に償却されました株式公開の完了に伴い、同社は修正されたブラックを使用しました。-スコアーズ オーバーを評価するモデル-割り当て オプションだ注釈 8 を参照。代表株は FINRA によって補償とみなされており、したがってロックの対象となります。-上だ
• FINRA マニュアル規則 5110 （ e ） （ 1 ） に基づき、この目論見書が一部を形成する登録ステートメントの効力発生日の直後 180 日の期間です。株式公開の終了に伴い、当社は追加株式発行コストを計上しました。付与日の株式の公正価値です。注記 7 株主資本 （ 赤字 ）優先株 - 当社は発行する権限を有しています 額面$の優先株
• 1 株あたり2023 年 12 月 31 日、 2022 年 12 月 31 日現在、 違います。. 優先株の発行または発行済株式。A類普通株 - 当社は発行する権限を有しています 額面$のA類普通株 1 株あたりクラス A 普通株の保有者は 1つは 各株に投票する2023 年 12 月 31 日、 2022 年 12 月 31 日現在、
• そして A 級普通株式の発行済株式と発行済株式また、 そして 2023 年 12 月 31 日および 2022 年 12 月 31 日時点の貸借対照表上の一時出資形式のクラス A 普通株式の株式。
B類普通株 - 当社は発行する権限を有しています 額面価値のクラス b 普通株式の株式 1 株あたりクラス b 普通株式の保有者は 1つは 各株に投票する2023 年 12 月 31 日、 2022 年 12 月 31 日現在、 クラス b 普通株式の発行済および発行済株式。発行時、クラス b 普通株式は最大 クラス b 普通株式は、引受者が「超越する」限り、当初の没収の対象となる注釈 10— 所得税当社の繰延税金資産は、 2023 年 12 月 31 日および 2022 年 12 月 31 日現在、以下の通りです。十二月三十一日十二月三十一日繰延税金資産純営業損失スタートアップ / 組織コスト繰延税金資産総額推定免税額繰延税金資産、準備後の純額を差し引く所得税引当 （ 給付 ） は、 2023 年 12 月 31 日および 2022 年 12 月 31 日の年度について以下のとおりです。十二月三十一日十二月三十一日連邦制現在の延期する
州と地方現在の延期する
50
1つは
ソリディオン普通株式 （ または 1つは プレ-資金支援 購入令状
1つは 普通株式のシェア （ ii ） 。 二つ シリーズ A 購入する各ワラント 1つは
普通株式のシェア、及び （ iii ） 1つは シリーズ b は、リセット日 （ 引受契約に定義される ） に決定された普通株式の数、およびその条件に従って、普通株式を購入する保証です。カタログ表SOLIDION TECHNOLOGY 株式会社
凝縮された連結および複合バランスシート六月三十日(未監査)十二月三十一日資産流動資産：現金売掛金その他売掛金在庫品前払い費用その他流動資産流動資産総額
資産設備減価償却費引外 特許、償却金ネット
その他の資産
総資産
負債と株主権益(赤字)流動負債：売掛金と売掛金
51
消費税を納めるべきだ
|
派生負債 |
関係者の都合で |
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転換可能な手形 |
短期手形 |
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総負債 |
コミットメントと不測の事態 （ 注 8 ） |
• 株主権益(赤字)： • 優先株、$ • 額面？額面 • ライセンス株式；* • ありません |
• 発行済みおよび未払い • 普通株、$ • チケットの価値： • ライセンスを取得した株式や • 何度も何度も • 2024 年 6 月 30 日、 2023 年 12 月 31 日現在発行済および残高 • 追加実収資本 |
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|
株式募集債権 |
赤字を累計する |
株主権益合計 総負債と株主権益(赤字) |
• 付属注釈は、これらの未監査連結財務諸表の不可欠な部分です。 • カタログ表SOLIDION TECHNOLOGY 株式会社連結および連結営業計算書 |
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（ 監査済み ）
上には 3か月半-200一段落した
六月三十日
上には
3か月半
一段落した六月三十日上には6 か月一段落した六月三十日上には6 か月一段落した六月三十日純売上高販売原価総利益運営費研究 · 開発販売、一般、行政総運営費営業損失その他の収入(費用)派生負債の公正価値変動普通株式 · ワラントの発行利 子 収入利子費用その他の収入(費用)その他収入合計純収益(赤字)普通株式発行済株式の加重平均株数、基本普通株1株当たりの基本純収益(赤字)希釈済普通株式の加重平均発行済株式数普通株式 1 株当たり希釈純利益 （ 損失 ）付属注釈は、これらの未監査連結財務諸表の不可欠な部分です。カタログ表SOLIDION TECHNOLOGY 株式会社株主変更の連結および連結計算書」 （ 赤字 ） エクイティ
52
(未監査)普通株その他の内容支払い済み資本積算赤字.赤字在庫品 Li定期購読する売掛金
株主の株式会社(赤字)
株金額2023年12月31日の残高2023 年 12 月 31 日までの復旧申請調整開始残高2024 年 1 月 1 日時点の資本増強後残高関連者からの出資
合併完了時における普通株式の発行合併完了時の可換社債の普通株式への転換株式募集債権
53
値段が合うかもしれない私募するプライベート · プレイスメントに関連する発行費用株に基づく報酬純損失2024 年 3 月 31 日現在の残高シリーズ D ワラントの行使による発行株式株に基づく報酬純収入2024 年 6 月 30 日残高2023 年 6 月 30 日までの 3 ヶ月 6 ヶ月間(未監査)普通株その他の内容支払い済み
資本積算赤字.赤字株主の株式会社
(赤字)
株
金額
2022年12月31日の残高2023 年 12 月 31 日までの復旧申請調整開始残高関連当事者への拠出金及び純移転純損失 2023年3月31日の残高
関連当事者への拠出金及び純移転純損失2023年6月30日の残高付属注釈は、これらの未監査連結財務諸表の不可欠な部分です。カタログ表SOLIDION TECHNOLOGY 株式会社キャッシュ · フロー連結表および連結表（ 未修正 ）上には6 か月一段落した六月三十日上には6 か月一段落した六月三十日経営活動のキャッシュフロー：
純損失純収益(損失)と業務活動で使用される現金純額を調整する：減価償却 · 償却株に基づく報酬派生負債の公正価値変動普通株式 · ワラントの発行営業資産 · 負債の変動売掛金その他売掛金在庫品前払い費用その他流動資産他の非流動資産
54
関係者の都合で
営業活動に利用された純現金
投資活動によるキャッシュフロー：資本化特許コスト投資活動に使用された純現金資金調達活動のキャッシュフロー：.
関連者からの出資
NUBI トラストからの現金受領非償還契約に係る割引金先行き買取契約に係る対価株式の償還の支払先行き買取契約に係る再生株式の償還の支払.
合併に伴う取引費用の支払
合併による流入
55
短期国債の収益短期債券の返済プライベート · プレイスメントに伴う普通株式及びワラントの発行による収益
ワラントの行使による普通株式の発行による収益
プライベート · プレイスメントに関連する発行費用-5120.
関連当事者の支払義務
融資活動が提供する現金純額
現金純変動額
期初の現金
期末現金補足情報開示利子支出に支払われた現金
非現金融資活動の追加開示：合併完了時における普通株式の発行付属注釈は、これらの未監査連結財務諸表の不可欠な部分です。
AS改めて述べる2023 年 6 月 30 日期 3 ヶ月間の連結営業計算書
• 運営費
• 販売、一般、行政総運営費営業損失
純収益(赤字)
56
運営費
販売、一般、行政総運営費営業損失
純収益(赤字)
普通株式 1 株当たり基本 · 希釈純利益 （ 損失 ）カタログ表SOLIDION TECHNOLOGY 株式会社連結財務諸表への注記(未監査)
注記 2— 事前に発行された財務諸表の改定
（ 続きを読む ）AS先に
すでに報告した-5120.
調整するAS改めて述べる
2023 年 6 月 30 日期連結キャッシュ · フロー計算書
経営活動のキャッシュフロー：-K純損失-Q純収益(損失)と業務活動で使用される現金純額を調整する：-K営業資産 · 負債の変動関係者の都合で).
営業活動に利用された純現金
57
資本化特許コスト
投資活動に使用された純現金
資金調達活動のキャッシュフロー：
関連者からの出資
融資活動が提供する現金純額 5年
賃借権改善
5年
機械設備
5年
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カタログ表 |
SOLIDION TECHNOLOGY 株式会社 |
特許 |
前方買取契約 — 株式追加 |
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.当社はこれらの勘定科目の損失を計上していない。 |
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$ |
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— |
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カタログ表 |
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SOLIDION TECHNOLOGY 株式会社 |
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$ |
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— |
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58
(未監査)
注 3— 重要な会計方針の概要
連結財務諸表への注記
(未監査)-X.
注釈 4— 資本増強
注釈 1 で説明したように、本合併は、逆資本増強に類似した HBC に対する共通支配取引として計上されました。
• 取引収益
• 閉店時には、当社は純利益 $ 取引コストを差し引いた後
• 以下の表は、 2024 年 6 月 30 日期における連結キャッシュフロー計算書および連結キャッシュフロー計算書および株主資本 （ 赤字 ） 変動計算書との合併の構成要素を調整しています。 NUBI トラストからの現金受領
• 減額 ： 非償還契約に関連する割引支払い マイナス ： FPA に関連する対価株式の償還
• Less ： FPA に関連するリサイクル株式の償還減額 ： 合併に伴う取引費用NUBI Trust からの純現金
追加 ： NUBI 営業勘定からの現金
追加 ： 前払い費用
減 ： デリバティブ負債
減 ： その他の負債
逆資本再編純額
59
合併完了前のヌビア普通株式の残高ヌビア転換証券保有者向け株式発行HBC 株式会社
合併完了直後の普通株式
前身 HBC の株数は以下のとおり決定しました。
前身
HBC 株式
株
発行された
株主
前身
60
普通株
IPO ワランツ2022 年のヌビアの新規公募に関連して、 公的令状が出され
当社の普通株式のワラントとして発行されましたが、そのワラントはすべて発行済のままです。
HBC ホールバック株式
当社と G 3 は、合併契約に、 G 3 税権がクローズ前に解除されない場合、 HBC の株主に支払われる株式対価の合計を調整する条項を含みました。具体的には
合併検討の一環として HBC の株主に発行可能な合併会社の普通株式は、合併前に G 3 による G 3 税金留置権の決済かどうかに依存します。クローズアップ時点で、 G 3 税権は G 3 によって決済されず、 2024 年 6 月 30 日現在、 -5合併は逆資本増算として計上されているため、合併終了日時点における収益取極の公正価値は株式取引として計上されています。
当社は、以下の仮定を含む、合併日時点における収益取り決めの公正価値を決定するために、モンテカルロシミュレーション分析を用いた。
リスクフリーレート %、変動率% 配当利回り % と期間 ４年前
61
ありません 株式の獲得は G 3 によって取得されました。注記 5— 特許発行された特許は、累積償却額を差し引いた貸借対照表で認識されます。 と $
2024 年 6 月 30 日と 2023 年 12 月 31 日の時点でこれらの財務諸表に含まれる特許の償却費用は $
62
2024 年 6 月 30 日と 2023 年 6 月 30 日までの 3 ヶ月間と 6 ヶ月間です次の特許の将来の償却費用
5人
年は約 $と予想されます
パー
|
年 |
同社の外国子会社は $ |
総資産と $ |
2024 年 6 月 30 日と 2023 年 12 月 31 日時点の負債総額をそれぞれ計上しています。総資産、財産、設備の総額は $ |
|||||||||
|
2024 年 6 月 30 日と 2023 年 12 月 31 日の時点で存在した |
$ |
— |
|
— |
|
— |
|
|||||
|
違います。 |
|
— |
|
— |
|
|
— |
|
||||
|
2024 年 6 月 30 日および 2023 年 6 月末の 3 ヶ月間および 6 ヶ月間の外資子会社が認識した収益。外国子会社の費用総額は |
|
— |
|
— |
|
|
— |
|
||||
|
|
|
|
|
|||||||||
|
と $ |
|
|
|
|
||||||||
|
2024 年 6 月 30 日と 2023 年 6 月 30 日までの 3 ヶ月間と 6 ヶ月間です |
|
1,130 |
|
— |
|
1,130 |
|
|||||
|
注記 7— 関連当事者 |
|
5,563 |
|
19,120 |
|
|
24,683 |
|
||||
|
グローバル · グラフェン · グループ （ 「 G3 」 ） からの出資 |
|
6,693 |
|
19,120 |
|
|
25,813 |
|
||||
|
当社の主要株主である G 3 は、合併完了前に発生した営業費用をカバーするために資本資源を事業に注入しました。G 3 からの資本拠出には、給与計算、家賃および設備費用、専門サービスの配分が含まれました。G 3 からの出資総額は $ |
|
(6,693 |
) |
(19,120 |
) |
|
(25,813 |
) |
||||
|
|
|
|
|
|||||||||
|
と $ |
|
|
|
|
||||||||
|
2024 年 6 月 30 日と 2023 年 6 月 30 日をそれぞれ終了しました。 |
|
16,784 |
|
(16,425 |
) |
359 |
|
|||||
|
カタログ表 |
|
(17,821 |
) |
— |
|
(17,821 |
) |
|||||
|
SOLIDION TECHNOLOGY 株式会社 |
|
0 |
|
0 |
|
0 |
|
|||||
|
連結財務諸表への注記 |
|
23 |
|
(127 |
) |
(150 |
) |
|||||
|
取引費用。2024年6月30日までの3ヶ月と6ヶ月以内に、会社は$を返済しました |
|
4 |
|
0 |
|
|
4 |
|
||||
|
と $ |
|
(1,055 |
) |
(16,552 |
) |
|
(17,607 |
) |
||||
|
，それぞれ関連先である.2024年6月30日現在，G 3とMach FMの未返済額は$である |
|
(7,748 |
) |
(35,672 |
) |
(43,420 |
) |
|||||
|
それぞれ。 |
|
— |
|
— |
|
|
— |
|
||||
|
値段が合うかもしれない |
|
(7,748 |
) |
(35,672 |
) |
|
(43,420 |
) |
||||
|
終了時には、G 3税収留置権はG 3で決済されておらず、2024年6月30日まで |
締め切りまでに、同社が記録した公正価値は#ドルだった |
滞納株は，これは株式取引として入金されたものである. |
|||||||
|
時々、私たちは通常の業務過程で発生した訴訟、クレーム、または法的手続きに巻き込まれるかもしれない。負債が発生した可能性が高く、損失金額が合理的に推定できる場合、私たちは負債を計上しなければならない。経営陣は、私たちの財務状況、経営業績あるいはキャッシュフローに重大な影響を与えるクレームはないと信じている。 |
82,556,000 |
|
— |
|
— |
|
|||
|
カタログ表 |
(0.09 |
) |
— |
|
— |
|
|||
|
SOLIDION TECHNOLOGY 株式会社 |
— |
|
2,293,741 |
|
84,849,741 |
|
|||
|
連結財務諸表への注記 |
— |
|
(6.48 |
) |
(0.51 |
) |
|||
|
(未監査) |
— |
|
3,211,000 |
|
— |
|
|||
|
付記8--支払引受及び又は事項 |
— |
|
(6.48 |
) |
— |
|
|||
63
G 3税収留置権
優先株の発行または発行済株式。
|
普通株 |
額面$の普通株 |
1つは |
そして |
||||||||||
|
株式融資 |
|
|
|
||||||||||
|
2024 年 3 月 13 日、ソリディオンは、特定の機関投資家 （ 以下、「購入者」 ） との証券購入契約 （ 以下、「購読契約」 ） に基づき、総収益額 $300 のプライベート · プレイスメント取引 （ 以下、「プライベート · プレイスメント」 ） を締結しました。 |
|
|
|
||||||||||
|
.手数料を含むプライベート · プレイスメントに関連する発行コスト |
$ |
1 |
20 |
42,994 |
|
A |
$ |
125 |
|||||
|
|
(4,323 |
) |
B |
|
|||||||||
|
|
(5,011 |
) |
C |
|
|||||||||
|
|
(17,834 |
) |
H |
|
|||||||||
|
|
(13,938 |
) |
E |
|
|||||||||
|
|
(2,194 |
) |
J |
|
|||||||||
|
|
(80 |
) |
J |
|
|||||||||
|
|
(150 |
) |
N |
|
|||||||||
|
|
640 |
|
O |
|
|||||||||
|
カタログ表 |
|
2 |
— |
|
|
2 |
|||||||
|
SOLIDION TECHNOLOGY 株式会社 |
|
188 |
— |
(188 |
) |
L |
|
— |
|||||
|
連結財務諸表への注記 |
|
23 |
— |
|
|
23 |
|||||||
|
(未監査) |
|
44 |
86 |
|
|
130 |
|||||||
|
注記 9 株主資本 （ 赤字 ） |
|
— |
28,245 |
(10,146 |
) |
J |
|
18,099 |
|||||
|
（ 続きを読む ） |
|
258 |
28,351 |
(10,230 |
) |
|
18,379 |
||||||
|
|
|
|
|||||||||||
|
配置代理店とその他の費用は合計 $ |
|
|
|
||||||||||
|
その中で$は |
|
— |
42,994 |
(42,994 |
) |
A |
|
— |
|||||
|
リセット期間 |
|
1,853 |
— |
|
|
1,853 |
|||||||
|
リセット期間は、 2024 年 7 月 2 日 （ 「リセット日」 ） に終了し、最低 10 |
|
2,319 |
— |
|
|
|
2,319 |
||||||
|
-何てこった |
|
4,172 |
42,994 |
(42,994 |
) |
|
4,172 |
||||||
|
2024 年 6 月 28 日の VWAP は $ |
|
4,430 |
71,345 |
(53,224 |
) |
|
22,551 |
||||||
|
|
|
|
|||||||||||
|
.その結果、リセット価格が $に設定されました。 |
|
|
|
||||||||||
|
.その結果、投資家が保有するシリーズ C ワラントおよびシリーズ D ワラントは、 |
|
145 |
2,131 |
(758 |
) |
C |
|
1,429 |
|||||
|
|
(89 |
) |
N |
|
|||||||||
|
株と |
|
— |
906 |
|
|
906 |
|||||||
|
株式はそれぞれ2024 年 6 月 30 日現在、投資家は |
|
— |
890 |
|
|
890 |
|||||||
|
シリーズ C ワラントと |
|
— |
17,834 |
(17,834 |
) |
H |
|
— |
|||||
|
シリーズ D ワラントの発行結果 |
|
— |
46,729 |
(20,133 |
) |
J |
|
26,596 |
|||||
|
普通株式だ |
|
— |
333 |
(333 |
) |
K |
|
— |
|||||
|
注記 12— 債務 |
|
— |
— |
873 |
|
N |
|
812 |
|||||
|
|
89 |
|
N |
|
|||||||||
|
|
(150 |
) |
N |
|
|||||||||
|
転換可能な手形 |
|
— |
188 |
(188 |
) |
L |
|
— |
|||||
|
2024 年第 1 四半期の様々な日付で、当社は $の可換社債を発行しました。 |
|
873 |
— |
(873 |
) |
N |
|
— |
|||||
|
運転資本の要件を満たすためですノートはおよそ |
|
— |
— |
2,200 |
|
M |
|
2,200 |
|||||
64
と $
2024 年 6 月 30 日と 2023 年 12 月 31 日の時点で
|
短期債券買付 |
上記の幹部採用協定によると、ある幹部は会社のある融資目標の実現に関する現金奨励を得る資格がある。またこれらの幹部は |
役員1人当たり10万ドル総額$ |
カタログ表 |
||||||||||
|
連結財務諸表への注記 |
— |
905 |
|
(905 |
) |
K |
— |
|
|||||
|
|
640 |
|
O |
|
|||||||||
|
|
(640 |
) |
K |
|
|||||||||
|
(未監査) |
— |
1,297 |
|
(1,297 |
) |
K |
— |
|
|||||
|
注記 15— 公正価値の測定 |
1,018 |
71,213 |
|
(39,398 |
) |
32,833 |
|
||||||
|
|
|
|
|||||||||||
|
当社はASC/820の金融資産と負債に関する指導原則に従って管理しています |
|
|
|
||||||||||
|
-測定だ |
— |
4,323 |
|
(4,323 |
) |
B |
— |
|
|||||
|
各報告期間と非で公正な価値で |
— |
4,323 |
|
(4,323 |
) |
— |
|
||||||
|
-財務だ |
1,018 |
75,536 |
|
(43,721 |
) |
32,833 |
|
||||||
|
|
|
|
|||||||||||
|
再投資の資産と負債 |
|
|
|
||||||||||
|
-測定だ |
|
|
|
||||||||||
|
少なくとも毎年公正な価値で報告されています |
— |
24,343 |
|
(24,343 |
) |
D |
— |
|
|||||
|
|
|
|
|||||||||||
|
当社の金融資産及び負債の公正価値は、当社が計量日の市場参加者間の秩序ある取引において資産売却により受け取るべき金額又は負債移転により支払うべき金額の管理層の推定を反映している。その資産と負債の公正価値を計測する際には、当社は、観察可能な投入(独立ソースから得られた市場データ)を最大限に使用し、観察できない投入を最大限に減少させることを求めている(市場参加者が資産や負債の価格をどのように設定するかに関する内部仮定)。以下の公正価値レベルは、資産および負債を推定するために、観察可能な投入および観察できない投入に基づいて資産および負債を分類するために使用される |
|
|
|
||||||||||
|
第1レベル： |
— |
— |
|
7 |
|
I |
7 |
|
|||||
|
活発な市場での同じ資産または負債の見積もり。資産または負債の活発な市場とは、資産または負債の取引が発生する頻度および数が定価情報を継続的に提供するのに十分な市場を意味する。 |
— |
— |
|
|
— |
|
|||||||
|
二級： |
3,412 |
— |
|
24,343 |
|
D |
66,289 |
|
|||||
|
|
(28,534 |
) |
G |
|
|||||||||
|
|
66,100 |
|
F |
|
|||||||||
|
|
(7 |
) |
I |
|
|||||||||
|
|
3,175 |
|
K |
|
|||||||||
|
|
(2,200 |
) |
M |
|
|||||||||
|
リスクフリー金利 |
— |
(28,534 |
) |
28,534 |
|
G |
(76,578 |
) |
|||||
|
|
(66,100 |
) |
F |
|
|||||||||
|
|
(4,253 |
) |
C |
|
|||||||||
|
|
7,713 |
|
J |
|
|||||||||
|
|
|
|
(13,938 |
) |
E |
|
|
||||||
|
株価.株価 |
3,412 |
(28,534 |
) |
14,840 |
|
(10,282 |
) |
||||||
|
期待寿命 |
4,430 |
71,345 |
|
(53,224 |
) |
22,551 |
|
||||||
65
2.8年間
対象株予想変動率
配当をする
|
カタログ表 |
連結財務諸表への注記 |
注記 15— 公正価値の測定 |
追加株式の総数が以下の場合 |
|||||||||||||||
|
そして、会社の負債の現在の総額は、 $に変更されます。 |
$ |
7 |
|
$ |
— |
|
$ |
— |
|
$ |
7 |
|
||||||
|
その結果、純負債は約 $ |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||||
|
. FPA 商品の追加株式に関する詳細については、注釈 11 を参照。 |
|
7 |
|
|
— |
|
|
— |
|
|
7 |
|
||||||
|
|
|
|
|
|
|
|
|
|||||||||||
|
ワラント — シリーズ A と B |
|
|
|
|
|
|
|
|
||||||||||
|
当社は、シリーズ C ワラントおよびシリーズ D ワラントの発行日 （ 2024 年 3 月 15 日 ） における公正価値の決定に、以下の仮定を含むモンテカルロシミュレーション分析を用いて行いました。 |
|
3,204 |
|
|
— |
|
|
|
|
3,024 |
|
|||||||
|
シリーズA |
|
2,306 |
|
|
3,510 |
|
|
5,011 |
|
CC |
|
10,827 |
|
|||||
|
株式承認証 |
|
5,330 |
|
|
3,510 |
|
|
5,011 |
|
|
13,851 |
|
||||||
|
Bシリーズ |
|
(5,330 |
) |
|
(3,510 |
) |
|
(5,011 |
) |
|
(13,844 |
) |
||||||
|
|
|
|
|
|
|
|
|
|||||||||||
|
株式承認証 |
|
|
|
|
|
|
|
|
||||||||||
|
所期期間(3年) |
|
|
|
(18,484 |
) |
|
(6,225 |
) |
5年 |
|
(24,709 |
) |
||||||
|
5年 |
|
|
|
3,788 |
|
|
(3,788 |
) |
株価.株価 |
|
|
|||||||
|
無リスク金利 |
|
|
|
9 |
|
|
|
|
9 |
|
||||||||
|
予想ボラティリティ |
|
(2 |
) |
|
— |
|
|
|
|
|
(2 |
) |
||||||
|
期待配当率 |
|
(2 |
) |
|
(14,687 |
) |
|
(10,013 |
) |
|
(24,702 |
) |
||||||
|
行権価格 |
|
(5,325 |
) |
|
(18,197 |
) |
|
(15,024 |
) |
|
(38,546 |
) |
||||||
|
当社は、 2024 年 6 月 30 日時点のシリーズ C ワラントおよびシリーズ D ワラントの公正価値を決定するために、モンテカルロシミュレーション分析を用いて、以下の仮定を含めました。 |
|
— |
|
|
(1,580 |
) |
|
1,580 |
|
シリーズA |
|
— |
|
|||||
|
株式承認証 |
|
(5,325 |
) |
|
(19,777 |
) |
|
(13,444 |
) |
|
(38,546 |
) |
||||||
|
Bシリーズ |
所期期間(3年) |
5年 |
|||||||
|
無リスク金利 |
1,000 |
|
— |
|
— |
|
|||
|
予想ボラティリティ |
(5,325 |
) |
— |
|
— |
|
|||
|
期待配当率 |
— |
|
7,654,886 |
|
82,058,138 |
|
|||
|
行権価格 |
— |
|
(1.82 |
) |
(0.47 |
) |
|||
|
2024 年 6 月 30 日時点のシリーズ C ワラントおよびシリーズ D ワラントの公正価値は、 $でした。 |
— |
|
3,211,000 |
|
— |
|
|||
|
と $ |
— |
|
(1.82 |
) |
— |
|
|||
66
それぞれ。これにより、デリバティブの公正価値の変化と $ワラントの発行による利益 （ 損失 ） が生じました。
そして$(
） は、 2024 年 6 月 30 日に終了した 3 ヶ月間と 6 ヶ月間です。2024 年 6 月 30 日現在、投資家は受け取った
そして
シリーズ A 、シリーズ D のそれぞれ発行された普通株式。
以下の表は、 2024 年 6 月 30 日までの 6 ヶ月間に、重要な観測不可能な入力 （ レベル 3 ） を用いて適正価値で測定されたすべての金融資産及び負債の適正価値 （ 純移入および / または移出を含む ） の変動の概要です。
長期購入協定
公正価値
測定測定
レベル 3 の利用
入力合計
67
初回測定、 2024 年 2 月 2 日
価値変動を公平に承諾する2024 年 3 月 31 日残高価値変動を公平に承諾する
バランス、 2024 年 6 月 30 日
カタログ表
SOLIDION TECHNOLOGY 株式会社
連結財務諸表への注記-5(未監査)
注記 15— 公正価値の測定 （ 続きを読む ）
68
公正価値
測定測定
レベル 3 の利用
入力合計
バランス、2023年12月31日2024 年 3 月 15 日初回測定価値変動を公平に承諾する2024 年 3 月 31 日残高価値変動を公平に承諾するバランス、 2024 年 6 月 30 日リスクフリーレート
%、変動率
% 配当利回り
% と期間 -X４年前-10786
同社は、貸借対照表の日以降から財務諸表発表日までに発生した後続事件と取引を評価した。以下に説明することに加えて、当社は、財務諸表において調整または開示を行う必要がある後続イベントを発見することはない。
69
2024年7月17日、原告気象資本組合会社、気象精選取引機会大師有限会社と気象戦略資本有限責任会社はデラウェア州衡平裁判所でSolidionに対して訴訟を提起し、長期購入協定に関連する具体的な履行と金銭賠償を要求した。ソリーディオンは原告の合意に対する解釈に同意せず、自らを大いに弁護する計画だ。長期調達プロトコル文書のさらなる検討については，付記11を参照されたい.
カタログ表
第II部
目論見書に不要な資料第十三項発行のその他の費用。以下は私たちが支払うべき普通株式登録に関するすべての費用の見積もり金額の分項報告書ですが、引受割引と手数料は除外します。表示された金額はすべて見積り値である.アメリカ証券取引委員会登録料.”
会計費用と費用弁護士費と支出印刷費雑役費用総額項目14.役員·上級管理者への賠償会社や株主への忠誠義務に違反する善意でない行為やしないこと、または故意の不正行為に関連しているか、または違法であることを知っている取締役はそこから不当な個人的利益を得る取引をしています。 デラウェア州会社法の許可の下で、当社はすでに当社の各取締役及び行政人員と合意を締結し、同社などの人々が実際及び合理的に招いた支出、判決、罰金、罰金、和解及びその他の金額を賠償することを要求し、誘導訴訟の支出を含むが、このような支出、判決、罰金、罰金、和解及びその他の実際或いは行う可能性のある法律手続きに関連する費用は、例えば当社のいかなる取締役或いは行政人員がかつて当社の取締役であったか、或いはかつて当社の取締役であったために一方とされる可能性があり、当社はこのような人々に賠償を行わなければならない。取締役が善意に基づいて行動し、会社の最良の利益に適合または反対しないことを彼または彼女が合理的に信じて行動する場合にのみ、会社はこれらのお金を支払う義務がある。いかなる刑事訴訟に対しても、取締役が彼や彼女の行為が不法であると信じる合理的な理由がない場合にのみ、会社はその金額を支払う義務がある。賠償協定はまた、賠償要求を提出した場合に適用されるいくつかの手続きを規定している。
II-1
カタログ表 デラウェア州一般会社法第145(G)節は、会社が現在又はかつて会社の取締役であった者、高級管理者、従業員又は代理人を代表して保険を購入及び維持することを許可し、これらの人は、その改正及び再記載された定款が賠償を許可するか否かにかかわらず、会社に提供されたサービスによって生じた行為によって生じる。当社は、現在またはかつて役員または高級社員であった任意の人のために保険を購入し、そのような身分でのクレームによるいかなる損失も防止するために保険を購入する予定であるが、いくつかの例外は除外する。
(A)
(B) ただし，以下の場合は除く 8月に
70
(C) 説明する
(D)
(E)
(F)
登録者及びその上級職員、役員及び保証人の間で2022年3月10日に署名された書簡協定(添付ファイル10.1を参照して2022年3月16日に米国証券取引委員会に提出された8−k表現在報告書の添付ファイル10.1に組み込む)長期購入協定は、日付は2023年12月13日であり、ヌビアブランド国際会社、気象資本組合会社、気象精選取引機会マスター有限責任会社と気象戦略資本有限責任会社が締結した(添付ファイル10.1を参照して2023年12月13日に証券取引委員会に提出された8-k表の現在の報告に組み込む)-40
ソリーディオン技術会社とジェームズ·ウィンタスとの間の雇用契約は、期日は2024年2月2日(2024年4月15日に証券取引委員会に提出されたS-1表登録声明の添付ファイル10.24参照)-40-25 私募株式証引受協定は、期日は2022年3月10日であり、登録者と保証人によって署名される(添付ファイル10.6を参照して2022年3月16日に米国証券取引委員会に提出された8-k表現在報告書の添付ファイル10.6に組み込まれる)
(G)
(H) II-3 カタログ表 展示品番号：
(I) 説明する Global Graphene Group，Inc.とセルラ電池会社によって締結された2024年2月2日の出資契約(添付ファイル10.1を参照して2024年2月8日に証券取引委員会に提出された現在の8-k表報告書に組み込まれる)。
71
(J)
会社ロック協定は、期日は2023年2月2日であり、Solidion Technology，Inc.と蜂巣電池会社の株主によって締結される(添付ファイル10.5を参照して2024年2月8日に証券取引委員会に提出された現在の8-k表報告書に組み込まれる)
(K)
(L)
(M)
(N) Solidion Technology，Inc.とVlad Prantsevichとの間の雇用契約は，2024年2月2日(2024年4月15日に証券取引委員会に提出されたS-1表登録声明の添付ファイル10.23参照)
(O)
ロックアップ契約書 （ 2024 年 8 月 30 日に証券取引委員会に提出された書式 8—k に関する現行報告書の別紙 10.3 を参照して組み込む ） 議決契約書 （ 2024 年 8 月 30 日に証券取引委員会に提出された書式 8—k に関する現行報告書の別紙 10.4 を参照して組み込む ）
2024 年 9 月 11 日付のアーバーレイクキャピタルとの間の戦略協力コンサルティング契約。株式会社ソリディオンテクノロジー（ 2024 年 9 月 16 日に証券取引委員会に提出されたフォーム 8—k に関する現行報告書の別紙 10.2 を参照して組み込む ）
Marcum LLPの同意
GBQ Partners LLC の同意
Loeb & Loeb LLP の同意書 （ 資料 5.1 に含まれる ）
72
101 SCH
XBRL分類拡張アーキテクチャドキュメント
101 CALXBRL分類計算リンクライブラリ文書101 LAB
XBRL タクソノミラベル Linkbase 文書
101 プレ XBRL Taxonomy プレゼンテーション Linkbase ドキュメント 101 DEF
XBRL分類拡張Linkbase文書を定義する
届出費用表前に提出しました。II-4規則第424条の要求に従って提出された発売に関連する、任意の予備募集説明書または以下に署名された登録者の募集説明書以下に署名した登録者が買い手に発行する要約中のカプセルの他の任意の情報を取得する.II-5カタログ表任意の訴訟、訴訟または法律手続きの成功抗弁において(登録者の制御者の任意の訴訟、訴訟または法律手続きにおける成功抗弁)が、取締役、上級職員または統制者によって登録されている証券に関連すると主張された場合、登録者は、この問題が同法によって表現された公共政策に違反しているかどうかを適切な司法管轄権を有する裁判所に提出し、その弁護士がその問題が統制前例によって解決されたと考えない限り、発行された最終裁決によって管轄されるであろう。以下に署名した登録者は以下のように約束する-有効だ証券法に基づいて購入者への責任を決定するために：次に署名された発行者は、規則第424(B)(3)条に従って提出された各入札説明書は、提出された目論見書が登録説明書の一部とみなされ、登録説明書の日から登録説明書の一部とみなされなければならない第424条(B)(2)，(B)(5)又は(B)(7)条の規定により提出されなければならない各目付説明書は，第4300条に基づいて第415(A)(1)(I)，(Vii)，(Vii)条による発売に関する登録声明の一部として，又は(X)証券法第10(A)条に要求される情報を提供するためには、目論見書が初めて使用された日から、又は目論見書に記載されている第1の証券販売契約が発効した日から、登録説明書の一部とみなされ、登録説明書に含まれなければならない。規則4300の規定によれば、発行者およびその日に引受業者の誰の責任であるかのために、その日は、入札説明書中の証券に関連する登録説明書における登録説明書の新たな発効日とみなされなければならず、その際、これらの証券を発行することは、その最初の誠実な要約とみなされるべきである。しかし、登録声明の一部に属する登録声明または募集定款内で行われた任意の陳述、または参照によって本明細書に組み込まれ、またはその登録声明または募集規約に組み込まれた文書内で行われた任意の陳述である場合、文書は、登録声明または募集規約内に組み込まれて当該登録声明または募集規約の一部となった場合、その発効日前に販売契約を締結した者にとって、その陳述は、登録声明または募集規約内で行われたいかなる陳述を置換または修正してはならず、その陳述は、その発効日の直前に登録声明または募集規約内で行われたか、またはそのいずれかの文書で行われてはならない.
発行者がルール430 Cに依存する場合、ルール424(B)に従って提出された各入札説明書は、発行に関連する登録宣言の一部として使用され、ルール4300Σに依存する登録宣言または依存ルール430 Aによって提出された目論見書に加えて、登録宣言の一部とみなされ、発効後初めて使用された日に登録宣言に含まれるべきである。しかし、登録陳述書の一部に属する登録陳述書または募集定款内で行われた任意の陳述、または引用によって組み込まれたか、またはその登録陳述書または募集規約内の文書内に組み込まれた任意の陳述として、最初の使用前に販売契約を締結した購入者にとっては、最初の使用日の直前に登録陳述書または募集規約内で行われたいかなる陳述も置換または修正されない。
II-6
カタログ表署名証券法の要件に従い、登録者は、 11 月にテキサス州ダラス市において、下記署名者によって、本登録ステートメントに署名するよう正当に許可しました。株式会社ソリディオンテクノロジー投稿 者 ：/ s / ジェイメス · ウィンターズ名前：ジェイムズ · ウィンターズタイトル：最高経営責任者証券法の要件に基づき、本登録宣言は、指定された身分及び日付で次の者によって署名された。名前.名前ポジション日取り/ s / ジェイメス · ウィンターズ
73
11月ジェイムズ · ウィンターズ（ 執行役員 ） 、取締役-30/ s / Vlad Prantsevich *最高財務責任者11月ヴラド · プランツェヴィチ/ s / Dr. Bor Jang *ディ レク ター11 月ボル · ジャン博士/ s / ジョン · デイヴィス *ディ レク ター11 月ジョン · デイビス/ s / Karin—Joyce （ KJ ） Tjon *
ディ レク ター
11 月カリン— ジョイス (KJ)チョン/ s / Cynthia Ekberg Tsai *ディ レク ター11 月シンシア · エクバーグ · 蔡* By/ s / ジェイメス · ウィンターズジェイムス · ウィンターズ弁護士— イン · ファクトII-7S-1/AP 5 YP 5 YP 6 Y本当だよSRT：シーン先に報告されたメンバSRT：シーン先に報告されたメンバSRT：シーン先に報告されたメンバ米国-公認会計基準：関連側メンバーSRT：シーン先に報告されたメンバ米国-公認会計基準：関連側メンバー
• SRT：シーン先に報告されたメンバアメリカ-公認会計基準：公共カテゴリメンバーSRT：シーン先に報告されたメンバアメリカ-公認会計基準：公共カテゴリメンバーSRT：シーン先に報告されたメンバアメリカ-公認会計基準：公共カテゴリメンバーSRT：シーン先に報告されたメンバアメリカ-公認会計基準：公共カテゴリメンバーSRT：シーン先に報告されたメンバSRT：シーン先に報告されたメンバSRT：シーン先に報告されたメンバ
• SRT：シーン先に報告されたメンバ米国-公認会計基準：関連側メンバー米国-公認会計基準：関連側メンバーsti： AfterRetroactiveApplicationOfRecapitalizationMembersti： AfterRetroactiveApplicationOfRecapitalizationMembersti： ClassARedeemableCommonStockMembersti： ClassARedeemableCommonStockMembersti： クラス A と B 非償還可能普通株式メンバーsti： クラス A と B 非償還可能普通株式メンバー
• アメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーアメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーus—gaap： AdditionalPaidInCapitalMemberアメリカ-公認会計基準：前払いメンバーを保留アメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーアメリカ-公認会計基準：公共カテゴリメンバー
アメリカ-アメリカ公認会計基準：普通株式メンバー
• us—gaap： AdditionalPaidInCapitalMemberアメリカ-公認会計基準：前払いメンバーを保留アメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーアメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバー
• us—gaap： AdditionalPaidInCapitalMemberアメリカ-公認会計基準：前払いメンバーを保留: アメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーアメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーus—gaap： AdditionalPaidInCapitalMemberアメリカ-公認会計基準：前払いメンバーを保留アメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーアメリカ-公認会計基準：公共カテゴリメンバーアメリカ-アメリカ公認会計基準：普通株式メンバーus—gaap： AdditionalPaidInCapitalMemberアメリカ-公認会計基準：前払いメンバーを保留SRT：シーン先に報告されたメンバアメリカ-アメリカ公認会計基準：普通株式メンバーSRT：シーン先に報告されたメンバ-30us—gaap： AdditionalPaidInCapitalMember
• SRT：シーン先に報告されたメンバアメリカ-公認会計基準：前払いメンバーを保留SRT：シーン先に報告されたメンバsti： 在庫購読受取可能メンバーSRT：RevisionOfPriorPeriod再分類調整メンバアメリカ-アメリカ公認会計基準：普通株式メンバー
• SRT：RevisionOfPriorPeriod再分類調整メンバus—gaap： AdditionalPaidInCapitalMemberSRT：RevisionOfPriorPeriod再分類調整メンバアメリカ-公認会計基準：前払いメンバーを保留SRT：RevisionOfPriorPeriod再分類調整メンバsti： 在庫購読受取可能メンバーSRT：RevisionOfPriorPeriod再分類調整メンバSRT：メンバの再調整
74
• SRT：メンバの再調整us—gaap： AdditionalPaidInCapitalMember
• SRT：メンバの再調整アメリカ-公認会計基準：前払いメンバーを保留SRT：メンバの再調整sti： 在庫購読受取可能メンバーSRT：メンバの再調整SRT：メンバの再調整
アメリカ-アメリカ公認会計基準：普通株式メンバーSRT：メンバの再調整us—gaap： AdditionalPaidInCapitalMemberSRT：メンバの再調整アメリカ-公認会計基準：前払いメンバーを保留SRT：メンバの再調整sti： 在庫購読受取可能メンバーSRT：メンバの再調整SRT：メンバの再調整
アメリカ-アメリカ公認会計基準：普通株式メンバー
• SRT：メンバの再調整
• us—gaap： AdditionalPaidInCapitalMemberSRT：メンバの再調整アメリカ-公認会計基準：前払いメンバーを保留
• SRT：メンバの再調整sti： 在庫購読受取可能メンバーSRT：メンバの再調整
• アメリカ-アメリカ公認会計基準：普通株式メンバーus—gaap： AdditionalPaidInCapitalMemberアメリカ-公認会計基準：前払いメンバーを保留アメリカ-アメリカ公認会計基準：普通株式メンバーus—gaap： AdditionalPaidInCapitalMember
アメリカ-公認会計基準：前払いメンバーを保留
sti： 在庫購読受取可能メンバーSRT：シーン先に報告されたメンバアメリカ-アメリカ公認会計基準：普通株式メンバー
SRT：シーン先に報告されたメンバ
us—gaap： AdditionalPaidInCapitalMember
SRT：シーン先に報告されたメンバ
アメリカ-公認会計基準：前払いメンバーを保留 30,SRT：RevisionOfPriorPeriod再分類調整メンバ アメリカ-アメリカ公認会計基準：普通株式メンバー 5, 2024.
SRT：RevisionOfPriorPeriod再分類調整メンバus—gaap： AdditionalPaidInCapitalMemberSRT：RevisionOfPriorPeriod再分類調整メンバアメリカ-公認会計基準：前払いメンバーを保留SRT：RevisionOfPriorPeriod再分類調整メンバSRT：メンバの再調整アメリカ-アメリカ公認会計基準：普通株式メンバーSRT：メンバの再調整us—gaap： AdditionalPaidInCapitalMember
75
アメリカ-公認会計基準：前払いメンバーを保留SRT：メンバの再調整SRT：メンバの再調整アメリカ-アメリカ公認会計基準：普通株式メンバーSRT：メンバの再調整 us—gaap： AdditionalPaidInCapitalMember SRT：メンバの再調整
アメリカ-公認会計基準：前払いメンバーを保留
SRT：メンバの再調整 SRT：メンバの再調整 アメリカ-アメリカ公認会計基準：普通株式メンバー 28, 2025.
SRT：メンバの再調整 us—gaap： AdditionalPaidInCapitalMember
SRT：メンバの再調整
アメリカ-公認会計基準：前払いメンバーを保留
SRT：メンバの再調整アメリカ-アメリカ公認会計基準：普通株式メンバーus—gaap： AdditionalPaidInCapitalMemberアメリカ-公認会計基準：前払いメンバーを保留アメリカ-アメリカ公認会計基準：普通株式メンバー
76
us—gaap： AdditionalPaidInCapitalMember
アメリカ-公認会計基準：前払いメンバーを保留
SRT：シーン先に報告されたメンバ
SRT：シーン先に報告されたメンバ
SRT：シーン先に報告されたメンバ
sti： 終了合併検討株式メンバーsti： 終了合併検討株式メンバー米国-GAAP：IPOメンバー
US-GAAP：PrivatePlacementMembers
sti： PrivatePlacementWarrantsMember
US-GAAP：PrivatePlacementMembers
アメリカ公認会計基準：超過割当オプションメンバー
アメリカ公認会計基準：超過割当オプションメンバーsti： PrivatePlacementWarrantsMemberアメリカ公認会計基準：超過割当オプションメンバー
アメリカ公認会計基準：超過割当オプションメンバー
アメリカ公認会計基準：超過割当オプションメンバーsti： PrivatePlacementWarrantsMemberアメリカ公認会計基準：超過割当オプションメンバー
sti： BusinessCombinationMember
米国-GAAP：IPOメンバー
sti： PublicSharesMember
|
sti： ClassACommonStockSubjectToPossibleRedemptionMember |
|||||||
|
2024 |
2023 |
||||||
|
米国-GAAP：IPOメンバー |
$ |
— |
$ |
— |
|
||
|
sti： ClassARedeemableCommonStockMember |
|
— |
|
— |
|
||
|
sti： ClassARedeemableCommonStockMember |
|
2,933,309 |
|
1,032,976 |
|
||
|
sti： ClassACommonStockSubjectToPossibleRedemptionMember |
|
24,951,725 |
|
391 |
|
||
|
sti： ClassACommonStockSubjectToPossibleRedemptionMember |
$ |
22,018,416 |
$ |
(1,032,585 |
) |
||
sti： ClassACommonStockSubjectToPossibleRedemptionMember
sti： ClassACommonStockSubjectToPossibleRedemptionMember sti： ClassACommonStockSubjectToPossibleRedemptionMembersti ： PublicWarrantsMember米国-GAAP：IPOメンバー
77
米国-GAAP：IPOメンバー
sti： PrivatePlacementWarrantsMember アメリカ公認会計基準：保証メンバー
アメリカ-公認会計基準：公共カテゴリメンバー
|
アメリカ公認会計基準：保証メンバー |
||||||||
|
2024 |
2023 |
|||||||
|
アメリカ公認会計基準：保証メンバー |
$ |
— |
|
$ |
300 |
|
||
|
sti： PrivatePlacementWarrantsMember |
|
— |
|
|
— |
|
||
|
アメリカ公認会計基準：超過割当オプションメンバー |
|
6,692,645 |
|
|
2,775,093 |
|
||
|
sti： 創設者シェアメンバー |
|
(1,055,202 |
) |
|
666 |
|
||
|
sti： スポンサーメンバー |
$ |
(7,747,847 |
) |
$ |
(2,774,127 |
) |
||
アメリカ-公認会計基準：公共カテゴリメンバー
sti： 創設者シェアメンバー アメリカ公認会計基準：超過割当オプションメンバーsti： スポンサーメンバーsti： 創設者シェアメンバー 2, 2024.
sti： スポンサーメンバー
sti： UnsecuredPromissoryNoteMember sti： UnsecuredPromissoryNoteMember
sti： UnsecuredPromissoryNoteMember
アメリカ公認会計基準：副次的事件メンバー
|
SRT：シーン先に報告されたメンバ |
||||||
|
2024 |
2023 |
|||||
|
米国-公認会計基準：関連側メンバー |
|
|
||||
|
sti： MergerAgreementMember |
(3,541,372 |
) |
(2,150,397 |
) |
||
|
sti： PrivatePlacementWarrantsMember |
(157,834 |
) |
(62,235 |
) |
||
|
米国-公認会計基準：関連側メンバー |
3,954,930 |
|
1,592,095 |
|
||
|
US-GAAP：保障性保証メンバー |
255,724 |
|
(620,537 |
) |
||
アメリカ公認会計基準：超過割当オプションメンバー
アメリカ-公認会計基準：公共カテゴリメンバー SRT：シーン先に報告されたメンバアメリカ-公認会計基準：公共カテゴリメンバーアメリカ-公認会計基準：公共カテゴリメンバーアメリカ-公認会計基準：株式メンバーアメリカ-公認会計基準：公共カテゴリメンバーアメリカ-公認会計基準：株式メンバーアメリカ-公認会計基準：公共カテゴリメンバーSRT：シーン先に報告されたメンバアメリカ-公認会計基準：公共カテゴリメンバー
78
アメリカ-公認会計基準：公共カテゴリメンバー
SRT：シーン先に報告されたメンバ アメリカ-公認会計基準：公共カテゴリメンバー
SRT：シーン先に報告されたメンバ アメリカ-公認会計基準：公共カテゴリメンバー
アメリカ公認会計基準：超過割当オプションメンバー
SRT：シーン先に報告されたメンバ アメリカ-公認会計基準：公共カテゴリメンバー
アメリカ公認会計基準：超過割当オプションメンバー アメリカ-公認会計基準：公共カテゴリメンバー
アメリカ公認会計基準：超過割当オプションメンバー
アメリカ-公認会計基準：公共カテゴリメンバー
アメリカ公認会計基準：超過割当オプションメンバー sti： 創設者シェアメンバー アメリカ-公認会計基準：公共カテゴリメンバー
アメリカ公認会計基準：保証メンバー
sti ： PrivateWarrantsMember sti ： PublicWarrantsMembersti： ForwardPurchaseAgreementMembersti： ForwardPurchaseAgreementMemberアメリカ-公認会計基準：公共カテゴリメンバーsti： ForwardPurchaseAgreementMember
sti： ForwardPurchaseAgreementMembersti： NUBISharesMembersti： ForwardPurchaseAgreementMembersti： 非償還契約会員sti： 非償還契約会員
sti： 非償還契約会員
アメリカ-公認会計基準：公正価値入力レベル1メンバー アメリカ-公認会計基準：公正価値入力レベル1メンバー
|
us—gaap： FairValueInputsLevel2Member |
|||
|
us—gaap： FairValueInputsLevel2Member |
$ |
87,873 |
|
|
アメリカ-公認会計基準：公正価値投入レベル3メンバー |
$ |
89,267 |
|
|
アメリカ-公認会計基準：公正価値投入レベル3メンバー |
$ |
890,385 |
|
|
アメリカ-公認会計基準：投入リスクを測定する自由金利メンバー |
$ |
527,500 |
|
|
US-GAAP：入力期待タームメンバーの測定 |
$ |
2,858,769 |
|
|
us—gaap： 測定入力オプションボラティリティメンバー |
$ |
4,453,794 |
|
アメリカ-公認会計基準：投入予想分割率を評価するメンバー
sti： ProbabilityOfMergerClosingMember アメリカ公認会計基準：副次的事件メンバーアメリカ公認会計基準：副次的事件メンバーアメリカ公認会計基準：副次的事件メンバーアメリカ公認会計基準：副次的事件メンバーUS-GAAP：PrivatePlacementMembers
79
US-GAAP：PrivatePlacementMembers
アメリカ公認会計基準：副次的事件メンバー
sti： SolidonCommonStockMember 30, 2024:
アメリカ公認会計基準：副次的事件メンバー
アメリカ-アメリカ公認会計基準：普通株式メンバーアメリカ公認会計基準：副次的事件メンバーsti： シリーズ CWarrantMemberアメリカ公認会計基準：副次的事件メンバーsti： シリーズ CWarrantMember
アメリカ-アメリカ公認会計基準：普通株式メンバーアメリカ公認会計基準：副次的事件メンバーsti： SeriesBWarrantMemberアメリカ公認会計基準：副次的事件メンバーsti： MergerAgreementMember
アメリカ-アメリカ公認会計基準：普通株式メンバー
sti： MergerAgreementMember
sti： HBCMember
sti： ステートメントメンバー-09SRT：シーン先に報告されたメンバ-09sti： ステートメントメンバー-09SRT：メンバの再調整-09sti： ステートメントメンバー
SRT：シーン先に報告されたメンバ-07sti： ステートメントメンバー
SRT：メンバの再調整
80
SRT：シーン先に報告されたメンバ
sti： ステートメントメンバー
SRT：メンバの再調整
sti： GlobalGrapheneGroup メンバー
81
アメリカ-GAAP：BuildingMembers
アメリカ-公認会計基準：リース改善メンバー
米国-GAAP：デバイス構成員
|
sti： HBCHoldback シェアメンバー |
sti： HBCHoldback シェアメンバー |
sti： WarrantsPublicMember |
||
|
sti： WarrantsPublicMember |
71 |
sti： WarrantsPrivateMember |
||
|
sti： WarrantsPrivateMember |
61 |
sti： Warrants シリーズメンバー |
||
|
sti： Warrants シリーズメンバー |
32 |
sti： WarrantsSeriesBMember |
||
|
sti： WarrantsSeriesBMember |
46 |
米国-GAAP：株式補償計画のメンバー |
||
|
米国-GAAP：株式補償計画のメンバー |
64 |
sti： Forward 購入契約追加株式メンバー |
||
|
sti： Forward 購入契約追加株式メンバー |
67 |
sti： ConvertibleNotesMember |
||
|
sti： ConvertibleNotesMember |
60 |
sti： HBCEarnout シェアメンバー |
sti： HBCEarnout シェアメンバー
sti： AntiDilutiveMember
sti： AntiDilutiveMembersti： 希釈メンバー us—gaap： 役員責任保険会員us—gaap： 役員責任保険会員sti ： PublicWarrantsMembersti： PrivatePlacementWarrantsMembersti： HBCHoldback シェアメンバーsti： HBCHoldback シェアメンバーsti： HBC 株主メンバーsti： HBCEarnoutArrangement メンバーsti： HBCEarnoutArrangement メンバーsti： MergerMembersti： MergerMember
sti： MergerMember
sti： NubiaCommonStockMembersti： MergerMember sti： NubiaConvertibleNoteholdersMember
82
sti ： 前身 HBCShares メンバー
sti： MergerMembersti ： 前身 HBCShares メンバーsti： 株式発行先 HBC メンバーの株主へ米国-GAAP：特許メンバー
米国-GAAP：特許メンバー米国-GAAP：特許メンバー米国-GAAP：特許メンバー米国-GAAP：特許メンバーsti： 外国子会社メンバーsti： 外国子会社メンバーsti： 外国子会社メンバーsti： 外国子会社メンバーsti： 外国子会社メンバーsti： 外国子会社メンバーsti： NubiaMembersti： GlobalGrapheneGroup メンバーsti： GlobalGrapheneGroup メンバーsti： MachFMMember米国-公認会計基準：関連側メンバー米国-公認会計基準：関連側メンバー米国-公認会計基準：関連側メンバーsti： GlobalGrapheneGroup メンバー
米国-公認会計基準：関連側メンバー
sti： MachFMMember
sti： TaxLienMembersti： HBCHoldback シェアメンバー
sti： HBC 株主メンバー
アメリカ-アメリカ公認会計基準：普通株式メンバーUS-GAAP：PrivatePlacementMembersUS-GAAP：PrivatePlacementMemberssti： IPOWarrants メンバーsti ： PublicWarrantsMemberアメリカ-公認会計基準：公共カテゴリメンバー
83
SRT：最大メンバ数sti： BusinessCombinationMemberアメリカ-公認会計基準：公共カテゴリメンバー
アメリカ公認会計基準：保証メンバーアメリカ公認会計基準：保証メンバー sti： シリーズ CWarrantMembersti： SeriesDWarrantMembersti： シリーズ CWarrantMembersti： SeriesDWarrantMember
sti： ForwardPurchaseAgreementMember
sti： ForwardPurchaseAgreementMember
アメリカ-公認会計基準：公共カテゴリメンバー
sti： ForwardPurchaseAgreementMember
sti： ForwardPurchaseAgreementMember
sti： NUBISharesMember
sti： ForwardPurchaseAgreementMember
sti： ForwardPurchaseAgreementMember
sti： ForwardPurchaseAgreementMember
sti： 非償還契約会員
sti： 非償還契約会員
84
US-GAAP：PrivatePlacementMembers
sti： PrefundedWarrantMember
sti： シリーズ B ワラントメンバー
sti： シリーズ AWarrantsMember
sti： シリーズ B ワラントメンバー
• アメリカ公認会計基準：転換可能債務メンバー
• sti： PromissoryNote Member
• sti： EFHuttonMembersti： PromissoryNote MemberSRT：シーン予測メンバsti： PromissoryNote Membersti： PromissoryNote Member
• sti： LoebAndLoebMember
• sti： LoebAndLoebLLP メンバー
• sti： BeneschFriedlanderCoplanAronoffLLP メンバー
• sti： PromissoryNote Member
• sti： AronoffLLPMember
• sti： LoebAndLoebLLP メンバーsti： LoebAndLoebLLP メンバーSRT：最小メンバ数
• SRT：最大メンバ数
SRT：CEO実行官メンバ
srt： 執行役員メンバー
• sti： ForwardPurchaseAgreementMember
• アメリカ公認会計基準：保証メンバー
• sti： シリーズ CWarrantMember
• アメリカ-アメリカ公認会計基準：普通株式メンバー
• sti： SeriesDWarrantMember
85
sti： HBCEarnout シェアメンバー
sti： HBCEarnout シェアメンバー
• アメリカ-公認会計基準：公正価値投入レベル3メンバー
• sti： ForwardPurchaseAgreementMember
• アメリカ-公認会計基準：公正価値投入レベル3メンバー
• sti： ForwardPurchaseAgreementMember
アメリカ-公認会計基準：公正価値投入レベル3メンバー
sti： WarrantsSeriesAAndBMember
アメリカ-公認会計基準：公正価値投入レベル3メンバー
sti： WarrantsSeriesAAndBMember-42965sti： シリーズ CWarrantMemberUS-GAAP：入力期待タームメンバーの測定sti： SeriesDWarrantMember
US-GAAP：入力期待タームメンバーの測定
sti： シリーズ CWarrantMember
アメリカ-GAAP：MeasurementInputSharePriceMember
sti： SeriesDWarrantMember
アメリカ-GAAP：MeasurementInputSharePriceMember
sti： シリーズ CWarrantMember
86
アメリカ-公認会計基準：投入リスクを測定する自由金利メンバー
sti： SeriesDWarrantMember
アメリカ-公認会計基準：投入リスクを測定する自由金利メンバーsti： シリーズ CWarrantMemberアメリカ公認会計原則：投入価格を測るメンバーsti： SeriesDWarrantMemberアメリカ公認会計原則：投入価格を測るメンバーsti： シリーズ CWarrantMemberアメリカ-公認会計基準：投入予想分割率を評価するメンバー
sti： SeriesDWarrantMember
アメリカ-公認会計基準：投入予想分割率を評価するメンバーsti： シリーズ CWarrantMemberアメリカ-公認会計基準：練習価格を測定するメンバー
87
アメリカ-公認会計基準：練習価格を測定するメンバー
sti： シリーズ CWarrantMemberUS-GAAP：入力期待タームメンバーの測定sti： SeriesDWarrantMember
US-GAAP：入力期待タームメンバーの測定
sti： シリーズ CWarrantMember
|
アメリカ-GAAP：MeasurementInputSharePriceMember |
sti： SeriesDWarrantMember |
アメリカ-GAAP：MeasurementInputSharePriceMember |
sti： シリーズ CWarrantMember |
アメリカ-公認会計基準：投入リスクを測定する自由金利メンバー |
アメリカ-公認会計基準：投入リスクを測定する自由金利メンバー |
アメリカ公認会計原則：投入価格を測るメンバー |
sti： シリーズ CWarrantMember |
|||||||
|
アメリカ-公認会計基準：投入予想分割率を評価するメンバー |
2023 |
200,000 |
— |
— |
— |
— |
200,000 |
|||||||
|
sti： SeriesDWarrantMember |
2022 |
200,000 |
— |
— |
— |
— |
200,000 |
|||||||
|
アメリカ-公認会計基準：投入予想分割率を評価するメンバー |
2023 |
150,000 |
— |
— |
— |
— |
150,000 |
|||||||
|
sti： シリーズ CWarrantMember |
2022 |
150,000 |
— |
— |
— |
— |
150,000 |
|||||||
|
アメリカ-公認会計基準：練習価格を測定するメンバー |
2023 |
130,000 |
— |
— |
— |
— |
130,000 |
|||||||
|
sti： SeriesDWarrantMember |
2022 |
130,000 |
— |
— |
— |
— |
130,000 |
|||||||
|
アメリカ-公認会計基準：練習価格を測定するメンバー |
2023 |
150,000 |
— |
— |
— |
— |
150,000 |
|||||||
|
アメリカ-公認会計基準：公正価値投入レベル3メンバー |
2022 |
150,000 |
— |
— |
— |
— |
150,000 |
sti： ForwardPurchaseAgreementMember
アメリカ-公認会計基準：公正価値投入レベル3メンバー
sti： ForwardPurchaseAgreementMember
アメリカ-公認会計基準：公正価値投入レベル3メンバーsti： ForwardPurchaseAgreementMemberアメリカ-公認会計基準：公正価値投入レベル3メンバー
sti： WarrantsSeriesAAndBMember
アメリカ-公認会計基準：公正価値投入レベル3メンバーsti： WarrantsSeriesAAndBMemberアメリカ-公認会計基準：公正価値投入レベル3メンバーsti： WarrantsSeriesAAndBMemberiso4217： USD
88
iso4217： USD
xbrli： 株式 xbrli： 純粋 Prantsevich’s Executive Employment Agreement provides for an initial base salary of $225,000. Both Executive Employment Agreements include an employment term that expires on the sixth anniversary of the Start Date (the “Initial Term”). The Initial Term is automatically extended thereafter from year to year, unless terminated in accordance with the terms of the agreement (with any extension beyond the Initial Term referred to as a “Renewal Term”). The Executive Employment Agreements may be terminated by either party at any time and for any reason upon 30 days’ notice, subject to the severance obligations described below.
The Executive Employment Agreements provide that each executive is eligible to receive (i) two transition bonuses in the amount of $20,000 each, (ii) an annual incentive bonus, determined by the Company on a discretionary basis in an amount up to 80% of annual base salary, and (iii) an additional bonus based on certain stock price targets for the Company. The Executive Employment Agreements also provide that each executive shall be entitled to certain cash incentive payments in connection with the Company achieving certain capital raise targets within 18 months of the Closing.
The Executive Employment Agreements provide that each executive is eligible to receive a cash bonus in the event of an Applicable Sale of the Company (as defined in the Executive Employment Agreements), which sale bonus shall equal 2.5% of the Equity Value of the Company (as defined in the Executive Employment Agreements).
Mr. Winters’ Executive Employment Agreement provides that he shall be issued warrants to purchase at least 600,000 shares of the Company’s common stock and shall be granted 200,000 shares of unrestricted stock in an initial grant, and annually thereafter an additional 200,000 shares of restricted stock. Mr. Prantsevich’s Executive Employment Agreement provides that he shall be issued warrants to purchase at least 200,000 shares of the Company’s common stock and shall be granted 100,000 shares of unrestricted stock in an initial grant, and annually thereafter an additional 100,000 shares of restricted stock.
The Executive Employment Agreements also provide that if either executive is terminated for any reason, the executive shall receive the following: (i) Executive’s Base Salary through and including the effective date of termination; (ii) payment for accrued unused vacation time, subject to the Company’s then current vacation policy; (iii) payment of any vested benefit; (iv) payment of Executive’s Incentive Bonus for the prior Fiscal Year, to the extent such Incentive Bonus had not yet been paid as of the Termination Date; (iv) payment of a prorated Incentive Bonus based on the number of days Executive was employed during the Fiscal Year, which shall be paid within sixty (60) days of the end of the Fiscal Year; and (v) payment for unreimbursed business expenses.
The Executive Employment Agreements further provide that if either executive is terminated by the Company without Cause (as defined in the Executive Employment Agreements), by the Company by Notice of Non-Renewal, or by Executive pursuant to Good Reason (as defined in the Executive Employment Agreements), in addition to the payments set forth above, and provided the executive execute a release in the form attached to the Executive Employment Agreement, the executive shall be entitled to receive severance benefits that consist of: (i) 12 months of Executive’s Base Salary immediately prior to the termination date, in the form of salary continuation; (ii) an amount equal to the Incentive Bonus paid for the previous Fiscal Year; (iii) a lump-sum cash amount equal to the First Transition Bonus (as defined above) to the extent the First Transition Bonus has not yet been paid to Executive; and (iv) 12 months of benefits continuation, or the Company will pay or reimburse Executive for the portion of the COBRA premium that is equal to the insurance premium the Company would pay if Executive was then an active employee of the Company.
Each executive is also subject to confidentiality and assignment of intellectual property provisions and certain restrictive covenants, including non-disparagement and twelve months post-employment non-competition and non-solicitation of employees and customer provisions.
Prior to the closing of the Business Combination, the Company did not enter into any employment agreements with Dr. Bor Jang and Songhai Chai. The Company will enter into new employment agreements with Dr. Bor Jang and Songhai Chai as soon as practicable following the closing of the Business Combination. The employment agreements will each provide for a base salary and participation in the bonus program and equity incentive program implemented by the Company. In addition, the employment agreements will contain customary confidentiality, non-competition, non-solicitation and intellectual property assignment provisions.
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Through June 7, 2024, the Company paid Dr. Bor Jang, Jaymes Winters, Vlad Prantsevich, and Songhai Chai $24,769.24, $20,000, $20,000 and $23,000, respectively, as an advance on their base salaries (the “Salary Advance”).
Director Compensation
For fiscal year 2023 and 2022, Solidion did not provide cash compensation to its directors, however it did provide equity grants and all of the directors are reimbursed for their reasonable out-of-pocket expenses related to their services as a member of the Solidion board of directors. In connection with the Business Combination, we intend to approve and implement a non-employee director compensation policy.
Summary of the Incentive Plan
In connection with the Business Combination, we adopted the Solidion Technology, Inc. 2023 Equity Incentive Plan. The summary is qualified in its entirety by reference to the complete text of the incentive plan.
Eligibility. Solidion’s employees, consultants and directors, and employees and consultants of its affiliates, may be eligible to receive awards under the incentive plan. Following the closing, Solidion has approximately 35 employees and five non-employee directors who may be eligible to receive awards under the incentive plan.
Award Types. The incentive plan provides for the grant of incentive stock options (“ISOs”) to employees and for the grant of non-statutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors and consultants.
Share Reserve. The number of shares of common stock initially reserved for issuance under the incentive plan will be 9,500,000. Shares subject to stock awards granted under the incentive plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, will not reduce the number of shares available for issuance under the incentive plan. The incentive plan also includes an evergreen provision that provides for an automatic annual increase to the number of shares of common stock available for issuance under the incentive plan on the first day of each fiscal year beginning with the 2024 fiscal year, equal to the least of (i) 9,500,000 shares of common stock, (ii) 5% of the total number of shares of common stock outstanding as of the last day of our immediately preceding fiscal year, or (iii) such lesser amount determined by the plan administrator.
Plan Administration. The board of directors of Solidion, or a duly authorized committee thereof, will have the authority to administer the incentive plan. The board of directors of Solidion may also delegate to one or more officers the authority to (i) designate employees other than officers to receive specified stock awards and (ii) determine the number of shares to be subject to such stock awards. Subject to the terms of the incentive plan, the plan administrator has the authority to determine the terms of awards, including recipients, the exercise price or strike price of stock awards, if any, the number of shares subject to each stock award, the fair market value of a share, the vesting schedule applicable to the awards, together with any vesting acceleration, the form of consideration, if any, payable upon exercise or settlement of the stock award and the terms and conditions of the award agreements for use under the incentive plan. The plan administrator has the power to modify outstanding awards under the incentive plan. Subject to the terms of the incentive plan, the plan administrator also has the authority to reprice any outstanding option or stock award, cancel and re-grant any outstanding option or stock award in exchange for new stock awards, cash or other consideration, or take any other action that is treated as a repricing under generally accepted accounting principles, with the consent of any materially adversely affected participant.
Stock Options. ISOs and NSOs are granted under stock option agreements adopted by the plan administrator. The plan administrator determines the exercise price for stock options, within the terms and conditions of the incentive plan, provided that the exercise price of a stock option generally cannot be less than 100% of the fair market value of a share of common stock on the date of grant (however, a stock option may be granted with an exercise or strike price lower than 100% of the fair market value on the date of grant of such award if such award is granted pursuant to an assumption of or substitution for another option pursuant to a corporate transaction, as such term is defined in the incentive plan, and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code). Options granted under the incentive plan vest at the rate specified in the stock option agreement as determined by the plan administrator. The plan administrator determines the term of stock options granted under the incentive plan, up to a maximum of ten years. Unless the terms of an optionholder’s stock option agreement provide otherwise, if an optionholder’s service relationship ceases for any reason other than cause, the optionholder may generally exercise any vested options for a period of three (3) months following the cessation of service,
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but only within three (3) months following such termination, unless another period of time is provided in the applicable award agreement or other agreement, subject to the limitations in the incentive plan. The option term may be extended in the event that the exercise of the option following such a termination of service is prohibited by applicable securities laws or Solidion’s insider trading policy. Options generally terminate immediately upon the termination of an optionholder’s service for cause. In no event may an option be exercised beyond the expiration of its term. Acceptable consideration for the purchase of common stock issued upon the exercise of a stock option will be determined by the plan administrator and may include (i) cash, check, bank draft, or money order, (ii) a broker-assisted cashless exercise, (iii) the tender of shares of common stock previously owned by the optionholder, (iv) a net exercise of the option if it is an NSO and (v) other legal consideration approved by the plan administrator.
Tax Limitations on ISOs. The aggregate fair market value, determined at the time of grant, of common stock with respect to ISOs that are exercisable for the first time by an optionholder during any calendar year under all stock plans maintained by Solidion may not exceed $100,000. Options or portions thereof that exceed such limit generally will be treated as NSOs. No ISO may be granted to any person who, at the time of the grant, owns or is deemed to own stock possessing more than 10% of Solidion’s total combined voting power or that of any of Solidion’s affiliates unless (1) the option exercise price is at least 110% of the fair market value of the stock subject to the option on the date of grant, and (2) the option is not exercisable after the expiration of five years from the date of grant.
Restricted Stock Awards. Restricted stock awards are granted under restricted stock award agreements adopted by the plan administrator. A restricted stock award may be awarded in consideration for cash, check, bank draft or money order, past services, or any other form of legal consideration that may be acceptable to the plan administrator and permissible under applicable law. The plan administrator determines the terms and conditions of restricted stock awards, including vesting and forfeiture terms. Except as provided otherwise in the applicable award agreement, if a participant’s service relationship ends for any reason, Solidion may receive through a forfeiture condition or a repurchase right any or all of the shares held by the participant under his or her restricted stock award that have not vested as of the date the participant terminates service.
Restricted Stock Unit Awards. Restricted stock units are granted under restricted stock unit award agreements adopted by the plan administrator. Restricted stock units may be granted in consideration for any form of legal consideration that may be acceptable to the plan administrator and permissible under applicable law. A restricted stock unit may be settled by cash, delivery of stock, a combination of cash and stock as deemed appropriate by the plan administrator, or in any other form of consideration set forth in the restricted stock unit agreement. Additionally, dividend equivalents may be credited in respect of shares covered by a restricted stock unit. Except as otherwise provided in the applicable award agreement, restricted stock units that have not vested will be forfeited once the participant’s continuous service ends for any reason.
Stock Appreciation Rights. Stock appreciation rights are granted under stock appreciation grant agreements adopted by the plan administrator. The plan administrator determines the purchase price or strike price for a stock appreciation right, which generally cannot be less than 100% of the fair market value of common stock on the date of grant (however, a stock appreciation right may be granted with an exercise or strike price lower than 100% of the fair market value on the date of grant of such award if such award is granted pursuant to an assumption of or substitution for another option pursuant to a corporate transaction, as such term is defined in the incentive plan, and in a manner consistent with the provisions of Sections 409A). A stock appreciation right granted under the incentive plan vests at the rate specified in the stock appreciation right agreement as determined by the plan administrator.
Performance Awards. The incentive plan permits the grant of performance-based stock and cash awards. The plan administrator may structure awards so that the shares of common stock, cash, or other property will be issued or paid only following the achievement of certain pre-established performance goals during a designated performance period. The performance criteria that will be used to establish such performance goals may be based on any measure of performance selected by the plan administrator. The performance goals may be based on a company-wide basis, with respect to one or more business units, divisions, affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise (i) in the award agreement at the time the award is granted or (ii) in such other document setting forth the performance goals at the time the goals are established, the plan administrator will appropriately make adjustments in the method of calculating the attainment of performance goals as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates;
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(5) to exclude the effects of items that are “unusual” in nature or occur “infrequently” as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by Solidion achieved performance objectives at targeted levels during the balance of a performance period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of common stock by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any distributions to shareholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under Solidion’s bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to expense under generally accepted accounting principles; and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles. In addition, the plan administrator retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of the performance goals. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the applicable award agreement or the written terms of a performance cash award. The performance goals may differ from participant to participant and from award to award.
Other Stock Awards. The plan administrator may grant other awards based in whole or in part by reference to common stock. The plan administrator will set the number of shares under the stock award and all other terms and conditions of such awards.
Non-Employee Director Compensation Limit. The aggregate value of all compensation granted or paid by Solidion to any individual for service as a non-employee director with respect to any calendar year (such period, the “annual period”), including stock awards and cash fees paid by Solidion to such non-employee director, will not exceed (i) $500,000 in total value or (ii) in the event such non-employee director is first appointed or elected to the board of directors of Solidion during such annual period, $750,000 in total value. For purposes of these limitations, the value of any such stock awards is calculated based on the grant date fair value of such stock awards for financial reporting purposes.
Changes to Capital Structure. In the event there is a specified type of change in Solidion’s capital structure, such as a merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, appropriate adjustments will be made to (i) the class(es) and maximum number of shares of common stock subject to the incentive plan and the maximum number of shares by which the share reserve may annually increase; (ii) the class(es) and maximum number of shares that may be issued pursuant to the exercise of ISOs; and (iii) the class(es) and number of securities and exercise price, strike price or purchase price of common stock subject to outstanding awards.
Corporate Transactions. The following applies to stock awards under the incentive plan in the event of a corporate transaction, as defined in the incentive plan, unless otherwise provided in a participant’s stock award agreement or other written agreement with Solidion or unless otherwise expressly provided by the plan administrator at the time of grant. In the event of a corporate transaction, any stock awards outstanding under the incentive plan may be assumed, continued or substituted by any surviving or acquiring corporation (or its parent company), and any reacquisition or repurchase rights held by Solidion with respect to the stock award may be assigned to the successor (or its parent company). If the surviving or acquiring corporation (or its parent company) does not assume, continue or substitute such stock awards, then with respect to any such stock awards that are held by participants whose continuous service has not terminated prior to the effective time of the transaction, or current participants, the vesting (and exercisability, if applicable) of such stock awards will be accelerated in full to a date prior to the effective time of the transaction (contingent upon the effectiveness of the transaction), and such stock awards will terminate for no consideration if not exercised (if applicable) at or prior to the effective time of the transaction, and any reacquisition or repurchase rights held by Solidion with respect to such stock awards will lapse (contingent upon the effectiveness of the transaction). With respect to performance awards with multiple vesting levels depending on performance level, unless otherwise provided by an award agreement or by the plan administrator, the award will accelerate at 100% of target. If the surviving or acquiring corporation (or its parent company) does not assume, continue or substitute such stock awards, then with respect to any such stock awards that are held by persons other than current participants, such awards will terminate for no consideration if not exercised (if applicable) prior to the effective time of the transaction, except that any reacquisition or repurchase rights held by Solidion with respect to such stock awards will not terminate and may continue to be exercised notwithstanding the transaction. The plan administrator is not obligated to treat all stock
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awards or portions of stock awards in the same manner and is not obligated to take the same actions with respect to all participants. In the event a stock award will terminate if not exercised prior to the effective time of a transaction, the plan administrator may provide, in its sole discretion, that the holder of such stock award may not exercise such stock award but instead will receive a payment equal in value, at the effective time, to the excess (if any) of (1) the value of the property the participant would have received upon the exercise of the stock award over (2) any exercise price payable by such holder in connection with such exercise.
Change in Control. In the event of a change in control, as defined under the incentive plan, awards granted under the incentive plan will not receive automatic acceleration of vesting and exercisability, although this treatment may be provided for in an award agreement.
Plan Amendment or Termination. The board of directors of Solidion will have the authority to amend, suspend, or terminate the incentive plan, provided that such action does not materially impair the existing rights of any participant without such participant’s written consent. No ISOs may be granted after the tenth anniversary of the date the Nubia Board adopts the incentive plan.
Certain U.S. Federal Income Tax Aspects of Awards Under the Incentive Plan
This is a brief summary of the federal income tax aspects of awards that may be made under the incentive plan based on existing U.S. federal income tax laws. This summary provides only the basic tax rules. Except as otherwise specifically set forth below, it does not describe a number of special tax rules, including the alternative minimum tax and various elections that may be applicable under certain circumstances. It also does not reflect provisions of the income tax laws of any municipality, state or foreign country in which a holder may reside, nor does it reflect the tax consequences of a holder’s death. The tax consequences of awards under the incentive plan depend upon the type of award.
Incentive Stock Options. The recipient of an ISO generally will not be taxed upon grant of the option. Federal income taxes are generally imposed only when the shares of Solidion’s Common Stock from exercised ISOs are disposed of, by sale or otherwise (although the excess of the fair market value of the common stock on the date of exercise over the exercise price is a tax preference for alternative minimum tax purposes, which could result in an alternative minimum tax liability). If the ISO recipient does not sell or dispose of the shares of Solidion’s Common Stock until more than one year after the receipt of the shares (i.e., exercise of the ISO) and two years after the option was granted (i.e., the minimum required time), then, upon sale or disposition of the shares, the difference between the exercise price and the fair market value of the shares of Solidion’s Common Stock as of the date of exercise will be treated as a long-term capital gain, and not ordinary income. If a recipient fails to hold the shares for the minimum required time the recipient will recognize ordinary income in the year of disposition generally in an amount equal to any excess of the fair market value of the common stock purchased on the date of exercise (or, if less, the amount realized on disposition of the shares) over the exercise price paid for the shares. Any further gain (or loss) realized by the recipient generally will be taxed as short-term or long-term gain (or loss) depending on the holding period. Solidion, subject to Section 162(m) of the Code, generally will be entitled to a tax deduction at the same time and in the same amount as ordinary income is recognized by the option recipient.
Non-statutory Stock Options. The recipient of an NSO generally will not be taxed upon the grant of the option. Federal income taxes are generally due from a recipient of NSOs when the options are exercised. The excess of the fair market value of the common stock purchased on such date over the exercise price of the option is taxed as ordinary income. Thereafter, the tax basis for the acquired shares is equal to the amount paid for the shares plus the amount of ordinary income recognized by the recipient. Solidion, subject to Section 162(m) of the Code, generally will be entitled to a tax deduction at the same time and in the same amount as ordinary income is recognized by the option recipient by reason of the exercise of the option. Any gain that the recipient realizes when he or she later sells or disposes of the acquired shares will be short-term or long-term capital gain, depending on how long the shares were held.
Restricted Stock Awards. Recipients who receive awards of restricted shares subject to a vesting requirement (i.e., the restricted shares are nontransferable and is subject to a substantial risk of forfeiture) generally will recognize ordinary income at the time vesting occurs in an amount equal to the fair market value of the shares at that time minus the amount, if any, paid for the shares. However, a recipient who receives restricted shares subject to a vesting requirement (i.e., the restricted shares are nontransferable and is subject to a substantial risk of forfeiture) may, within 30 days of the date the shares are granted, elect in accordance with Section 83(b) of the Code to recognize ordinary
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compensation income at the time of transfer of the shares rather than upon the vesting dates. Solidion, subject to Section 162(m) of the Code, generally will be entitled to a tax deduction at the same time and in the same amount as ordinary income is recognized by the recipient.
Restricted Stock Unit Awards. Recipients will not recognize income, and the Company will not be allowed a tax deduction, at the time of a restricted stock unit award is granted. Recipients who receive restricted stock unit awards generally will recognize ordinary income when they receive shares upon settlement of the awards in an amount equal to the fair market value of the shares at that time (less any amount the recipients paid for the stock or property). Solidion, subject to Section 162(m) of the Code, generally will be entitled to a tax deduction at the same time and in the same amount as ordinary income is recognized by the recipient.
Stock Appreciation Rights. Recipients who receive stock appreciation rights generally will recognize ordinary income upon exercise in an amount equal to the excess of the fair market value of the underlying shares of common stock on the exercise date over the exercise price. Solidion, subject to Section 162(m) of the Code, generally will be entitled to a tax deduction at the same time and in the same amount as ordinary income is recognized by the recipient.
Deductions. Section 162(m) of the Code may limit Solidion’s ability to take a tax deduction with respect to awards made to recipients that are covered employees to the extent that the compensation to such recipient for a taxable year exceeds $1,000,000.
Section 409A of the Code. The incentive plan permits the grant of various types of incentive awards, which may or may not be exempt from Section 409A of the Code. If an award is subject to Section 409A of the Code, and if the requirements of Section 409A of the Code are not met, the taxable events as described above could apply earlier than described, and could result in the imposition of additional taxes and penalties.
Tax Withholding. The Company Group has the right to deduct or withhold, or require a participant to remit to the Company Group, an amount sufficient to satisfy federal, state, and local taxes (including employment taxes) required by law to be withheld with respect to any exercise, lapse of restriction or other taxable event arising as a result of the incentive plan.
Incentive Plan Benefits
Grants of awards under the incentive plan are subject to the discretion of the plan administrator. Therefore, it is not possible to determine the future benefits that will be received by participants under the incentive plan.
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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
In addition to the compensation arrangements, including employment, termination of employment and change in control arrangements, with Solidion’s directors and executive officers, including those discussed in the sections entitled “Executive Compensation” and “Director Compensation,” the following sets forth transactions and series of similar transactions, since January 1, 2023, in which Solidion participated or will participate, in which (i) the amounts involved exceeded or will exceed $120,000, and (ii) any of Solidion’s then directors, executive officers, or holders of more than 5% of its capital stock at the time of such transaction, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest.
The following summarizes the terms of certain material agreements Solidion entered into with G3 in connection with the closing of the Business Combination pursuant to the Merger Agreement. Each such summary is qualified in its entirety by reference to the relevant agreement, the forms of which will be filed as annexes to the proxy statement.
Contribution Agreement. HBC and G3 entered into the Contribution Agreement pursuant to which, among other things, G3 will contribute and transfer to HBC all its right, title and interest in, to and under certain battery-related assets and HBC will assume certain related liabilities, as more specifically set forth thereunder. The parties intend that such contribution will qualify as a transaction described in Section 351(a) of the Code and the Treasury Regulations promulgated thereunder. The Contribution Agreement is attached hereto as exhibit 10.14.
Supply and License Agreement. HBC and G3 entered into the Supply and License Agreement pursuant to which, among other things, G3 will sell to and supply from time to time HBC certain graphene and graphite products and G3 will provide to HBC a non-exclusive license to certain G3 patents, technology and know-how relating to graphene production to make and have made graphene materials for HBC’s own needs, as more specifically set forth thereunder. The Supply and License Agreement is attached hereto as exhibit 10.15.
Shared Services Agreement. HBC and G3 entered into the Shared Services Agreement pursuant to which, among other things, G3 will continue to provide Solidion with certain operational and other support services, including assigning certain employees to work for Solidion to provide support to Solidion’s operations and sending its employees to Solidion on a short-term basis to provide support, and sharing the use of certain equipment, administrative office space, production space, laboratory space and loading space. In exchange for receipt of such services and uses, the Shared Services Agreement contemplates that the parties will pay fees to each other, as more specifically set forth thereunder. The Shared Services Agreement is attached hereto as exhibit 10.16.
In addition, the following related party transactions have occurred since January 1, 2023.
Executive Officer and Director Compensation Arrangements
See “Executive Compensation” for information regarding compensation arrangements with the executive officers and directors of Solidion, which include, among other things, employment, termination of employment and change in control arrangements, stock awards and certain other benefits.
Director and Executive Officer Indemnification
Solidion’s organizational documents provide, and Solidion’s second amended and restated certificate of incorporation and amended and restated Bylaws will provide, for indemnification for its directors and executive officers to the fullest extent permitted by law. Following the business combination, Solidion is expected to enter into indemnification agreements with each director and executive officer of Solidion. Such agreements provide, and such Solidion agreements will provide, among other things, the officers and directors of Solidion with contractual rights to indemnification, expense advancement and reimbursement, to the fullest extent permitted by law, including to the extent they serve at Solidion’s request as directors, officers, employees or other agents of any other affiliated entity, to the fullest extent permitted by law.
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Indemnification Agreements
We have entered into indemnification agreements with each of our directors and executive officers. The indemnification agreements, our articles of incorporation and our Bylaws require us to indemnify our directors to the fullest extent not prohibited by Delaware law. Subject to certain limitations, our Bylaws also require us to advance expenses incurred by our directors and officers.
Review, Approval and Ratification of Related Party Transactions
It is the Company’s policy that all related party transactions must be approved by directors independent of the parties involved. All of the transactions described above were approved and ratified by the independent members of our Board. In connection with the approval of the transactions described above, our Board took into account several factors, including their fiduciary duties to the Company, the relationships of the related parties described above to the Company, the material facts underlying each transaction, the anticipated benefits to the Company and related costs associated with such benefits, whether comparable products or services were available, and the terms we could receive from an unrelated third party.
Conflicts Related to Other Business Activities
The persons serving as our officers and directors have existing responsibilities and, in the future, may have additional responsibilities, to provide management and services to other entities in addition to us. As a result, conflicts of interest between us and the other activities of those persons may occur from time to time.
We will attempt to resolve any such conflicts of interest in our favor. Our officers and directors are accountable to our shareholders and us as fiduciaries, which requires that such officers and directors exercise good faith and integrity in handling our affairs. A shareholder may be able to institute legal action on our behalf or on behalf of that shareholder and all other similarly situated shareholders to recover damages or for other relief in cases of the resolution of conflicts in any manner prejudicial to us.
Director Independence
We have determined that each of the directors on the board of directors of Solidion other than Dr. Jang and Mr. Winters qualify as an independent director, as that term is defined in Rule 5605(a)(2) of the Nasdaq Listing Rules.
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SECURITIES ACT RESTRICTIONS ON RESALE OF SOLIDION’S SECURITIES
In general, Rule 144 of the Securities Act, (“Rule 144”), permits the resale of restricted securities without registration under the Securities Act if certain conditions are met. Rule 144 is not available for the resale of restricted securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company, including us. However, Rule 144 also includes an exception to this prohibition if the following conditions are met at the time of such resale:
• the issuer of the securities that was formerly a shell company has ceased to be a shell company;
• the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
• the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and
• at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting our status as an entity that is not a shell company.
Upon the consummation of the Transactions, we ceased to be a shell company, and as long as the conditions set forth in the exceptions listed above are satisfied, Rule 144 will be available for the resale of our restricted securities.
If the above conditions have been met and Rule 144 is available, a person who has beneficially owned restricted shares of common stock or warrants for at least six months would be entitled to sell their securities pursuant to Rule 144, provided that such person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale. If such persons are our affiliates at the time of, or at any time during the three months preceding, a sale, such persons would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:
• 1% of the total number of shares of our equity of the same class, as applicable, then outstanding; or
• the average weekly reported trading volume of our common stock or warrants, as applicable, during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.
Sales by affiliates under Rule 144, when available, are also limited by manner of sale provisions and notice requirements.
Lock-up Restrictions
In connection with the execution of the Subscription Agreement, G3 and all our officers and directors entered into a lock-up agreement (the “Lock-Up Agreement”) pursuant to which each such holder of Common Stock agreed, subject to certain customary exceptions, not to (i) sell, offer to sell, agree to offer or sell, solicit offers to purchase, convert, contract or agree to sell, pledge, encumber, assign, borrow, or otherwise dispose of, directly or indirectly, any shares of Common Stock held by them (such shares, together with any securities convertible into or exchangeable for or representing the rights to receive shares of Common Stock if any, acquired during the Lock-Up Period (as defined below), the “Lock-Up Shares”), (ii) enter into a transaction that would have the same effect, (iii) enter into any swap, hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Shares or otherwise, or engage in any short sales or other arrangement with respect to the Lock-Up Shares or (iv) publicly announce any intention to effect any transaction specified in clause (i) or (ii) until the date that is 90 days after September 5, 2024. There is an aggregate of [_] shares of Common Stock subject to the Lock-up Agreement.
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BENEFICIAL OWNERSHIP OF SECURITIES
Security Ownership of Certain Beneficial Owners and Management
The following table sets forth certain information with respect to beneficial ownership of our common stock as of September 26, 2024, by:
• each person known to be the beneficial owner of 5% or more of our outstanding common stock;
• each executive officer;
• each director; and
• all of the executive officers and directors as a group.
Beneficial ownership has been determined in accordance with Rule 13d-3 under the Exchange Act. Under this rule, certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire shares (for example, upon exercise of an option or warrant or vesting of an RSU) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares is deemed to include the amount of shares beneficially owned by such person by reason of such acquisition rights. As a result, the percentage of outstanding shares of any person as shown in the following table does not necessarily reflect the person’s actual voting power at any particular date.
The information set forth in the table below is based on 117,340,913 shares of our common stock issued and outstanding on September 26, 2024.
To our knowledge, except as indicated in the footnotes to this table and pursuant to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them. Unless otherwise indicated, the address of each beneficial owner listed below is 13355 Noel Rd, Suite 1100, Dallas, TX 75240.
|
Name and Address of Beneficial Owner(1) |
Beneficial |
Percent of |
|||
|
More than 5% Beneficial Owners |
|
||||
|
Global Graphene Group, Inc.(2) |
68,055,000 |
60.0 |
% |
||
|
|
|||||
|
Named Executive Officers and Directors |
|
||||
|
Dr. Bor Jang |
— |
— |
% |
||
|
Jaymes Winters |
— |
— |
% |
||
|
Vlad Prantsevich |
— |
— |
% |
||
|
Karin-Joyce (KJ) Tjon |
— |
— |
% |
||
|
John Davis |
— |
— |
% |
||
|
Cynthia Ekberg Tsai |
— |
— |
% |
||
|
Dr. Songhai Chai |
— |
— |
% |
||
|
All executive officers and directors as a group (10 persons) |
— |
— |
% |
||
____________
* Denotes beneficial ownership of less than 1% of our outstanding shares of common stock.
(1) Unless otherwise noted, the business address of each of the following entities or individuals listed under the headings “Executive Officers and Directors” and “More than Five Percent Holders” is c/o Solidion Technology, Inc., 13355 Noel Rd, Suite 1100, Dallas, TX 75240.
(2) Based on a Schedule 13D filed by Global Graphene Group, Inc. (“G3”) on February 6, 2024. G3 is managed by a board of directors consisting of Dr. Jang, Dr. Zhamu, Henry Wang, Max Wu, Wei Hsu, Edson Chang, and Hyun Yeo. Any action by G3 with respect to the shares of Solidion, including voting and dispositive decisions, requires a majority vote of the members of the board of managers of G3. Under the so-called “rule of three,” because voting and dispositive decisions are made by a majority of G3’s directors, none of the directors is deemed to be a beneficial owner of shares of Solidion, even those in which any director holds a pecuniary interest.
Changes in Control
Our management is not aware of any arrangements which may result in “changes in control” as that term is defined by the provisions of Item 403(c) of Regulation S-K.
98
SELLING SECURITYHOLDERS
The shares of our Common Stock being offered by the selling securityholders are:
• (i) 12,217,468 shares of Common Stock issued pursuant to that certain Securities Purchase Agreement, dated August 30, 2024, by and between us and the selling securityholders (the “Purchase Agreement”),
• (ii) up to 172,397,870 shares of Common Stock issuable upon the exercise of the warrants issued pursuant to the Purchase Agreement (the “PIPE Warrants”);
• (iii) 9,358,586 shares of Common Stock issuable upon the conversion of certain promissory notes issued by us on September 29, 2023, October 12, 2023, November 16, 2023, January 30, 2024, January 31, 2024, February 1, 2024 and February 2, 2024 (the “Convertible Notes,” and such shares, the “Convertible Note Shares”);
• (iv) 68,050,000 shares of Common Stock issued to Global Graphene Group, Inc. pursuant to the Merger Agreement, dated February 2, 2024 (the “Merger Agreement”), by and among Nubia Brand International Corp. (“Nubia”), Honeycomb Battery Company, Nubia Merger Sub, Inc.;
• (v) 3,750,000 shares of Common Stock issuable to Arbor Lake Capital, Inc. pursuant to the Merger Agreement with 1,750,000 shares issued pursuant to the Merger Agreement and 2,000,000 issued pursuant to the amended Strategic Cooperation Consulting Agreement, dated September 11, 2024, by and between the Company and Arbor Lake Capital, Inc.;
• (iv) 500,000 shares of Common Stock issuable to Arbor Lake Capital LLC pursuant to the Consulting Agreement, dated January 31, 2024, by and between the Company and Arbor Lake Capital LLC;
• (vi) 3,087,500 shares of Common Stock originally issued to Mach FM Acquisitions LLC (the “Sponsor”) and its affiliates in connection with the initial public offering of Nubia;
• (vii) 12,393,002 shares of Common Stock issued to Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC pursuant to that certain forward purchase agreement, dated December 13, 2023, as amended on August 29, 2024;
• (viii) 123,500 shares of Common Stock issued to affiliates of EF Hutton LLC in connection with the initial public offering of Nubia;
• (ix) up to an aggregate of 5,405,000 shares of Common Stock issuable upon the exercise of 5,405,000 private warrants (the “Private Warrants”) originally issued in a private placement in connection with Nubia’s initial public offering; and
• (x) up to 6,175,000 shares of Common Stock issuable upon the exercise of 6,175,000 warrants (the “Public Warrants”) originally issued in the initial public offering of Nubia.
We are registering the resale of the Common Stock and shares of our common stock issuable upon exercise of the Warrants in order to permit the selling securityholders to offer the shares of our Common Stock for resale from time to time. Except for the ownership of the Common Stock and the Warrants, the selling securityholders have not had any material relationship with us within the past three years.
Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to our common stock. Generally, a person “beneficially owns” shares of our common stock if the person has or shares with others the right to vote those shares or to dispose of them, or if the person has the right to acquire voting or disposition rights within 60 days.
Except as set forth in the footnotes below, the following table sets forth, based on written representations from the selling securityholders, certain information as of the date hereof regarding the beneficial ownership of our Common Stock by the selling securityholders and the shares of Common Stock being offered by the selling securityholders. The applicable percentage ownership of common stock is based on 117,340,913 shares of Common Stock outstanding as of September 26, 2024. Information with respect to shares of Common Stock owned beneficially after the offering
99
assumes the sale of all of the shares of common stock held by the selling securityholders or that may be acquired upon exercise of other securities. The selling securityholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.”
|
Name of Selling securityholders |
|
Maximum |
After Offering |
|||||||||
|
Shares of |
Percentage of |
Shares of |
Percentage of |
|||||||||
|
Anson Investments Master Fund LP(1) |
44,999,992 |
28.2 |
% |
44,999,992 |
0 |
0 |
% |
|||||
|
Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B(2) |
32,307,701 |
21.9 |
% |
32,307,701 |
0 |
0 |
% |
|||||
|
FirstFire Global Opportunities Fund, |
6,923,074 |
5.6 |
% |
6,923,074 |
0 |
0 |
% |
|||||
|
Great Point Capital, LLC(4) |
27,692,297 |
19.3 |
% |
27,692,297 |
0 |
0 |
% |
|||||
|
L1 Capital Global Opportunities Master Fund(5) |
16,153,835 |
12.2 |
% |
16,153,835 |
0 |
0 |
% |
|||||
|
Meteora Select Trading Opportunities Master, LP(6) |
28,017,606 |
16.6 |
% |
28,017,606 |
0 |
0 |
% |
|||||
|
Boothbay Diversified Alpha Master |
21,923,066 |
15.9 |
% |
21,923,066 |
0 |
0 |
% |
|||||
|
S.H.N Financial Investments ltd(8) |
11,538,448 |
9.0 |
% |
11,538,448 |
0 |
0 |
% |
|||||
|
Meteora Capital Partners, LP(6) |
5,517,179 |
4.7 |
% |
5,517,179 |
0 |
0 |
% |
|||||
|
Meteora Strategic Capital, LLC(6) |
1,935,142 |
1.6 |
% |
1,935,142 |
0 |
0 |
% |
|||||
|
Global Graphene Group, Inc.(10) |
68,050,000 |
60.0 |
% |
68,050,000 |
0 |
0 |
% |
|||||
|
Arbor Lake Capital, Inc.(11) |
3,750,000 |
3.2 |
% |
3,750,000 |
0 |
0 |
% |
|||||
|
Arbor Lake Capital LLC(12) |
500,000 |
* |
|
500,000 |
0 |
0 |
% |
|||||
|
Embark Holdings, LLC(13) |
565,000 |
* |
|
565,000 |
0 |
0 |
% |
|||||
|
BKL Global Solutions, LLC(13) |
250,000 |
* |
|
250,000 |
0 |
0 |
% |
|||||
|
BT Family Office 1941 LLC(13) |
90,000 |
* |
|
90,000 |
0 |
0 |
% |
|||||
|
Andrew Szpiro(13) |
130,000 |
* |
|
130,000 |
0 |
0 |
% |
|||||
|
Embark Holdings II, LLC(13) |
175,000 |
* |
|
175,000 |
0 |
0 |
% |
|||||
|
Wacther Holdings(13) |
465,000 |
* |
|
465,000 |
0 |
0 |
% |
|||||
|
Olga Borisova(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
Mufasa Holdings LLC(13) |
135,334 |
* |
|
135,334 |
0 |
0 |
% |
|||||
|
Hasanov Capital LLC(13) |
30,000 |
* |
|
30,000 |
0 |
0 |
% |
|||||
|
Michael R. Martin(13) |
25,000 |
* |
|
25,000 |
0 |
0 |
% |
|||||
|
02 Capital Inc.(13) |
2,800,000 |
2.4 |
% |
2,800,000 |
0 |
0 |
% |
|||||
|
ICO Products LLC(13) |
938,826 |
* |
|
938,826 |
0 |
0 |
% |
|||||
|
Duolun Liu(13) |
267,371 |
* |
|
267,371 |
0 |
0 |
% |
|||||
|
Eddie Ni(13) |
1,605,555 |
1.5 |
% |
1,605,555 |
0 |
0 |
% |
|||||
|
Qiao Chen(13) |
200,000 |
* |
|
200,000 |
0 |
0 |
% |
|||||
|
Thanhchi Thi Nguyen(13) |
50,000 |
* |
|
50,000 |
0 |
0 |
% |
|||||
|
Qing Li |
100,000 |
* |
|
100,000 |
0 |
0 |
% |
|||||
|
Alta Capital Partners LLC(13) |
224,000 |
* |
|
224,000 |
0 |
0 |
% |
|||||
|
BIG 4 Sponsor LLC(13) |
935,000 |
* |
|
935,000 |
0 |
0 |
% |
|||||
|
Jaymes Winters(13) |
181,250 |
* |
|
181,250 |
0 |
0 |
% |
|||||
|
Vlad Prantsevich(13) |
121,250 |
* |
|
121,250 |
0 |
0 |
% |
|||||
|
Nick Matev(13) |
25,000 |
* |
|
25,000 |
0 |
0 |
% |
|||||
|
Paul Prantsevich(13) |
20,000 |
* |
|
20,000 |
0 |
0 |
% |
|||||
|
Emanuel Rusu(13) |
15,000 |
* |
|
15,000 |
0 |
0 |
% |
|||||
100
|
Name of Selling securityholders |
|
Maximum |
After Offering |
|||||||||
|
Shares of |
Percentage of |
Shares of |
Percentage of |
|||||||||
|
Alexander Monje(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
David Campbell(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
Michael Patterson(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
Karin-Joyce (KJ) Tjon(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
Yvonne Brown(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
Patrick Orlando(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
BIG 4 Sponsor LLC(13) |
2,770,716 |
2.4 |
% |
2,770,716 |
0 |
0 |
% |
|||||
|
Jaymes Winters(13) |
6,024 |
* |
|
6,024 |
0 |
0 |
% |
|||||
|
Vic Solomon(13) |
100,000 |
* |
|
100,000 |
0 |
0 |
% |
|||||
|
Nick Matev(13) |
25,000 |
* |
|
25,000 |
0 |
0 |
% |
|||||
|
Emanuel Rusu(13) |
22,222 |
* |
|
22,222 |
0 |
0 |
% |
|||||
|
Paul Hudgens(13) |
11,529 |
* |
|
11,529 |
0 |
0 |
% |
|||||
|
Michael Hudgens(13) |
10,000 |
* |
|
10,000 |
0 |
0 |
% |
|||||
|
Ken Moon et al.(13) |
9,000 |
* |
|
9,000 |
0 |
0 |
% |
|||||
|
Paul Prantsevich(13) |
6,000 |
* |
|
6,000 |
0 |
0 |
% |
|||||
|
Michael Johnson(13) |
5,714 |
* |
|
5,714 |
0 |
0 |
% |
|||||
|
Randall Parker(13) |
5,714 |
* |
|
5,714 |
0 |
0 |
% |
|||||
|
Ruby Joubert Johnson(13) |
5,714 |
* |
|
5,714 |
0 |
0 |
% |
|||||
|
Randall Parker(13) |
4,000 |
* |
|
4,000 |
0 |
0 |
% |
|||||
|
David Shepherd(13) |
2,857 |
* |
|
2,857 |
0 |
0 |
% |
|||||
|
John Chandler(13) |
2,857 |
* |
|
2,857 |
0 |
0 |
% |
|||||
|
John Chandler II(13) |
2,857 |
* |
|
2,857 |
0 |
0 |
% |
|||||
|
Barry Wolfe(13) |
2,000 |
* |
|
2,000 |
0 |
0 |
% |
|||||
|
James Coakley(13) |
2,000 |
* |
|
2,000 |
0 |
0 |
% |
|||||
|
Linda Boyle(13) |
2,000 |
* |
|
2,000 |
0 |
0 |
% |
|||||
|
Mark Boyle(13) |
2,000 |
* |
|
2,000 |
0 |
0 |
% |
|||||
|
Melissa Williams(13) |
2,000 |
* |
|
2,000 |
0 |
0 |
% |
|||||
|
Steve Sellers(13) |
2,000 |
* |
|
2,000 |
0 |
0 |
% |
|||||
|
Desiree Carter(13) |
1,714 |
* |
|
1,714 |
0 |
0 |
% |
|||||
|
Davey Thomas(13) |
1,429 |
* |
|
1,429 |
0 |
0 |
% |
|||||
|
Rodney Scott(13) |
1,429 |
* |
|
1,429 |
0 |
0 |
% |
|||||
|
Alex Shevchuk(13) |
7,024 |
* |
|
7,024 |
0 |
0 |
% |
|||||
|
Charles Goolsby(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Janice Nix-Victoria(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Kimberly Womack(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Linda Charles(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Mariol Charles(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Natasha Youngblood(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Monique Mayo(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Natasha Johnson(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Rod Womack(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Slyvester Joubert(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Tennille Johnson(13) |
1,000 |
* |
|
1,000 |
0 |
0 |
% |
|||||
|
Kingswoods Capital Partners, LLC(14) |
9,262 |
* |
|
9,262 |
0 |
0 |
% |
|||||
|
Joseph T. Rallo(15) |
57,119 |
* |
|
57,119 |
0 |
0 |
% |
|||||
101
|
Name of Selling securityholders |
|
Maximum |
After Offering |
||||||||
|
Shares of |
Percentage of |
Shares of |
Percentage of |
||||||||
|
David W. Boral(16) |
57,119 |
* |
57,119 |
0 |
0 |
% |
|||||
|
Wanda Nimer(13) |
1,000 |
* |
1,000 |
0 |
0 |
% |
|||||
|
Wendy Johnson(13) |
1,000 |
* |
1,000 |
0 |
0 |
% |
|||||
|
Desiree Carter(13) |
500 |
* |
500 |
0 |
0 |
% |
|||||
|
John Chandler(13) |
200 |
* |
200 |
0 |
0 |
% |
|||||
____________
* Less than 1 percent (1%).
(1) Includes (i) 2,978,008 shares of Common Stock, (ii) 29,999,994 shares issuable upon exercise of the Series C Warrants, and (iii) 12,021,990 shares issuable upon the exercise of the Series D Warrants. The securities are directly held by Anson Investments Master Fund LP (“Anson Investments”). Anson Advisors Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master Fund LP (“Anson”), hold voting and dispositive power over the Common Shares held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the general partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. The principal business address of Anson is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.
(2) Includes (i) 2,138,058 shares of Common Stock, (ii) 21,538,467 shares issuable upon exercise of the Series C Warrants, and (iii) 8,631,176 shares issuable upon the exercise of the Series D Warrants. Ayrton Capital LLC, the investment manager to Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B, has discretionary authority to vote and dispose of the shares held by Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B and may be deemed to be the beneficial owner of these shares. Waqas Khatri, in his capacity as Managing Member of Ayrton Capital LLC, may also be deemed to have investment discretion and voting power over the securities held by Alto Opportunity Master Fund, SPC — Segregated Master Portfolio B. The business address for Alto Opportunity Master Fund, SPC-Segregated Master Portfolio B is c/o Ayrton Capital LLC, 55 Post Road W, 2nd Floor, Westport, CT 06880.
(3) Includes (i) 458,155 shares of Common Stock, (ii) 4,615,382 shares issuable upon exercise of the Series C Warrants, and (iii) 1,849,537 shares issuable upon the exercise of the Series D Warrants. Eli Fireman, Managing Member of Firstfire Global Opportunities Fund LLC, has sole voting and dispositive power over the shares held by or issuable to Firstfire Global Opportunities Fund LLC. Mr. Fireman disclaims beneficial ownership over the securities listed except to the extent of his pecuniary interest therein. The principal business address of Firstfire Global Opportunities Fund LLC is 1040 1st Avenue, New York, NY10022.
(4) Includes (i) 1,832,620 shares of Common Stock, (ii) 18,461,531 shares issuable upon exercise of the Series C Warrants, and (iii) 7,398,146 shares issuable upon the exercise of the Series D Warrants. Gabriel Mengin and Dan Dimiero, as principals of Great Point Capital, LLC, hold voting and dispositive power over the securities held by Great Point Capital, LLC. Great Point Capital, LLC is a broker-dealer. The principal business address of Great Point Capital, LLC is 200 West Jackson Blvd., Suite 1000, Chicago, IL 60606.
(5) Includes (i) 1,069,028 shares of Common Stock, (ii) 10,769,223 shares issuable upon exercise of the Series C Warrants, and (iii) 4,315,584 shares issuable upon the exercise of the Series D Warrants. David Feldman and Joel Arber are the directors of L1 Capital Global Opportunities Master Fund and have voting control and investment discretion over the securities held by L1 Capital Global Opportunities Master Fund. As such they may be deemed to be beneficial owners of such shares of Common Stock. To the extent Mr. Feldman and Mr. Arber are deemed to beneficially own these securities, Mr. Feldman and Mr. Arber disclaim beneficial ownership over the securities except to the extent of any pecuniary interest therein. L1 Capital Global Opportunities Master Fund’s principal business address is 161A Shedden Road, 1 Artillery Court, PO Box 10085, Grand Cayman KY1-1001, Cayman Islands.
(6) Includes (A) (i) 6,467,865 shares of Common Stock, (ii) 15,384,616 shares issuable upon exercise of the Series C Warrants, and (iii) 6,165,125 shares issuable upon the exercise of the Series D Warrants held by Meteora Select Trading Opportunities Master, LP, (B) 5,517,179 shares of Common Stock held by Meteora Capital Partners, LP, and (C) 1,935,142 shares of Common Stock held by Meteora Strategic Capital, LLC (collectively, “Meteora”). Vikas Mittal is the Managing Member of Meteora and in such capacity may be deemed to be the beneficial owner having shared voting power and shared investment power over the securities described in this footnote. Mr. Mittal expressly declares that he is not the beneficial owner for the purposes of sections 13(d) or 13(g) of the Act. The business address of Meteora is 1200 N. Federal Hwy #200 Boca Raton, Florida 33432.
102
(7) Includes (i) 1,450,824 shares of Common Stock, (ii) 14,615,377 shares issuable upon exercise of the Series C Warrants, and (iii) 5,856,865 shares issuable upon the exercise of the Series D Warrants. Boothbay Diversified Alpha Master Fund, LP, a Cayman Islands limited partnership (the “BBDAMF”), is managed by Boothbay Fund Management, LLC, a Delaware limited liability company (“Boothbay”). Boothbay, in its capacity as the investment manager of the BBDAMF, has the power to vote and the power to direct the disposition of all securities held by BBDAMF. Ari Glass is the Managing Member of Boothbay. Each of BBDAMF, Boothbay, and Mr. Glass disclaim beneficial ownership of these securities, except to the extent of any pecuniary interest therein.
(8) Includes (i) 763,591 shares of Common Stock, (ii) 7,692,298 shares issuable upon exercise of the Series C Warrants, and (iii) 3,082,559 shares issuable upon the exercise of the Series D Warrants. Hadar Shamir and Nir Shamir have shared power to vote and dispose of the securities held by S.H.N Financial Investments Ltd. and may be deemed to be the beneficial owner of these securities. The address of S.H.N Financial Investments Ltd. is 3 Arik Einstein St. Herzeliya, Israel.
(10) Consists of 68,050,000 shares of Common Stock held by Global Graphene Group, Inc. (“G3”). G3 is managed by a board of directors consisting of Dr. Jang, Dr. Zhamu, Henry Wang, Max Wu, Wei Hsu, Edson Chang, and Hyun Yeo. Any action by G3 with respect to the shares of Solidion, including voting and dispositive decisions, requires a majority vote of the members of the board of managers of G3. Under the so-called “rule of three,” because voting and dispositive decisions are made by a majority of G3’s directors, none of the directors is deemed to be a beneficial owner of shares of Solidion, even those in which any director holds a pecuniary interest. The address of 1240 McCook Ave, Dayton, OH 45404.
(11) Consists of 3,750,000 shares of Common Stock held by Arbor Lake Capital Inc. Hong Li is a director of Arbor Lake Capital Inc. and has voting and investment control with respect to the securities reported herein. Hong Li disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest therein. The address of Arbor Lake Inc. is Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.
(12) Consists of 500,000 shares of Common Stock held by Arbor Lake Capital LLC. Kunlun Hong is a director of Arbor Lake Capital LLC and has voting and investment control with respect to the securities reported herein. Kunlun Hong disclaims beneficial ownership of these securities, except to the extent of any pecuniary interest therein. The address of Arbor Lake Capital LLC is 24 Frank Lloyd Wright Dr., LBBY L-4000, Ann Arbor, MI 48105.
(13) The address is 13355 Noel Rd, Suite 1100, Dallas, TX 75240.
(14) The address is 17 Battery PL Ste 625 New York NY 10004.
(15) The address is 181 Montauk Hwy East Hampton NY 11937.
(16) The address is 2 Sea Wall Ln Bayville NY 11709.
103
EXPERTS
The consolidated financial statements of Solidion Technology, Inc. (f/k/a Nubia Brand International Corp.) as of December 31, 2023 and 2022 and for the years then ended, included in this prospectus, have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein (which contains an explanatory paragraph relating to substantial doubt about the ability of Solidion Technology, Inc. to continue as a going concern), and are included in reliance upon the report of such firm given on the authority of such firm as experts in accounting and auditing.
The combined carved-out financial statements of the Battery Group of Global Graphene Group, Inc. at December 31, 2022 and 2023 and for the years then ended, included in this prospectus, have been audited by GBQ Partners LLC, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein (which report includes an explanatory paragraph describing conditions that raise substantial doubt about the Battery Group’s ability to continue as a going concern described in the notes to the combined carved-out financial statements), and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.
LEGAL MATTERS
The validity of the securities offered by this prospectus has been passed upon for us by Loeb & Loeb LLP, New York, New York. If the validity of any securities is also passed upon by counsel for the underwriters, dealers or agents of an offering of those securities, that counsel will be named in the applicable prospectus supplement.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We are required to file annual, quarterly and current reports, proxy statements and other information with the SEC as required by the Exchange Act. You can read our SEC filings, including this prospectus, over the Internet at the SEC’s website at www.sec.gov.
Our website address is www.solidiontech.com. Through our website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC, including our Annual Reports on Form 10-K; our proxy statements for our annual and special stockholder meetings; our Quarterly Reports on Form 10-Q; our Current Reports on Form 8-K; Forms 3, 4, and 5 and Schedules 13D and 13G with respect to our securities filed on behalf of our directors and our executive officers; and amendments to those documents. The information contained on, or that may be accessed through, our website is not a part of, and is not incorporated into, this prospectus.
104
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Combined Carved-Out Financial Statements
The Battery Group of Global Graphene Group, Inc.
December 31, 2023 and 2022
|
Page |
||
|
F-2 |
||
|
Combined Carved-Out Financial Statements: |
||
|
F-3 |
||
|
F-4 |
||
|
F-5 |
||
|
F-6 |
||
|
F-7 |
Solidion Technology, Inc.
(f/k/a Nubia Brand International Corp.)
|
Page |
||
|
Audited Financial Statements |
||
|
Reports of Independent Registered Public Accounting Firm (PCAOB Firm # 688) |
F-12 |
|
|
Financial Statements: |
||
|
F-13 |
||
|
F-14 |
||
|
Consolidated Statements of Changes in Stockholders’ Equity (Deficit) |
F-15 |
|
|
F-16 |
||
|
F-17 |
Solidion Technology, Inc.
Unaudited Condensed Consolidated and Combined Financial Statements,
Three Months Ended June 30, 2024 and 2023
|
Page |
||
|
Financial Statements: |
||
|
F-37 |
||
|
F-38 |
||
|
Consolidated Statements of Changes in Stockholders’ Equity (Deficit) |
F-39 |
|
|
F-40 |
||
|
F-41 |
F-1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of
Global Graphene Group, Inc
Opinion on the Financial Statements
We have audited the accompanying combined carved-out balance sheets of the Battery Group of Global Graphene Group, Inc. (the “Company”) as of December 31, 2023 and 2022 and the related combined carved-out statements of operations, parent’s net equity and cash flows for the years then ended (collectively referred to as the “financial statements”). In our opinion, the carved-out financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Continuation as a Going Concern
The accompanying combined carved-out financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in the Summary of Significant Accounting Policies note to the financial statements, the Company has experienced recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in the notes to the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ GBQ Partners LLC
We have served as the Company’s auditor since 2022.
Columbus, Ohio
April 15, 2024
F-2
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Combined Carved-Out Balance Sheets
December 31, 2023 and 2022
|
December 31, |
||||||||
|
2023 |
2022 |
|||||||
|
ASSETS |
|
|
|
|
||||
|
|
|
|
|
|||||
|
Current Assets |
|
|
|
|
||||
|
Cash |
$ |
780 |
|
$ |
621,575 |
|
||
|
Accounts receivable |
|
2,164 |
|
|
1,037 |
|
||
|
Other receivable |
|
187,500 |
|
|
— |
|
||
|
Receivable from Parent |
|
— |
|
|
1,070,000 |
|
||
|
Inventory |
|
22,730 |
|
|
22,731 |
|
||
|
Prepaid expenses and other current assets |
|
44,892 |
|
|
32,723 |
|
||
|
Total current assets |
|
258,066 |
|
|
1,748,066 |
|
||
|
|
|
|
|
|||||
|
Property and Equipment, at cost |
|
|
|
|
||||
|
Land improvements |
|
60,137 |
|
|
60,137 |
|
||
|
Building and leasehold improvements |
|
3,622,629 |
|
|
3,623,242 |
|
||
|
Machinery and equipment |
|
2,014,195 |
|
|
2,124,763 |
|
||
|
|
5,696,961 |
|
|
5,808,142 |
|
|||
|
Less: accumulated depreciation |
|
(3,377,809 |
) |
|
(3,177,682 |
) |
||
|
Total property and equipment, net |
|
2,319,152 |
|
|
2,630,460 |
|
||
|
|
|
|
|
|||||
|
Other Assets |
|
|
|
|
||||
|
Patents, net of amortization |
|
1,852,649 |
|
|
1,718,047 |
|
||
|
TOTAL ASSETS |
$ |
4,429,867 |
|
$ |
6,096,573 |
|
||
|
|
|
|
|
|||||
|
LIABILITIES AND PARENT’S NET EQUITY |
|
|
|
|
||||
|
|
|
|
|
|||||
|
Current Liabilities |
|
|
|
|
||||
|
Accounts payable |
$ |
— |
|
$ |
922 |
|
||
|
Accrued expenses |
|
144,923 |
|
|
112,225 |
|
||
|
Payable to Parent |
|
872,485 |
|
|
— |
|
||
|
Total current liabilities |
|
1,017,408 |
|
|
113,147 |
|
||
|
|
|
|
|
|||||
|
Long-Term Liabilities |
|
— |
|
|
— |
|
||
|
Total liabilities |
|
1,017,408 |
|
|
113,147 |
|
||
|
|
|
|
|
|||||
|
Parent’s Net Equity |
|
|
|
|
||||
|
Parent’s net equity |
|
3,412,459 |
|
|
5,983,426 |
|
||
|
Total Parent’s Net Equity |
|
3,412,459 |
|
|
5,983,426 |
|
||
|
TOTAL LIABILITIES AND PARENT’S NET EQUITY |
$ |
4,429,867 |
|
$ |
6,096,573 |
|
||
The accompanying notes are an integral part of the financial statements.
F-3
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Combined Carved-Out Statements of Operations
For the Years Ended December 31, 2023 and 2022
|
Years Ended December 31, |
||||||||
|
2023 |
2022 |
|||||||
|
Net Sales |
$ |
6,944 |
|
$ |
19,036 |
|
||
|
|
|
|
|
|||||
|
Cost of Goods Sold |
|
— |
|
|
2,934 |
|
||
|
|
|
|
|
|||||
|
Gross Profit (Loss) |
|
6,944 |
|
|
16,102 |
|
||
|
|
|
|
|
|||||
|
Operating Expenses |
|
|
|
|
||||
|
Wages, benefits and payroll taxes |
|
2,934,682 |
|
|
2,528,120 |
|
||
|
Rent |
|
53,442 |
|
|
35,937 |
|
||
|
Professional fees |
|
279,270 |
|
|
204,157 |
|
||
|
Repairs & maintenance |
|
44,087 |
|
|
132,970 |
|
||
|
Utilities |
|
103,886 |
|
|
115,726 |
|
||
|
Supplies |
|
214,887 |
|
|
261,273 |
|
||
|
Travel |
|
14,168 |
|
|
16,473 |
|
||
|
Dues & subscriptions |
|
2,100 |
|
|
115 |
|
||
|
Depreciation & amortization |
|
552,855 |
|
|
606,911 |
|
||
|
Transaction costs |
|
1,130,747 |
|
|
— |
|
||
|
Other |
|
(502 |
) |
|
60,455 |
|
||
|
Total operating expenses |
|
5,329,623 |
|
|
3,962,137 |
|
||
|
|
|
|
|
|||||
|
Operating Loss |
|
(5,322,679 |
) |
|
(3,946,035 |
) |
||
|
|
|
|
|
|||||
|
Other Income (Expense) |
|
|
|
|
||||
|
Other income (expense) |
|
(1,945 |
) |
|
(1,178 |
) |
||
|
Total other income (expense) |
|
(1,945 |
) |
|
(1,178 |
) |
||
|
|
|
|
|
|||||
|
Net Loss before Income Taxes |
|
(5,324,624 |
) |
|
(3,947,213 |
) |
||
|
|
|
|
|
|||||
|
Benefit (Provision) for Income Taxes |
|
— |
|
|
— |
|
||
|
|
|
|
|
|||||
|
Net Loss |
$ |
(5,324,624 |
) |
$ |
(3,947,213 |
) |
||
The accompanying notes are an integral part of the financial statements.
F-4
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Combined Carved-Out Statements of Parent’s Equity
For the Years Ended December 31, 2023 and 2022
|
Years Ended December 31, |
||||||||
|
2023 |
2022 |
|||||||
|
Parent’s Net Equity, Beginning of Period |
$ |
5,983,426 |
|
$ |
6,687,209 |
|
||
|
Net loss |
|
(5,324,624 |
) |
|
(3,947,213 |
) |
||
|
Contributions and net transfers with Parent and other Affiliates |
|
2,753,657 |
|
|
3,243,430 |
|
||
|
Parent’s Net Equity, End of Period |
$ |
3,412,459 |
|
$ |
5,983,426 |
|
||
The accompanying notes are an integral part of the financial statements.
F-5
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Combined Carved-Out Statements of Cash Flows
December 31, 2023 and 2022
|
Years Ended December 31, |
||||||||
|
2023 |
2022 |
|||||||
|
Cash Flows from Operating Activities: |
|
|
|
|
||||
|
Net loss |
$ |
(5,324,624 |
) |
$ |
(3,947,213 |
) |
||
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
552,855 |
|
|
606,911 |
|
||
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
(1,127 |
) |
|
(40 |
) |
||
|
Other receivable |
|
(187,500 |
) |
|
— |
|
||
|
Prepaid expenses and other current assets |
|
(12,168 |
) |
|
11,943 |
|
||
|
Accounts payable |
|
(922 |
) |
|
545 |
|
||
|
Accrued expenses |
|
32,699 |
|
|
88,863 |
|
||
|
Payable to Parent |
|
872,485 |
|
|
|
|
||
|
Total adjustments |
|
1,256,322 |
|
|
708,222 |
|
||
|
Net cash used in operating activities |
|
(4,068,302 |
) |
|
(3,238,991 |
) |
||
|
|
|
|
|
|||||
|
Cash Flows from Investing Activities: |
|
|
|
|
||||
|
Purchases of property and equipment |
|
— |
|
|
(10,144 |
) |
||
|
Capitalized patent costs |
|
(376,150 |
) |
|
(242,909 |
) |
||
|
Net cash used in investing activities |
|
(376,150 |
) |
|
(253,053 |
) |
||
|
|
|
|
|
|||||
|
Cash Flows from Financing Activities: |
|
|
|
|
||||
|
Contributions, net transfers and net changes in due to and from Parent and other affiliates |
|
3,823,657 |
|
|
4,104,939 |
|
||
|
Net cash provided by financing activities |
|
3,823,657 |
|
|
4,104,939 |
|
||
|
|
|
|
|
|||||
|
Net (decrease) increase in cash |
|
(620,795 |
) |
|
612,895 |
|
||
|
|
|
|
|
|||||
|
Cash – Beginning of Period |
|
621,575 |
|
|
8,679 |
|
||
|
|
|
|
|
|||||
|
Cash – End of Period |
$ |
780 |
|
$ |
621,575 |
|
||
The accompanying notes are an integral part of the financial statements.
F-6
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Notes to Combined Carved-Out Financial Statements
December 31, 2023 and 2022
Nature and Scope of Business
Global Graphene Group, Inc. (“G3” or “Parent”), registered in Delaware and headquartered in Dayton, Ohio, was formed in February 2016 as a holding company for the various interests in graphene and battery related companies. G3 is engaged in research and development activities related to the production and application of graphene and graphene-enabled technologies, including but not limited to battery and electric conductivity applications, thermal management, corrosion control, rubber composites and others. The core business of G3 is batteries. The Battery Group is essentially an advanced materials and battery technology enterprise, focused on the development and commercialization of next-generation EV battery technologies. As of December 2023, the Parent holds over 520 patents and patent applications related to batteries and battery components, which are being transferred to the Battery Group of G3. The Parent also holds over 250 patents and patent applications related to the production and application of graphene and non-battery graphene-related technologies. The domestic operations of the Parent in Dayton, Ohio, are primarily focused on research and product development activities. G3 also engages in the marketing and sale of graphene through its operating subsidiaries in Taiwan and China.
The accompanying combined carved-out financial statements show the historical combined carve-out financial position, results of operations, changes in parent’s net equity and cash flows of the Battery Group operations of G3 (collectively referred to as the “Company”). These combined carved-out financial statements have been derived from the accounting records of G3 to include the assets, liabilities, revenues and expenses of two subsidiaries included in the Battery Group; Angstron Energy Company, Inc. (“AEC”) and Honeycomb Battery Company LLC. (“HBC”), assets to be contributed by the Parent or other affiliates to the Company on a post spin-out transaction basis select and certain allocated assets, liabilities and expenses of the Parent. These combined carved-out financial statements do not necessarily reflect what the results of operations, financial position, or cash flows would have been had the Company been a separate entity nor are they indicative of future results of the Company.
The combined carve-out operating results of the Company have been specifically identified based on the Company’s existing subsidiary structure. The majority of the assets and liabilities of the Company have been identified based on the existing subsidiary structure. The historical costs and expenses reflected in the combined carved-out financial statements include an allocation for certain corporate and shared service functions. Management believes the assumptions underlying the combined carved-out financial statements are reasonable. Nevertheless, the combined carved-out financial statements may not include all of the actual expenses that would have been incurred had the Company operated on a standalone basis during the periods presented and may not reflect the results of operations, financial position and cash flows had the Company operated on a standalone basis during the periods presented. Actual costs that would have been incurred if the Company had operated on a standalone basis would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The Company may incur additional costs associated with being a standalone, publicly listed company that were not included in the expense allocations and, therefore, would result in additional costs that are not reflected in the historical results of operations, financial position and cash flows.
As part of the G3 group of companies, the Company is dependent upon Parent and affiliates for all of its working capital and financing requirements as Parent uses a centralized approach to cash management and financing of its operations. Financial transactions relating to the Company are accounted for in these financial statements through the Net Parent’s Equity account. Accordingly, none of Parent’s cash or debt at the corporate level have been assigned to the Company in these financial statements. Net Parent’s equity represents Parent’s interest in the recorded net assets of the Company. All significant transactions between the Company, Parent and affiliates have been included in the accompanying financial statements. Transactions with Parent and affiliates are reflected in the accompanying Statements of Parent’s Net Equity as “Contributions and net transfers with Parent and other affiliates” and in the accompanying combined carved-out balance sheets within “Net Parent’s Equity”. The statements of operations of the Company includes revenues and expenses that are specifically identifiable to the Company plus allocated corporate overhead or other shared costs based on methodologies that management deems appropriate for the nature of the cost. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying financial statements.
F-7
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Notes to Combined Carved-Out Financial Statements
December 31, 2023 and 2022
Nature and Scope of Business (cont.)
On February 2, 2024, Nubia Brand International Corp., (“Nubia”) consummated a business combination pursuant to a Merger Agreement (as amended on August 25, 2023, the “Merger Agreement”), by and among Nubia, HBC, and Nubia Merger Sub, Inc., a wholly-owned subsidiary of Nubia (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub merged with and into HBC with HBC surviving such merger as a wholly owned subsidiary of Nubia, which was renamed Solidion Technology, Inc. upon closing (the “Merger”). The carved-out financial statements herein of the Company reflect the assets, liabilities, revenues and expenses of HBC that were merged into Solidion Technology, Inc.
In connection with the merger, the Company incurred $1,130,747 in transaction costs for the year ended December 31, 2023.
The assets of the Company include patent assets that have been contributed to Solidion Technology, Inc. During 2023, the patents designated to be contributed into the merger changed. The accompanying December 31, 2022 carved-out financial statements herein have been recasted to reflect this change in the reporting entity. The following reflects the changes in the accompanying financial statements from that previously reported.
|
As Previously |
|
|
||||||||||
|
Balance Sheet |
|
|
|
|
|
|
||||||
|
Unissued patents |
$ |
978,180 |
|
$ |
396,606 |
|
$ |
1,374,786 |
|
|||
|
Issued patents |
|
631,914 |
|
|
(10,756 |
) |
|
621,158 |
|
|||
|
Accumulated amortization |
|
(277,897 |
) |
|
— |
|
|
(277,897 |
) |
|||
|
Patents, net |
|
1,332,197 |
|
|
385,850 |
|
|
1,718,047 |
|
|||
|
Parent’s Net Investment |
|
5,597,576 |
|
|
385,850 |
|
|
5,983,426 |
|
|||
|
|
|
|
|
|
|
|||||||
|
Statement of Cash Flows |
|
|
|
|
|
|
||||||
|
Capitalized patent costs |
|
(225,550 |
) |
|
(17,359 |
) |
|
(242,909 |
) |
|||
Summary of Significant Accounting Policies
Going Concern
The Company has experienced recurring net losses and has generated minimal sales from inception. The Company’s ability to continue as a going concern depends on generating cash from operations or obtaining financing. Solidion Technology, Inc. plans to finance operations with proceeds from the sale of equity securities or debt; however, there is no assurance that management’s plans to obtain additional debt or equity financing will be successfully implemented or implemented on favorable terms.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during each of the reporting periods. Actual results could differ from those estimates. The Company’s significant estimates consist of impairment of long-lived assets.
Cash and Cash Equivalents
Cash consist of cash, checking accounts, money market accounts and temporary investments with maturities of three months or less when purchased. As of December 31, 2023 and 2022, the Company had no cash equivalents. Intercompany transactions between the Company, the Parent and affiliates are considered to be effectively settled in the combined carved-out financial statements at the time the transaction is recorded. The total net effect of the settlement of these intercompany transactions is reflected in the combined statements of cash flows within financing activities and in the combined carved-out balance sheets within Parent’s Net Equity.
F-8
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Notes to Combined Carved-Out Financial Statements
December 31, 2023 and 2022
Summary of Significant Accounting Policies (cont.)
Accounts Receivable
The carrying amount of receivables is reduced by a valuation allowance for expected credit losses, as necessary, that reflects management’s best estimate of the amount that will not be collected. This estimation takes into consideration historical experience, current conditions and, as applicable, reasonable supportable forecasts. Actual results could vary from the estimate. Accounts are charged against the allowance when management deems them to be uncollectible. Based on its assessment, the Company determined that the risk of credit loss was not material; therefore, there was no valuation allowance recorded as of December 31, 2023 and 2022.
Other Receivable
The other receivable of $187,500 as of December 31, 2023 is from Nubia Brand for cash advances made by Parent (on behalf of the Battery Group) to Nubia Brand in connection with requirements of Nubia Brand to fund additional amounts into the trust for extensions of time in closing a business combination. Pursuant to the Merger Agreement, the Battery Group was responsible for funding 50% of this additional trust funding requirement.
Receivable from and Payable to Parent
The receivable from Parent of $1,070,000 as of December 31, 2022 represents an allocation of cash funds from a subsidiary not included in the Battery Group. The Parent funded the receivable during 2023. The payable to Parent at December 31, 2023 includes the $187,500 for the cash advances made by Parent (on behalf of the Battery Group) and $685,000 related to transaction costs to be paid by Parent (on behalf of the Battery Group) in 2024.
Inventory
Inventories are stated at the lower of first-in, first-out cost or net realizable value. The Company writes-down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. The Company provides reserves for obsolete inventories when the Company deems the value to be impaired. As of December 31, 2023 and 2022, the Company determined that no reserve was required.
Property and Equipment, net
Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures, which extend the economic life, are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. The Company assesses the carrying value of its property and equipment for impairment each year. Based on its assessments, the Company did not incur any impairment charges for 2023 and 2022.
The Company depreciates its property and equipment for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
|
Bulding |
40 years |
|
|
Leasehold improvements |
15 years |
|
|
Machinery & equipment |
5 years |
Depreciation expense of property and equipment was approximately $311,000 and $557,000 for 2023 and 2022, respectively.
Patents
The Company capitalizes external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents. The Company’s intangible assets consist of capitalized costs for unissued patents and issued patents that are owned by an affiliate and have been included in these financial statements as these assets will be contributed into the
F-9
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Notes to Combined Carved-Out Financial Statements
December 31, 2023 and 2022
Summary of Significant Accounting Policies (cont.)
Merger. Issued patents are carried at cost less accumulated amortization. Successful patent efforts are amortized over the life of the patent, and unsuccessful efforts are expensed. The issued patents are being amortized over a useful life of 20 years. Amortization of the patent costs commences upon patent issuance. Unissued and issued patents were approximately $1,103,000 and $1,268,000 as of December 31, 2023, respectively; and $1,375,000 and $621,000 at December 31, 2022, respectively. The Company assesses the carrying value of its intangible assets for impairment each year. Based on its assessments, the Company did not incur any impairment charges for 2023 and 2022.
Translation of Foreign Currencies
The functional currency of HBC’s Taiwan subsidiary is the New Taiwan. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 830, Foreign Currency Matters, the financial statements of the Company’s HBC Taiwan are translated to U.S. dollars using the exchange rates at the balance sheet dates for assets and liabilities, the historical exchange rate for stockholders’ equity accounts and a weighted average exchange rate for revenue, expenses and gains or losses. Foreign currency translation adjustments are accumulated in a separate component of stockholders’ deficit until the foreign business is sold or substantially liquidated. The foreign currency translation adjustments as of and for the years ended December 31, 2023 and 2022 were not material.
Revenue Recognition
Revenue is recognized when a performance obligation has been satisfied by transferring control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products. Revenues are recognized at a point in time when control transfers to customers, which is generally determined when title, ownership and risk of loss pass to the customer.
Research and Development
All research and development costs are expensed as incurred. Substantially all costs incurred in 2023 and 2022 were related to research and development activities.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Income tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. Due to the losses recognized in 2023, 2022 and prior years, a full valuation allowance has been recognized in the balance sheets as of December 31, 2023 and 2022 and no benefit for the net losses has been recognized in the 2023 and 2022 statements of operations.
Leases
In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which enhances transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The guidance includes a new definition of a lease, which are classified as either a finance lease or operating lease. Only short-term leases are not recognized on the balance sheet. Other changes include certain aspects of lessee accounting, lessor accounting, leveraged leases, sale and leaseback transactions and required disclosures. Topic 842
F-10
BATTERY GROUP OF GLOBAL GRAPHENE GROUP, INC.
Notes to Combined Carved-Out Financial Statements
December 31, 2023 and 2022
Summary of Significant Accounting Policies (cont.)
was effective for the Company effective January 1, 2022. The Company has only three operating leases with the remaining lease obligation totaling approximately $7,000 and $36,000 as of December 31, 2023 and 2022, respectively. Because the effect of Topic 842 would not be material to the Company’s financial statements, the Company has not adopted this new standard.
New Accounting Pronouncements
In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard sets forth a current expected credit loss (CECL) model, which requires the Company to measure all expected credit losses for financial assets (or a group of financial assets) held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. The standard replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost, such as accounts receivable and related reserves. The new standard was effective for annual periods beginning after December 15, 2022. There was no material impact of the new pronouncement on the Company’s financial statements.
Patents
Issued patents are recognized on the balance sheets net of accumulated amortization of approximately $519,000 and $278,000 as of December 31, 2023 and 2022, respectively. Amortization expense for the patents included in these financial statements was approximately $246,000 and $50,000 for 2023 and 2022, respectively. Amortization expense for 2023 includes approximately $162,000 to correct an error related to prior years. Future amortization expense for the patents over the next five years is anticipated to be approximately $65,000 per year.
Operating Leases
Rent expense for 2023 and 2022 was approximately $53,000 and $36,000, respectively.
Future minimum rental payments under non-cancelable operating leases for legal entities included in the Battery Group are as follows:
|
2024 |
|
4,168 |
|
|
2025 |
|
1,500 |
|
|
2026 |
|
1,375 |
|
|
Total |
$ |
7,043 |
Foreign Operations
The foreign subsidiary of the Company represented approximately $24,000 and $12,000 of total assets, and $63,000 and $23,000 of total liabilities as of December 31, 2023 and 2022, respectively. There were no revenues recognized by the foreign subsidiary in 2023 and 2022. Total expenses incurred by the foreign subsidiary were approximately $282,000 and $231,000 in 2023 and 2022, respectively.
Commitments and Contingencies
The Internal Revenue Service has placed a federal tax lien on all the property and rights to property belonging to Global Graphene Group, Inc. which would include the assets included in these combined carved-out financial statements of the Company. The lien relates to unpaid federal income taxes for 2017. Inclusive of interest, the balance owed is approximately $1,740,000 as of December 2023.
Subsequent Events — Date of Management Evaluation
Management has evaluated subsequent events through June 7, 2024, the date on which the financial statements were available to be issued.
F-11
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of
Solidion Technology, Inc. (f/k/a Nubia Brand International Corp.)
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Solidion Technology, Inc. (f/k/a Nubia Brand International Corp.) (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of operations, changes in stockholders’ equity (deficit) and cash flows for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Explanatory Paragraph — Going Concern
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1, the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Marcum llp
Marcum llp
We have served as the Company’s auditor since 2021.
Hartford, CT
April 11, 2024
F-12
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
CONSOLIDATED BALANCE SHEETS
|
December 31, |
December 31, |
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ASSETS |
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Current Assets: |
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Cash |
$ |
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$ |
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Prepaid expenses |
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Derivative asset |
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Total Current Assets |
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Cash and investments held in the Trust Account |
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Other assets |
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Total Assets |
$ |
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$ |
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LIABILITIES AND STOCKHOLDERS’ (DEFICIT) |
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Current Liabilities: |
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Accounts payable and accrued expenses |
$ |
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$ |
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Income taxes payable |
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Excise tax payable |
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Accrued offering costs |
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Funds allocated for share redemption |
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Derivative liabilities |
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Advances from Related Party |
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Advances from Target |
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Convertible note – Related Party |
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Convertible note payable – Sponsor |
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Total Current Liabilities |
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Deferred underwriting commission |
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Total liabilities |
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COMMITMENTS AND CONTINGENCIES |
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| Class A common stock subject to possible redemption; |
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Stockholders’ Deficit: |
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| Preferred stock, $ |
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| Class A common stock, $ |
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| Class B common stock, $ |
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Additional paid-in capital |
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||||
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Accumulated deficit |
|
( |
) |
|
( |
) |
||
|
Total Stockholders’ Deficit |
|
( |
) |
|
( |
) |
||
|
Total Liabilities and Stockholders’ Deficit |
$ |
|
|
$ |
|
|
||
The accompanying notes are an integral part of these consolidated financial statements.
F-13
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
CONSOLIDATED STATEMENTS OF OPERATIONS
|
For the |
For the |
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|
EXPENSES |
|
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||||
|
Administrative fee – related party |
$ |
|
|
$ |
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General and administrative |
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|
TOTAL EXPENSES |
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OTHER (EXPENSE) INCOME |
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Change in fair value of derivative asset/liabilities |
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( |
) |
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Income earned on Investments held in Trust Account |
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Interest income |
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Change in fair value of over-allotment liability |
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TOTAL OTHER (EXPENSE) INCOME, NET |
|
( |
) |
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|
Net (loss) income before provision for income taxes |
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( |
) |
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Provision for income taxes |
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Net (loss) income |
$ |
( |
) |
$ |
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||
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|||||
|
Weighted average number of shares of Class A redeemable common stock outstanding, basic |
|
|
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||
|
Basic net (loss) income per share of Class A redeemable common stock |
$ |
( |
) |
$ |
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||
|
Weighted average number of shares of Class A and B non-redeemable common stock outstanding, basic |
|
|
|
|
|
||
|
Basic net (loss) income per share of Class A and B non-redeemable common stock |
$ |
( |
) |
$ |
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||
|
Weighted average number of shares of Class A redeemable common stock outstanding, diluted |
|
|
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||
|
Diluted net (loss) income per share of Class A redeemable common stock |
$ |
( |
) |
$ |
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||
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Weighted average number of shares of Class A and B non-redeemable common stock outstanding, diluted |
|
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|
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||
|
Diluted net (loss) income per share of Class A and B non-redeemable common stock |
$ |
( |
) |
$ |
|
||
The accompanying notes are an integral part of these consolidated financial statements.
F-14
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022
|
Class A |
Class B |
Additional |
Accumulated |
Stockholders’ |
||||||||||||||||||||
|
Shares |
Amount |
Shares |
Amount |
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|
Balance at December 31, 2021 |
$ |
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|
$ |
|
|
$ |
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|
$ |
( |
) |
$ |
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Proceeds Allocated to Public Warrants |
— |
|
— |
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Proceeds from Private Warrants |
— |
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— |
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Value of transaction costs allocated to the fair value of equity instruments |
— |
|
— |
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( |
) |
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( |
) |
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Class A common stock issued to Representative |
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— |
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Class A Common Stock Redeemable Remeasurement Adjustment at Initial Public Offering |
— |
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— |
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( |
) |
|
( |
) |
|
( |
) |
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Class A Common Stock Redeemable Remeasurement Adjustment |
— |
|
— |
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( |
) |
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( |
) |
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Forfeiture of Class B Common Stock |
— |
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( |
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( |
) |
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Net income |
— |
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— |
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Balance at December 31, 2022 |
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( |
) |
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( |
) |
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Class A Common Stock Redeemable Remeasurement Adjustment |
— |
|
— |
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( |
) |
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( |
) |
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Excise tax on redemption of Class A Common Stock |
— |
|
— |
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( |
) |
|
( |
) |
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Net loss |
— |
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— |
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( |
) |
|
( |
) |
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Balance at December 31, 2023 |
|
$ |
|
|
|
$ |
|
|
$ |
|
$ |
( |
) |
$ |
( |
) |
||||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-15
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
CONSOLIDATED STATEMENT OF CASH FLOWS
|
For the |
For the |
|||||||
|
Cash Flows From Operating Activities: |
|
|
|
|
||||
|
Net income (loss) |
$ |
( |
) |
$ |
|
|
||
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
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|
||||
|
Income earned on Investments held in Trust Account |
|
( |
) |
|
( |
) |
||
|
Change in fair value of over-allotment liability |
|
|
|
( |
) |
|||
|
Derivative asset/liabilities |
|
|
|
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|||
|
Changes in operating assets and liabilities: |
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|
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|
||||
|
Prepaid expenses |
|
|
|
|
( |
) |
||
|
Other assets |
|
|
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|
( |
) |
||
|
Accrued formation and offering costs |
|
( |
) |
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|
|||
|
Income tax payable |
|
|
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||
|
Accounts payable and accrued expenses |
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|
Net Cash Used In Operating Activities |
|
( |
) |
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( |
) |
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|
Cash Flows From Investing Activities: |
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|
Cash withdrawn for taxes |
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|
Cash withdrawn for redemptions of Class Common Stock |
|
|
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|||
|
Cash deposited into Trust Account |
|
( |
) |
|
( |
) |
||
|
Net Cash Provided By (Used In) Investing Activities |
|
|
|
|
( |
) |
||
|
|
|
|
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|||||
|
Cash Flows From Financing Activities: |
|
|
|
|
||||
|
Proceeds from convertible note – Sponsor |
|
|
|
|
|
|||
|
Proceeds from convertible note |
|
|
|
|
|
|||
|
Advances from Related Party |
|
|
|
|
|
|||
|
Advances from Target |
|
|
|
|
|
|||
|
Payments for redemption of Class A Common Stock |
|
( |
) |
|
|
|||
|
Sale of Units in the Initial Public Offering, net of underwriting discount |
|
|
|
|
|
|||
|
Proceeds from sale of Private Placement Warrants |
|
|
|
|
|
|||
|
Payment of underwriter fees |
|
|
|
( |
) |
|||
|
Payment of offering costs |
|
|
|
( |
) |
|||
|
Net Cash (Used In) Provided By Financing Activities |
|
( |
) |
|
|
|
||
|
|
|
|
|
|||||
|
Net change in cash |
|
( |
) |
|
|
|
||
|
|
|
|
|
|||||
|
Cash at beginning of period |
|
|
|
|
|
|||
|
Cash at end of period |
$ |
|
|
$ |
|
|
||
|
|
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Supplemental disclosure |
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Cash paid for income taxes |
$ |
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$ |
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Supplemental disclosure of non-cash financing activities: |
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Deferred offering costs included in accrued offering costs |
$ |
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$ |
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Deferred offering costs included in related party payable |
$ |
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$ |
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Deferred underwriters’ compensation charged to temporary equity in connection with the Public Offering |
$ |
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$ |
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Class A redeemable Common Stock measurement adjustment at Initial Public Offering |
$ |
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$ |
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Fair value of representative shares |
$ |
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$ |
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Fair value of over-allotment option |
$ |
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$ |
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Excise tax on redemption of Class A Common Stock |
$ |
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$ |
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Class A Common Stock Redeemable Current Period Remeasurement Adjustment |
$ |
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|
$ |
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Reclassification of redeemed Class A ordinary shares |
$ |
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The accompanying notes are an integral part of these consolidated financial statements.
F-16
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Solidion Technology, Inc, formerly known as Nubia Brand International Corp. prior to February 2, 2024 (the “Closing Date”) was incorporated in Delaware on June 14, 2021 and Nubia Merger Sub, Inc., an Ohio corporation, (collectively, the Company”) was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of December 31, 2023, the Company had not commenced any operations. All activity for the period from June 14, 2021 (inception) through December 31, 2023 relates to the Company’s formation and the initial public offering (“Initial Public Offering” or “IPO”), which is described below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected December 31 as its fiscal year end.
On February 16, 2023, the Company entered into a Merger Agreement (the “Merger Agreement”) by and among Honeycomb Battery Company, an Ohio corporation (the “Honeycomb”), the Company, and Nubia Merger Sub, Inc., an Ohio corporation (“Merger Sub”) and wholly-owned subsidiary of the Company, pursuant to which Merger Sub will merge with and into Honeycomb (the “Merger”) with Honeycomb as the surviving corporation of the Merger and becoming a wholly-owned subsidiary of the Company. In connection with the Merger, the Company will change its name to “Honeycomb Battery Company” or such other name designated by Honeycomb by notice to the Company, which is referred to herein as the “Solidion.” The board of directors of the Company (the “Nubia Board”) has unanimously (i) approved and declared advisable the Merger Agreement, the Merger and the other transactions contemplated thereby (collectively, the “Transactions”) and (ii) resolved to recommend approval of the Merger Agreement and related matters by the stockholders of the Company.
The Merger Agreement provides that the Company will issue to the Honeycomb stockholders aggregate consideration of
(i) 5,000,000 Earnout Shares if, over any ten (10) trading days within any thirty (30) trading day period from and after the date that is thirty (30) days following the closing date of the Transactions (the “Closing Date”) until the second anniversary of the Closing Date, the VWAP of the shares of Solidion’s Class A common stock is greater than or equal to $12.50 per share (subject to any adjustment pursuant to the Merger Agreement);
(ii) 7,500,000 Earnout Shares if, over any ten (10) trading days within any thirty (30) trading day period from and after the date that is one hundred eighty (180) days following the Closing Date until the date that is forty-two (42) months following the Closing Date, the VWAP of the shares of Solidion’s Class A common stock is greater than or equal to $15.00 per share (subject to any adjustment pursuant to the Merger Agreement); and
(iii) 10,000,000 Earnout Shares if over any ten (10) trading days within any thirty (30) trading day period from and after the date that is one hundred eighty (180) days following the Closing Date until the fourth anniversary of the Closing Date, the VWAP of the shares of Solidion’s Class A common stock is greater than or equal to $25.00 per share (subject to any adjustment pursuant to the Merger Agreement).
The Merger Agreement contains customary representations and warranties of the parties.
F-17
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (cont.)
The Merger is accounted for as a reverse recapitalization with Honeycomb as the accounting acquirer.
On February 2, 2024 (the “Closing Date”), the Company consummated the business combination (the “Closing”) pursuant to a Merger Agreement, dated February 16, 2023 (as amended on August 25, 2023, the “Merger Agreement”) with HBC surviving such merger as a wholly owned subsidiary of Nubia, which was renamed “Solidion Technology, Inc.” upon Closing.
Business Prior to the Business Combination
The registration statement for the Company’s Initial Public Offering was declared effective on March 10, 2022. On March 15, 2022, the Company consummated the Initial Public Offering of
Simultaneously with the closing of the Initial Public Offering, the Company consummated the private sale (the “Private Placement”) of an aggregate of
On March 15, 2022, the underwriters purchased an additional
The Company’s ability to commence operations is contingent upon obtaining adequate financial resources through its Initial Public Offering of
The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations with one or more operating businesses or assets with a fair market value equal to at least
F-18
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (cont.)
The holders of the Founder Shares have agreed (a) to waive their redemption rights with respect to the Founder Shares and Public Shares held by them in connection with the completion of a Business Combination and (b) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemptions in connection with a Business Combination or to redeem
On March 13, 2023, in accordance with the current certificate of incorporation, the Company contributed an aggregate of $
Stockholders elected to redeem an aggregate
In connection with the redemption, the Company recorded an excise tax liability and equity adjustment of $
On December 14, 2023, the Company held another special meeting of stockholders (the “Second Special Meeting”). At the Second Special Meeting, stockholders approved the business combination.
Stockholders elected to redeem an aggregate
Excise tax, if any, related to the redemption will be accrued on the date the funds are paid to the stockholders.
Going Concern Consideration
On February 2, 2024 (the “Closing Date”), the Company consummated the business combination (the “Closing”) pursuant to a Merger Agreement, dated February 16, 2023 (as amended on August 25, 2023, the “Merger Agreement”) with HBC surviving such merger as a wholly owned subsidiary of Nubia, which was renamed “Solidion Technology, Inc.” upon Closing.
Since Solidion’s inception, the Company has experienced recurring net losses and has generated minimal sales. For the year ended December 31, 2023, Solidion recorded net losses of approximately $
F-19
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (cont.)
The balance sheets do not include any adjustments that might result from the outcome of this uncertainty. The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“US GAAP”), which contemplate continuation of the Company as a going concern.
Risks and Uncertainties
The IR Act imposes a
In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action, related sanctions on the world economy and the ongoing hostilities in the Middle East are not determinable as of the date of these financial statements. The specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements.
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
F-20
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash and cash equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2023 and 2022.
Cash and investments held in Trust Account
The funds held in Trust are invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account. All of the Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in Income earned on Investments held in Trust Account in the accompanying statements of operations. The estimated fair value of investments held in Trust Account are determined using available market information. On December 11, 2023 the funds in the Trust Account were moved into a non-interest bearing, segregated account, as determined by the Company, until the earlier of (i) the completion of a Business Combination and (ii) the distribution of the funds held in the Trust Account. In fourth quarter of 2023, the Company withdrew approximately $
Offering Costs associated with an Initial Public Offering
The Company complies with the requirements of the Financial Accounting Standards Board (“FASB”) ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offering.” Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Upon completion of the Initial Public Offering, offering costs associated with the shares of Class A Common Stock were allocated between temporary equity and the Public Warrants by the relative fair value method. Total offering costs at the close of the Initial Public Offering were $
F-21
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Class A ordinary shares subject to possible redemption
The Company accounts for its Class A common stock subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity”. Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity (deficit). The Company’s Class A common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2023 and December 31, 2022, the shares of Class A common stock subject to possible redemption in the amount of approximately $
The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A common stock to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized a measurement adjustment from initial book value to redemption amount value. The change in the carrying value of redeemable Class A ordinary shares resulted in charges against additional paid-in capital and accumulated deficit of approximately $
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Gross proceeds |
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Proceeds allocated to Public Warrants |
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Class A common stock issuance costs |
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Plus: |
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Class A Common Stock Redeemable Remeasurement Adjustment at IPO |
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Remeasurement adjustment for the year ended December 31, 2022 |
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Class A common stock subject to possible redemption as of December 31, 2022 |
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Transfer to funds payable to redeemed Class A stockholders |
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Redemptions |
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( |
) |
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Remeasurement adjustment for the year ended December 31, 2023 |
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Class A common stock subject to possible redemption as of December 31, 2023 |
$ |
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Funds payable to redeemed Class A stockholders
On December 14, 2023, the Company held a second special meeting of stockholders (the “Second Special Meeting”). In connection with the Second Special Meeting, stockholders elected to redeem an aggregate
Excise tax, if any, related to the redemption will be accrued on the date the funds are paid to the stockholders.
F-22
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Income Taxes
The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of December 31, 2023 and 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income taxation by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
The IR Act imposes a
In connection with shareholder redemptions in 2023, the Company recorded an excise tax liability and equity adjustment of $
Net Income (Loss) per Common Stock
The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. The Company applies the two-class method in calculating earnings per share. The remeasurement adjustment associated with the redeemable shares of Class A Common Stock is excluded from income (loss) per share as the redemption value approximates fair value.
The calculation of diluted income (loss) per share of common stock does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering and (ii) the Private Placement since the exercise of the warrants is contingent upon the occurrence of future events. As of December 31, 2023 and 2022, the warrants are exercisable to purchase
Stockholders elected to redeem an aggregate
F-23
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
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For the |
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Class A Redeemable Common Stock |
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Numerator: Income allocable to Class A Redeemable Common Stock |
$ |
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Denominator: Diluted weighted average shares outstanding |
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Diluted net income per share, Class A Redeemable Common Stock |
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Numerator: Income allocable to Class A and Class B Non-Redeemable Common Stock |
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Denominator: Diluted weighted average shares outstanding |
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Diluted net income per share, Class A and Class B Non-Redeemable Common Stock |
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Year ended |
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Numerator: Loss allocable to Class A Redeemable Common Stock |
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Basic and diluted net loss per share, Class A Redeemable Common Stock |
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Class A and Class B Non-redeemable Common Stock |
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Numerator: Loss allocable to Class A and Class B Non-Redeemable Common Stock |
$ |
( |
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Denominator: Basic and diluted weighted average shares outstanding |
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Basic and diluted net loss per share, Class A and Class B Non-Redeemable Common Stock |
$ |
( |
) |
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Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $
Fair Value of Financial Instruments
Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). See Note 8.
Convertible Notes
The Company accounts for convertible notes as either equity-classified or liability-classified instruments based on an assessment of the convertible notes’ specific terms and applicable authoritative guidance in ASC 480, and FASB ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the conversion feature is freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and
F-24
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
whether the convertible notes meet all of the requirements for equity classification under ASC 815, including whether the conversion feature are indexed to the Company’s own common shares. The Company has concluded that the convertible notes qualify for equity treatment.
Warrants
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, and FASB ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company accounts for outstanding warrants as equity-classified instruments.
Forward Purchase Agreement and Non-Redemption Agreement
The Company accounts for forward purchase agreement and non-redemption agreement as either equity-classified or liability-classified instruments based on an assessment of the FPA and NRA specific terms and applicable authoritative guidance in ASC 480, and FASB ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the FPA and NRA are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the FPA and NRA meet all of the requirements for equity classification under ASC 815, including whether the FPA and NRA are indexed to the Company’s own common shares and whether the FPA and NRA holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment is conducted at the time of FPA and NRA issuance and as of each subsequent quarterly period end date while the FPA and NRA are outstanding.
For issued or modified FPA and NRAs that meet all of the criteria for equity classification, the FPA and NRA are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified FPA and NRAs that do not meet all of the criteria for equity classification, the FPA and NRAs are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company accounts for outstanding FPA and NRA as liability-classified instruments.
Recent Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosures of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for the fiscal year beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements and disclosures.
Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.
F-25
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3 — INITIAL PUBLIC OFFERING
Pursuant to the Initial Public Offering, the Company sold
On March 15, 2022, the underwriters purchased an additional
NOTE 4 — PRIVATE PLACEMENTS
The Sponsor purchased an aggregate of
On March 15, 2022, in connection with the exercise of the over-allotment option, the Sponsor and the underwriter purchased an additional
NOTE 5 — RELATED PARTIES
Founder Shares
On August 17, 2021, the Sponsor received
The holders of the Founder Shares have agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A common stock equals or exceeds $
F-26
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 — RELATED PARTIES (cont.)
Promissory Note — Sponsor
On July 27, 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal amount of $
As of December 31, 2023 and December 31, 2022, there was $
On January 29, 2024, the Promissory Notes with the Sponsor was amended such that the Promissory Note any or all of the unpaid principal upon consummation of the Company’s initial business combination was convertible into common shares at a conversion price of $
Convertible Note — Related party
At various dates in the third and fourth quarters of 2023, the Company issued Convertible notes to related parties of $
Advances from Target
On June 15, 2023, Honeycomb Battery Company advanced to the Company $
Advances from Related Parties
From time to time, affiliates of the Sponsor advance funds to the Company or pay expenses on behalf of the Company for formation and operating costs. These advances are due on demand and are non-interest bearing. During the year ended December 31, 2023 and 2022, the related parties paid $
Letter Agreement between Nubia and Mach FM Acquisitions LLC
On December 13, 2023, Nubia and the Sponsor entered into an agreement (the “Agreement”) wherein Nubia shall make a cash payment to the Sponsor in the amount of $
F-27
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 5 — RELATED PARTIES (cont.)
Merger Agreement. The payment is due at closing of the Merger Agreement and relates to the deferred underwriting commission of $
General and Administrative Services
Commencing on the date of the Initial Public Offering, the Company has agreed to pay the Sponsor a total of $
Related Party Loans
In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination, without interest, or, at the lender’s discretion, up to $
NOTE 6 — COMMITMENTS AND CONTINGENCIES
Registration Rights
The holders of the Founder Shares, Private Placement Warrants that may be issued upon conversion of Working Capital Loans (and any shares of common stock issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of Initial Public Offering requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to shares of Class A common stock). The holders of these securities are entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration statement to become effective until the securities covered thereby are released from their lock-up restrictions. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
The Company granted the underwriters a 45-day option from the date of Initial Public Offering to purchase up to
F-28
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 — COMMITMENTS AND CONTINGENCIES (cont.)
The underwriters were paid a cash underwriting discount of $
On March 15, 2022, the underwriters purchased an additional
The Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the effectiveness of the registration statement of which this prospectus forms a part pursuant to Rule 5110(e)(1) of the FINRA Manual. Upon close of the Initial Public Offering, the Company recorded additional stock issuance costs of $
NOTE 7 — STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred Stock — The Company is authorized to issue
Class A Common Stock — The Company is authorized to issue
Class B Common Stock — The Company is authorized to issue
Only holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders except as otherwise required by law. In connection with our initial business combination, we may enter into a stockholders agreement or other arrangements with the stockholders of the target or other investors to provide for voting or other corporate governance arrangements that differ from those in effect upon completion of this offering.
F-29
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7 — STOCKHOLDERS’ EQUITY (DEFICIT) (cont.)
The shares of Class B common stock will automatically convert into Class A common stock at the time of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as converted basis,
Warrants — As of December 31, 2023, there were
The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
The Company has agreed that as soon as practicable after the closing of a Business Combination the Company will use its commercially reasonable efforts to file, and within 90 days following a Business Combination to have declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a) (9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $
• in whole and not in part;
• at a price of $
• upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and
F-30
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 7 — STOCKHOLDERS’ EQUITY (DEFICIT) (cont.)
• if, and only if, the last reported sale price of the Class A common stock equals or exceeds $
If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.
If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of common stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
The Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the Initial Public Offering.
NOTE 8 — FORWARD PURCHASE AGREEMENT AND NON REDEMPTION AGREEMENT
Forward Purchase Agreement
On December 13, 2023, Nubia entered into an agreement with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, “Seller” or “Forward Purchase Investors”) (the “Forward Purchase Agreement”). For purposes of the Forward Purchase Agreement, NUBI is referred to as the “Counterparty” prior to the consummation of the Business Combination, while Solidion Technology, Inc. (“Pubco”) is referred to as the “Counterparty” after the consummation of the Business Combination. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Forward Purchase Agreement.
Pursuant to the terms of the Forward Purchase Agreement, Seller intends, but is not obligated, to, concurrently with the Closing pursuant to Seller’s FPA Funding Amount PIPE Subscription Agreement, purchase up to
The Forward Purchase Agreement provides for a prepayment shortfall in an amount in U.S. dollars equal to
F-31
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8 — FORWARD PURCHASE AGREEMENT AND NON REDEMPTION AGREEMENT (cont.)
applicable to Shortfall Sale Shares, when a Shortfall Sale Notice is delivered under the Forward Purchase Agreement, and (b) an Optional Early Termination, subject to the terms and conditions of the Forward Purchase Agreement applicable to Terminated Shares, when an OET Notice is delivered under the Forward Purchase Agreement, in each case with the delivery of such notice being in the sole discretion of Seller (as further described in the “Optional Early Termination” and “Shortfall Sales” sections in the Forward Purchase Agreement).
The Forward Purchase Agreement provides that Seller will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to (a) the sum of (i) the Number of Shares as set forth in a Pricing Date Notice, plus (ii) number of Recycled Shares multiplied by the redemption price per share (the “Initial Price”) as defined in Section 9.2(b) of NUBI’s Certificate of Incorporation, effective as of March 10, 2023, and as amended from time to time (the “Certificate of Incorporation”), less (b) the Prepayment Shortfall.
The Counterparty will pay to Seller the Prepayment Amount required under the Forward Purchase Agreement directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer and Trust Company holding the net proceeds of the sale of the units in the Counterparty’s initial public offering and the sale of private placement warrants (the “Trust Account”), no later than the earlier of (a) one Local Business Day after the Closing Date and (b) the date any assets from the Trust Account are disbursed in connection with the Business Combination; except that to the extent that the Prepayment Amount is to be paid from the purchase of Additional Shares by Seller, such amount will be netted against such proceeds, with Seller being able to reduce the purchase price for the Additional Shares by the Prepayment Amount. For the avoidance of doubt, any Additional Shares purchased by Seller will be included in the Number of Shares under the Forward Purchase Agreement for all purposes, including for determining the Prepayment Amount. In addition to the Prepayment Amount, Counterparty shall pay directly from the Trust Account, on the Prepayment Date, an amount equal to the product of (x) up to
Following the Closing, the reset price (the “Reset Price”) will initially be the Initial Price. The Reset Price will be subject to reset on a bi-weekly basis commencing the first week following the thirtieth day after the closing of the Business Combination to be the lowest of (a) the then current Reset Price, (b) the Initial Price and (c) the VWAP Price of the Shares of the prior two weeks; provided the Reset Price shall be subject to reduction upon a Dilutive Offering Reset immediately upon the occurrence of such Dilutive Offering.
From time to time and on any date following the Trade Date (any such date, an “OET Date”) and subject to the terms and conditions in the Forward Purchase Agreement, Seller may, in its absolute discretion, terminate the Transaction in whole or in part by providing written notice to the Counterparty (the “OET Notice”), by the later of (a) the fifth Local Business Day following the OET Date and (b) the next Payment Date following the OET Date (which shall specify the quantity by which the Number of Shares shall be reduced (such quantity, the “Terminated Shares”)). The effect of an OET Notice shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, the Counterparty shall be entitled to an amount from Seller, and Seller shall pay to the Counterparty an amount, equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date. The payment date may be changed within a quarter at the mutual agreement of the parties.
The valuation date will be the earliest to occur of (a) the date that is three (3) years after the date of the closing of the Business Combination (the date of the closing of the Business Combination, the “Closing Date”) pursuant to the Merger Agreement, (b) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (v) a Shortfall Variance Registration Failure, (w) a VWAP Trigger Event, (x) a Delisting Event, (y) a Registration Failure or (z) unless otherwise specified therein, any Additional Termination Event, and (c) the date specified by Seller in a written notice to be delivered to the Counterparty at Seller’s sole discretion (which Valuation Date shall not be earlier than the day such notice is effective). The Valuation Date notice will become effective immediately
F-32
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 8 — FORWARD PURCHASE AGREEMENT AND NON REDEMPTION AGREEMENT (cont.)
upon its delivery from Seller to the Counterparty in accordance with the Forward Purchase Agreement. In the event the Valuation Date is determined pursuant to clause (c), the Settlement Amount Adjustment will not apply to the calculation of the Settlement Amount.
On the Cash Settlement Payment Date, which is the tenth Local Business Day immediately following the last day of the Valuation Period, Seller will remit to the Counterparty an amount equal to the Settlement Amount and will not otherwise be required to return to the Counterparty any of the Prepayment Amount and the Counterparty shall remit to Seller the Settlement Amount Adjustment; provided that, if the Settlement Amount less the Settlement Amount Adjustment is a negative number, then neither Seller nor the Counterparty shall be liable to the other party for any payment under the “Cash Settlement Payment” Date section of the Forward Purchase Agreement.
Seller has agreed to waive any redemption rights with respect to any Recycled Shares in connection with the Business Combination, as well as any redemption rights under NUBI’s Certificate of Incorporation that would require redemption by NUBI of the NUBI Shares. Such waiver may reduce the number of NUBI Shares redeemed in connection with the Business Combination, and such reduction could alter the perception of the potential strength of the Business Combination. The Forward Purchase Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements of all tender offer regulations applicable to the Business Combination, including Rule 14e-5 under the Securities Exchange Act of 1934.
The derivative liabilities includes the FPA and NRA of $
Non-Redemption Agreement
On December 13, 2023, NUBI entered into a non-redemption agreement (the “Non-Redemption Agreement”) with certain investors named therein (each, a “Backstop Investor”), each acting on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by each such Backstop Investor or its affiliates. Pursuant to each Non-Redemption Agreement, each Backstop Investor agreed that, on or prior to Closing, it will beneficially own not greater than the lesser of (i) that number of Backstop Shares set forth in the Non-Redemption Agreement and (ii) the total number of NUBI Shares beneficially owned by Backstop Investor and its affiliates and any other persons whose beneficial ownership of NUBI Shares would be aggregated with those of Backstop Investor for purposes of Section 13(d) of the Securities Exchange Act of 1934 not exceeding
Upon consummation of the business combination, NUBI shall pay or cause to be paid to each Backstop Investor a payment in respect of its respective Backstop Shares a payment in respect of Backstop Shares in cash released from the Trust Account in an amount equal to the product of (x) the number of Backstop Shares and (y) the Redemption Price, less $
NOTE 9 — FAIR VALUE MEASUREMENTS
The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.
The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring
F-33
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 9 — FAIR VALUE MEASUREMENTS (cont.)
the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:
|
Level 1 — |
quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
|||
|
Level 2 — |
observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. |
|||
|
Level 3 — |
unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
|
Description: |
Level |
December 31, |
December 31, |
|||||
|
Assets: |
|
|
||||||
|
Cash and investments held in Trust Account |
1 |
$ |
|
$ |
|
|||
|
Derivative asset |
3 |
$ |
|
$ |
||||
|
Derivative liabilities |
3 |
$ |
|
$ |
||||
The derivative liabilities includes the FPA and NRA of $
The Company used a Monte Carlo analysis to determine the fair value of the FPA and NRA.
|
December 31, |
|||
|
Risk-free interest rate (FPA) |
|
% |
|
|
Expected life of over-allotment option (FPA) |
|
|
|
|
Expected volatility of underlying stock (FPA) |
|
% |
|
|
Dividends (FPA) |
|
% |
|
|
Probability of merger closing (FPA and NRA) |
|
% |
|
The
F-34
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 10 — INCOME TAXES
|
December 31, |
December 31, |
|||||||
|
Deferred tax asset |
|
|
|
|
||||
|
Net operating loss |
$ |
|
$ |
|
||||
|
Startup/organizational costs |
|
|
|
|
|
|
||
|
Total deferred tax asset |
|
|
|
|
|
|
||
|
Valuation allowance |
|
( |
) |
|
( |
) |
||
|
Deferred tax asset, net of allowance |
$ |
|
$ |
|
||||
|
December 31, |
December 31, |
|||||
|
Federal |
|
|
||||
|
Current |
$ |
|
$ |
|
||
|
Deferred |
|
|
||||
|
State and Local |
|
|
||||
|
Current |
|
|
||||
|
Deferred |
|
|
||||
|
Income tax provision/(benefit) |
$ |
|
$ |
|
||
In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the year ended December 31, 2023 and 2022, the change in the valuation allowance was $
|
Year Ended |
Year Ended |
|||||
|
Statutory federal income tax rate |
|
% |
|
% |
||
|
State taxes, net of federal tax benefit |
|
|
||||
|
Merger costs |
( |
) |
|
|||
|
Derivatives |
( |
) |
|
|||
|
Other |
( |
) |
( |
) |
||
|
Change in valuation allowance |
( |
) |
|
|
||
|
Income tax provision (benefit) |
|
% |
|
% |
||
F-35
SOLIDION TECHNOLOGY, INC.
(F/K/A NUBIA BRAND INTERNATIONAL CORP.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 11 — SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. The Company did not identify any subsequent events, except as noted below, that would have required adjustment or disclosure in the financial statements.
On February 2, 2024 (the “Closing Date”), the Company consummated the business combination (the “Closing”) pursuant to a Merger Agreement, dated February 16, 2023 (as amended on August 25, 2023, the “Merger Agreement”) with HBC surviving such merger as a wholly owned subsidiary of Nubia, which was renamed “Solidion Technology, Inc.” upon Closing. On February 5, 2024, our Common Stock continued trading on the Nasdaq Global Market under the symbol “STI”. Furthermore, on the same date, the Company’s Public Warrants, previously listed under ticker “NUBIW”, were delisted from the Nasdaq.
Stockholders elected to redeem an aggregate
On January 29, 2024, the Promissory Notes with the Sponsor was amended such that the Promissory Note any or all of the unpaid principal upon consummation of the Company’s initial business combination was convertible into common shares at a conversion price of $
On February 1, 2024, the Company executed a promissory note with EF Hutton, totaling $
On March 13, 2024, Solidion entered into a private placement transaction (the “Private Placement”), pursuant to a Securities Purchase Agreement (the “Subscription Agreement”) with certain institutional investors (the “Purchasers”) for aggregate gross proceeds of approximately $
As part of the Private Placement, the Company issued an aggregate of
F-36
SOLIDION TECHNOLOGY, INC.
CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS
|
June 30, |
December 31, |
|||||||
|
ASSETS |
|
|
|
|
||||
|
Current Assets: |
|
|
|
|
||||
|
Cash |
$ |
|
|
$ |
|
|
||
|
Accounts receivable |
|
|
|
|
|
|
||
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Other receivable |
|
|
|
|
|
|
||
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Inventory |
|
|
|
|
|
|
||
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Prepaid expenses |
|
|
|
|
|
|
||
|
Other current assets |
|
|
|
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|
Total Current Assets |
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|
|
|
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||
|
|
|
|
|
|||||
|
Property and Equipment, net of depreciation |
|
|
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Patents, net of amortization |
|
|
|
|
|
|
||
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Other assets |
|
|
|
|
|
|||
|
Total Assets |
$ |
|
|
$ |
|
|
||
|
|
|
|
|
|||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
||||
|
Current Liabilities: |
|
|
|
|
||||
|
Accounts payable and accrued expenses |
$ |
|
|
$ |
|
|
||
|
Income taxes payable |
|
|
|
|
|
|||
|
Excise tax payable |
|
|
|
|
|
|||
|
Derivative liabilities |
|
|
|
|
|
|||
|
Due to related party |
|
|
|
|
|
|
||
|
Convertible notes |
|
|
|
|
|
|||
|
Short-term notes payable |
|
|
|
|
|
|||
|
Total Liabilities |
|
|
|
|
|
|
||
|
|
|
|
|
|||||
|
Commitments and contingencies (Note 8) |
|
|
|
|
||||
|
|
|
|
|
|||||
|
Stockholders’ Equity (Deficit): |
|
|
|
|
||||
| Preferred stock, $ |
|
|
|
|
||||
| Common stock, $ |
|
|
|
|
|
|
||
|
Additional paid-in capital |
|
|
|
|
|
|
||
|
Stock subscription receivable |
|
( |
) |
|
|
|||
|
Accumulated deficit |
|
( |
) |
|
( |
) |
||
|
Total Stockholders’ Equity (Deficit) |
|
( |
) |
|
|
|
||
|
Total Liabilities and Stockholders’ Equity (Deficit) |
$ |
|
|
$ |
|
|
||
The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.
F-37
SOLIDION TECHNOLOGY, INC.
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(unAUDITED)
|
For the |
For the |
For the |
For the |
|||||||||||||
|
Net sales |
$ |
|
|
|
$ |
|
|
|
|
|||||||
|
Cost of goods sold |
|
|
|
|
|
|
|
|
||||||||
|
Gross profit |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Operating Expenses |
|
|
|
|
|
|
|
|
||||||||
|
Research and development |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Operating loss |
|
( |
) |
|
( |
) |
|
( |
) |
|
( |
) |
||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
||||||||
|
Change in fair value of derivative liabilities |
|
|
|
|
|
|
|
|
|
|
||||||
|
Issuance of common stock and warrants |
|
|
|
|
|
( |
) |
|
|
|||||||
|
Interest income |
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest expense |
|
( |
) |
|
|
|
( |
) |
|
|
||||||
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total other income (expense) |
|
|
|
|
|
|
|
( |
) |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net Income (loss) |
|
|
|
$ |
( |
) |
|
( |
) |
$ |
( |
) |
||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Weighted average number of shares of common stock outstanding, basic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic net income (loss) per share of common stock |
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
|
Weighted average number of shares of common stock outstanding, diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diluted net income (loss) per share of common stock |
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.
F-38
SOLIDION TECHNOLOGY, INC.
CONDENSED Consolidated AND COMBINED STATEMENTS OF CHANGES IN STOCKHOLDERs’
(DEFICIT) EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024
(UNAUDITED)
|
|
Additional |
Accumulated |
Stock |
Stockholders’ |
|||||||||||||||||
|
Shares |
Amount |
||||||||||||||||||||
|
Balance at December 31, 2023 |
$ |
$ |
|
|
$ |
( |
) |
|
|
$ |
|
|
|||||||||
|
Retroactive application of recapitalization to December 31, 2023 |
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||||||
|
Adjusted beginning balance |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|||||||
|
Balance at January 1, 2024, after retroactive application of recapitalization |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|||||||
|
Capital contributions from related party |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Issuance of common stock upon consummation of the Merger |
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||||||||
|
Conversion of convertible notes into common stock upon consummation of the Merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Stock subscription receivable |
— |
|
|
|
|
|
|
( |
) |
|
( |
) |
|||||||||
|
Earnout Arrangement |
— |
|
|
|
|
|
( |
) |
|
|
|
|
|||||||||
|
Contingent consideration |
— |
|
|
|
|
|
( |
) |
|
|
|
|
|||||||||
|
Private Placement |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Issuance costs in connection with the Private Placement |
— |
|
|
( |
) |
|
|
|
|
|
( |
) |
|||||||||
|
Stock-based compensation |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Net loss |
— |
|
|
|
|
( |
) |
|
|
|
( |
) |
|||||||||
|
Balance at March 31, 2024 |
|
|
|
|
|
|
|
( |
) |
|
( |
) |
|
( |
) |
||||||
|
Shares issued from exercise of Series D Warrants |
|
|
|
|
|
|
|
— |
|
|
— |
|
|
|
|
||||||
|
Stock-based compensation |
— |
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
||||||
|
Net Income |
— |
|
— |
|
— |
|
|
|
|
|
— |
|
|
|
|
||||||
|
Balance at June 30, 2024 |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023
(UNAUDITED)
|
|
Additional |
Accumulated |
Stockholders’ |
||||||||||||||
|
Shares |
Amount |
||||||||||||||||
|
Balance at December 31, 2022 |
$ |
$ |
|
|
$ |
( |
) |
|
|
|
|||||||
|
Retroactive application of recapitalization to December 31, 2023 |
|
|
|
|
( |
) |
|
|
|
|
|||||||
|
Adjusted beginning balance |
|
|
|
|
|
|
|
( |
) |
|
|
|
|||||
|
Contributions and net transfers with related parties |
— |
|
|
|
|
|
|
|
|
|
|||||||
|
Net loss |
— |
|
|
|
|
( |
) |
|
( |
) |
|||||||
|
Balance at March 31, 2023 |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
|
|
|||||
|
Contributions and net transfers with related parties |
— |
|
|
|
|
|
|
|
|
|
|||||||
|
Net loss |
— |
|
|
|
|
( |
) |
|
( |
) |
|||||||
|
Balance at June 30, 2023 |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
|
|
|||||
The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.
F-39
SOLIDION TECHNOLOGY, INC.
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(UNAUdITED)
|
For the |
For the |
|||||||
|
Cash Flows From Operating Activities: |
|
|
|
|
||||
|
Net loss |
$ |
( |
) |
$ |
( |
) |
||
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
||||
|
Depreciation and amortization |
|
|
|
|
|
|
||
|
Stock based compensation |
|
|
|
|
|
|||
|
Change in fair value of derivative liabilities |
|
( |
) |
|
|
|||
|
Issuance of common stock and warrants |
|
|
|
|
|
|||
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
|
|
|
|
||
|
Other receivable |
|
( |
) |
|
|
|||
|
Inventory |
|
( |
) |
|
|
|||
|
Prepaid expenses |
|
( |
) |
|
( |
) |
||
|
Other current assets |
|
( |
) |
|
|
|||
|
Other non-current assets |
|
( |
) |
|
|
|||
|
Accounts payable and accrued expenses |
|
|
|
|
|
|
||
|
Due to related party |
|
|
|
|
|
|||
|
Net Cash Used In Operating Activities |
|
( |
) |
|
( |
) |
||
|
|
|
|
|
|||||
|
Cash Flows From Investing Activities: |
|
|
|
|
||||
|
Capitalized patent costs |
|
( |
) |
|
( |
) |
||
|
Net Cash Used In Investing Activities |
|
( |
) |
|
( |
) |
||
|
|
|
|
|
|||||
|
Cash Flows From Financing Activities: |
|
|
|
|
||||
|
Capital contributions from related party |
|
|
|
|
|
|
||
|
Cash received from NUBI Trust |
|
|
|
|
|
|||
|
Discount payment related to Non Redemption Agreement |
|
( |
) |
|
|
|||
|
Payment for reimbursement of consideration shares related to the Forward Purchase Agreement |
|
( |
) |
|
|
|||
|
Payment for reimbursement of Recycled Shares related to Forward Purchase Agreement |
|
( |
) |
|
|
|||
|
Payment of transaction expenses in connection with the Merger |
|
( |
) |
|
|
|||
|
Inflow from Merger |
|
|
|
|
|
|||
|
Proceeds from convertible notes |
|
|
|
|
|
|||
|
Proceeds from short-term notes |
|
|
|
|
|
|||
|
Repayment of short-term notes |
|
( |
) |
|
|
|||
|
Proceeds from issuance of common stock and warrants in connection with the Private Placement |
|
|
|
|
|
|||
|
Proceeds from issuance of common stock from exercise of warrants |
|
|
|
|
|
|||
|
Issuance costs in connection with the Private Placement |
|
( |
) |
|
|
|||
|
Payment of related party payable |
|
( |
) |
|
|
|||
|
Net Cash Provided By Financing Activities |
|
|
|
|
|
|
||
|
|
|
|
|
|||||
|
Net change in cash |
|
|
|
|
( |
) |
||
|
|
|
|
|
|||||
|
Cash at beginning of period |
|
|
|
|
|
|
||
|
Cash at end of period |
$ |
|
|
$ |
|
|
||
|
|
|
|
|
|||||
|
Supplemental disclosure |
|
|
|
|
||||
|
Cash paid for interest expense |
$ |
|
|
$ |
|
|||
|
|
|
|
|
|||||
|
Supplemental disclosure of non-cash financing activities: |
|
|
|
|
||||
|
Issuance of Common Stock upon the closing of the Merger |
$ |
|
|
|
|
|||
The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.
F-40
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN
Solidion Technology, Inc (the “Company”, “Solidion” or “Solidion Technology”), formerly known as Nubia Brand International Corp. prior to February 2, 2024, was incorporated in Delaware on June 14, 2021 and is an advanced battery technology company focused on the development and commercialization of battery materials, components, cells, and selected module/pack technologies. Solidion’s headquarters is in Dallas, Texas. Research and development and manufacturing operations are located in Dayton, Ohio.
On February 2, 2024, Nubia Brand International Corp., a Delaware corporation (“Nubia” and after the Transactions described herein, the “Company”, “Solidion” or “Solidion Technology, Inc.”), consummated the previously announced merger (the “Closing”) pursuant to a Merger Agreement, dated February 16, 2023 (as amended on August 25, 2023, the “Merger Agreement”), by and among Nubia, Honeycomb Battery Company, an Ohio corporation (“HBC”), and Nubia Merger Sub, Inc., an Ohio corporation and wholly-owned subsidiary of Nubia (“Merger Sub”). HBC was formerly the energy solutions division of Global Graphene Group, Inc. (“G3”). Pursuant to the Merger Agreement, Merger Sub merged with and into HBC (the “Merger,” and the transactions contemplated by the Merger Agreement, the “Transactions”), with HBC surviving such merger as a wholly owned subsidiary of Nubia, which was renamed “Solidion Technology, Inc.” upon Closing.
In accordance with the Merger Agreement the Company issued to the HBC stockholders aggregate consideration of
(i) 5,000,000 Earnout Shares if, over any ten (10) trading days within any thirty (30) trading day period from and after the date that is thirty (30) days following the closing date of the Transactions (the “Closing Date”) until the second anniversary of the Closing Date, the VWAP of the shares of Solidion’s Class A common stock is greater than or equal to $12.50 per share (subject to any adjustment pursuant to the Merger Agreement);
(ii) 7,500,000 Earnout Shares if, over any ten (10) trading days within any thirty (30) trading day period from and after the date that is one hundred eighty (180) days following the Closing Date until the date that is forty-two (42) months following the Closing Date, the VWAP of the shares of Solidion’s Class A common stock is greater than or equal to $15.00 per share (subject to any adjustment pursuant to the Merger Agreement); and
(iii) 10,000,000 Earnout Shares if over any ten (10) trading days within any thirty (30) trading day period from and after the date that is one hundred eighty (180) days following the Closing Date until the fourth anniversary of the Closing Date, the VWAP of the shares of Solidion’s Class A common stock is greater than or equal to $25.00 per share (subject to any adjustment pursuant to the Merger Agreement).
If, prior to the expiration of the earn out periods set forth in (i)-(iii) above, there occurs any transaction resulting in a change in control, and the corresponding valuation of Solidion’s Class A common stock, calculated inclusive of the Earnout Shares to be issued under the Earnout Arrangement, is greater than or equal to the amount set forth in (i)-(iii), as applicable, then, immediately prior to the consummation of such change in control, the event set forth in (i)-(iii), as applicable, if not previously satisfied, shall be deemed to have occurred, subject to the terms provided in the Merger Agreement.
F-41
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (cont.)
As of June 30, 2024, none of the Earnout Shares had been earned by G3.
The Merger was accounted for as a common control transaction with respect to HBC which is akin to a reverse recapitalization. This conclusion was based on the fact that G3 had a controlling financial interest in HBC prior to the Merger and has a controlling financial interest in Solidion (which includes HBC as a wholly owned subsidiary). Net assets of Nubia will be stated at their historical carrying amounts with no goodwill or intangible assets recognized in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Merger with respect to HBC will not be treated as a change in control due primarily to G3 receiving the controlling voting stake in Solidion and G3’s ability to nominate a majority of the board of directors of Solidion. Under the guidance in ASC 805 for transactions between entities under common control, the assets and liabilities of HBC and Nubia are recognized at their carrying amounts on the date of the Merger.
Under a reverse recapitalization, Nubia will be treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Merger will be treated as the equivalent of HBC issuing stock for the net liabilities of Nubia, accompanied by a recapitalization.
Going Concern
The Company’s financial statements have been prepared under the assumption that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business for the foreseeable future.
Since the Company’s inception, it has experienced recurring net losses and net cash used in operating activities and has generated minimal sales. For the six months ended June 30, 2024, the Company recorded a net loss of $
Additionally, as of the balance sheet date and up to the date that the financial statements were issued, the Company does not have availability under any debt agreements. The Company also expects to continue to incur net losses and net cash used in operating activities in accordance with its operating plan and expects that expenditures will increase significantly in connection with its ongoing activities. Given the Company’s projected operating requirements and its existing cash and cash equivalents, the Company is projecting insufficient liquidity to sustain its operations and meet its obligations through one year following the date that the financial statements were issued. These events and conditions raise substantial doubt about the Company’s ability to continue as a going concern.
As an early-stage growth company, the Company’s ability to access capital is critical. The Company plans to finance its operations with proceeds from the sale of equity securities or debt; however, there is no assurance that management’s plans to obtain additional debt or equity financing will be successfully implemented or implemented on terms favorable to the Company.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Risks and Uncertainties
The Company’s current business activities consist of development and commercialization of battery materials, components, cells, and selected module/pack technologies. The Company faces inherent risks associated with its operations, such as the ongoing development of its technology, marketing, and distribution channels, as well as the enhancement of its supply chain and manufacturing capabilities. Additionally, the need to recruit additional management and key personnel is vital. The success of the Company’s development initiatives and the achievement of profitability hinge on various factors, including its ability to enter potential markets and secure sustainable financing in the future.
F-42
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN (cont.)
The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, rapid technological change, competition from substitute products and larger companies, protection of proprietary technology, ability to maintain distributor relationships and dependence on key individuals.
NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Subsequent to the issuance of the financial statements as of and for the three and six months ended June 30, 2023 for the Battery Group of Global Graphene Group, Inc. (also known as the energy solutions division of Global Graphene Group, Inc.), the Company determined that it had incorrectly accounted for operating expenses in the previously issued unaudited interim financial statements for the three and six months ended June 30, 2023. Specifically, the Company had not timely accrued operating expenses in the three and six month periods ended June 30, 2023, resulting in an understatement of operating expenses and payable to parent liability for those periods. In addition, the Company had incorrectly excluded certain patents contributed to the Battery Group of Global Graphene Group, Inc. by its parent. This resulted in an understatement of patents, net of amortization and contributions and net transfers with related parties. The amortization expense associated with these patents was also understated. As a result, the financial statements as of and for the three and six month periods ended June 30, 2023, have been restated.
In accordance with SEC Staff Accounting Bulletin (SAB) No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” the Company assessed the impact of these errors and determined that it was not material to its previously issued financial statements.
|
As |
Adjustments |
As |
||||||||||
|
Condensed Consolidated and Combined Statement of Operations for the three months ended June 30, 2023 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|||||||
|
Operating expenses |
|
|
|
|
|
|
||||||
|
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
|||
|
Total operating expenses |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||||||
|
Operating loss |
|
( |
) |
|
( |
) |
|
( |
) |
|||
|
|
|
|
|
|
|
|||||||
|
Net Income (loss) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||
|
|
|
|
|
|
|
|||||||
|
Condensed Consolidated and Combined Statement of Operations for the six months ended June 30, 2023 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|||||||
|
Operating expenses |
|
|
|
|
|
|
||||||
|
Selling, general and administrative |
|
|
|
|
|
|
|
|
|
|||
|
Total operating expenses |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|||||||
|
Operating loss |
|
( |
) |
|
( |
) |
|
( |
) |
|||
|
|
|
|
|
|
|
|||||||
|
Net Income (loss) |
|
( |
) |
|
( |
) |
|
( |
) |
|||
|
|
|
|
|
|
|
|||||||
|
Basic and diluted net income (loss) per share of common stock |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||
F-43
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (cont.)
|
As |
Adjustments |
As |
||||||||||
|
Condensed Consolidated and Combined Statement of Cash Flows for the six months ended June 30, 2023 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|||||||
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
||||||
|
Net loss |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
|||
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
||||||
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||||||
|
Due to related party |
|
|
|
|
|
|
|
|
||||
|
Net Cash Used In Operating Activities |
|
( |
) |
|
|
|
|
( |
) |
|||
|
|
|
|
|
|
|
|||||||
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
||||||
|
Capitalized patent costs |
|
( |
) |
|
( |
) |
|
( |
) |
|||
|
Net Cash Used In Investing Activities |
|
( |
) |
|
( |
) |
|
( |
) |
|||
|
|
|
|
|
|
|
|||||||
|
Cash Flows From Financing Activities: |
|
|
|
|
|
|
||||||
|
Capital contributions from related party |
|
|
|
|
( |
) |
|
|
|
|||
|
Net Cash Provided By Financing Activities |
|
|
|
|
( |
) |
|
|
|
|||
|
|
|
|
|
|
|
|||||||
|
Net change in cash |
$ |
( |
) |
$ |
|
$ |
( |
) |
||||
|
|
|
|
|
|
|
|||||||
|
Condensed Consolidated and Combined Statement of Changes in Stockholders’ (Deficit) Equity for the three months ended June 30, 2023 |
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|||||||
|
Contributions and net transfers with related parties |
|
|
|
|
( |
) |
|
|
|
|||
|
Net loss |
|
( |
) |
|
( |
) |
|
( |
) |
|||
|
|
|
|
|
|
|
|||||||
|
Stockholders’ Equity (Deficit), Balance at June 30, 2023 |
$ |
|
|
$ |
( |
) |
$ |
|
|
|||
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated and combined financial statements (the “financial statements”) are presented in conformity with US GAAP and pursuant to the rules and regulations of the SEC. Additionally, the accompanying financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form S-1 filed by the Company with the SEC on April 15, 2024.
Throughout the period covered till the Closing date of the Merger, the Company operated as part of G3. Consequently, stand-alone financial statements have not historically been prepared for the Company. The accompanying financial statements have been prepared from G3’s historical accounting records and are presented on a stand-alone basis as if the Company’s operations had been conducted independently from G3.
However, the financial statements included herein may not be indicative of the financial position, results of operations, and cash flows of the Company in the future or if the Company had been a separate, stand-alone entity during the periods presented.
F-44
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
In the opinion of management, the Company has made all adjustments necessary to present fairly its financial statements for the periods presented. Such adjustments are of a normal, recurring nature. The Company’s financial statements have been prepared under the assumption that the Company will continue as a going concern, which contemplates the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future.
The financial statements include the Company entities. All intercompany transactions have been eliminated for consolidation purposes.
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.
Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the balance sheet which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Segment Reporting
The Company has determined that the Chief Executive Officer is its Chief Operating Decision Maker (the “CODM”). Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company has determined that it operates in
F-45
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Cash and cash equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2024 and December 31, 2023.
Accounts Receivable, net of Allowance for Credit Losses
Accounts receivables are stated at the amount the Company expects to collect. The Company recognizes an allowance for credit losses to ensure accounts receivables are not overstated due to un-collectability. Bad debt reserves are maintained as warranted for various customers based on a variety of factors, including the length of time the receivables are past due, significant one-time events and historical experience. An additional reserve for individual accounts is recorded when the Company becomes aware of a customer’s inability to meet its financial obligation, such as in the case of bankruptcy filings, or deterioration in such customer’s operating results or financial position. If circumstances related to a customer change, estimates of the recoverability of receivables would be further adjusted. As of June 30, 2024 and December 31, 2023, the Company determined that no allowance was required.
Other Receivable
As of December 31, 2023, the Company held an other receivable balance of $
Inventory
Inventories are stated at the lower of first-in, first-out cost or net realizable value. The Company writes-down its inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. The Company writes off obsolete inventories when the Company deems the value to be impaired. As of June 30, 2024 and December 31, 2023, the Company determined that no write off was required.
Property and Equipment, net
Property and equipment are recorded at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs, which do not extend the economic useful life of the related assets, are charged to operations as incurred, and expenditures, which extend the economic life, are capitalized. When assets are retired, or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. The Company assesses the carrying value of its property and equipment for impairment each year and when indicators exist that there could be an impairment.
Based on its assessments, the Company did not incur any impairment charges for the three and six months ended June 30, 2024 and 2023.
| Building | | |
| Leasehold improvements | | |
| Machinery & equipment | |
F-46
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Depreciation expense of property and equipment was $
Patents
The Company capitalizes external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents. The Company’s intangible assets consist of capitalized costs for unissued patents and issued patents. Issued patents are carried at cost less accumulated amortization. Successful patent efforts are amortized over the life of the patent, and unsuccessful efforts are expensed. The issued patents are being amortized over a useful life of
Net unissued and issued patents were $
Amortization expense of patents was $
Translation of Foreign Currencies
The functional currency of Solidion’s Taiwan subsidiary is the New Taiwan Dollar. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 830, Foreign Currency Matters, the financial statements of the Company’s Taiwan subsidiary are translated to U.S. dollars using the exchange rates at the balance sheet dates for assets and liabilities, the historical exchange rate for stockholders’ equity accounts and a weighted average exchange rate for revenue, expenses and gains or losses. Foreign currency translation adjustments are accumulated in a separate component of stockholders’ deficit until the foreign business is sold or substantially liquidated. Foreign currency translation adjustments for the periods presented in these financial statements were not material.
Revenue Recognition
Revenue is recognized when a performance obligation has been satisfied by transferring control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products. Revenues are recognized at a point in time when control transfers to customers, which is generally determined when title, ownership and risk of loss pass to the customer.
Research and Development
All research and development costs are expensed as incurred.
Selling, General and Administrative Expenses
Selling, general and administrative expenses represent costs incurred by the Company in managing the business, including salary, benefits, stock-based compensation, sales, insurance, professional fees and other operating costs associated with the Company’s non-research and development activities.
F-47
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Stock-Based Compensation
The Company has an incentive equity plan, (“2023 Equity Incentive Plan”). Under the terms of the plan, Solidion’s employees, consultants and directors, and employees and consultants of its affiliates, may be eligible to receive awards in the form of incentive stock options (“ISOs”) to employees and for the grant of non-statutory stock options (“NSOs”), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors and consultants.
The number of stocks of common stock initially reserved for issuance under the incentive plan will be
The Company measures stock options and restricted stock unit awards granted to employees, non-employees, and directors based on the fair value on the date of the grant and recognizes compensation expense of those awards, over the requisite service period, which is generally the vesting period of the respective award. Options granted under the Incentive Plan vest at the rate specified in the stock option agreement as determined by the plan administrator. The plan administrator determines the term of stock options granted under the incentive plan, up to a maximum of ten years. Forfeitures are accounted for as they occur.
Generally, the Company issues stock options and restricted stock units with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company also issues restricted stock awards with market-based vesting conditions, the effects of which are included in the grant date fair value of the awards. Compensation expense related to awards with market-based vesting conditions is recognized irrespective of whether the condition is satisfied, so long as the requisite service period is fulfilled.
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company lacks a sufficient history of company-specific historical and implied volatility information for its stocks. The Company therefore estimates its expected stock price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price.
The expected term of all of the Company’s stock options has been determined utilizing the “simplified” method. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on common stocks and does not expect to pay any cash dividends in the foreseeable future.
Income Taxes
Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the
F-48
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.
Net Income (Loss) per Common Stock
The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per share of common stock is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period.
The calculation of diluted income (loss) per share of common stock does not include potentially dilutive common stock equivalents if their include would be anti-dilutive as of June 30, 2024 and 2023. As such, net loss per common stock is the same for basic and diluted loss per share for the three and six months ended June 30, 2023 and the six months ended June 30, 2024.
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June 30, |
December 31, |
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HBC Holdback Shares |
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Warrants – Public |
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Warrants – Private |
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Warrants – Series A |
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Warrants – Series B |
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Stock-based compensation – equity awards |
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Forward Purchase Agreement – Additional Shares |
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Convertible notes |
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HBC Earnout Shares |
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Total common stock equivalents excluded from dilutive loss per share |
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June 30, |
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Warrants – Series B |
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Stock-based compensation – equity awards |
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Convertible notes |
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Total common stock equivalents included in dilutive income per share |
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Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in financial institutions, which, at times, may exceed the Federal Depository Insurance Coverage of $
F-49
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Fair Value of Financial Instruments
Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). See Note 15.
Warrants
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, and FASB ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all of the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company accounts for outstanding public warrants as equity-classified instruments. The company accounts for the outstanding Series A and Series D Warrants related to the Private Placement financing as liability-classified instruments as certain adjustments to the settlement amount are not components of the fixed-to-fixed model used to assess the “own equity” exception that allows for equity classification.
Forward Purchase Agreement
The Company accounts for the forward purchase agreement (“FPA”) as either equity-classified or liability-classified instruments based on an assessment of the FPA specific terms and applicable authoritative guidance in ASC 480, and FASB ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the FPA are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the FPA meets all of the requirements for equity classification under ASC 815, including whether the FPA is indexed to the Company’s own common shares and whether the FPA holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment is conducted at the time of FPA issuance and as of each subsequent quarterly period end date while the FPA is outstanding.
For issued or modified FPA that meets all of the criteria for equity classification, the FPA is required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified FPA that does not meet all of the criteria for equity classification, the FPA is required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company accounts for the outstanding FPA as a liability-classified instrument due to the settlement provisions.
F-50
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Other Current Assets
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June 30, |
December 31, |
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Directors & Officers Insurance |
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Total other assets |
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Other Assets
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June 30, |
December 31, |
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Directors & Officers Insurance |
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Total other assets |
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Recent Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosures of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for the fiscal year beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements and disclosures.
In November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” to enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The standard did not change the definition of a segment, the method for determining segments or the criteria for aggregating operating segments into reportable segments. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented in the financial statements. The adoption is not expected to have a material impact to the Company’s financial statements or disclosures.
Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.
F-51
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 4 — RECAPITALIZATION
As discussed in Note 1, the Merger was accounted for as a common control transaction with respect to HBC which is akin to a reverse recapitalization.
Transaction Proceeds
Upon the Closing, the Company received net proceeds of $
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Cash received from NUBI Trust |
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Less: discount payment related to Non Redemption Agreement |
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Less: reimbursement for consideration shares related to the FPA |
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Less: reimbursement for Recycled Shares related to the FPA |
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Less: transaction expenses paid in connection with the Merger |
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Net cash received from NUBI Trust |
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Add: cash from NUBI operating account |
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Add: prepaid expenses |
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Less: derivative liabilities |
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Less: other liabilities |
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Reverse recapitalization, net |
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Nubia common stock, outstanding prior to the closing of the Merger |
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Shares issued to Nubia convertible noteholders |
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Predecessor HBC Shares |
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Common stock immediately after the closing of the Merger |
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Predecessor |
Shares |
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Common stock |
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IPO warrants
In connection with the Nubia’s initial public offering in 2022,
HBC Holdback Shares
The Company and G3 included a provision in the Merger Agreement that adjusts the aggregate share consideration to be paid to the shareholders of HBC if the G3 Tax Lien is not released prior to closing. Specifically,
F-52
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 4 — RECAPITALIZATION (cont.)
HBC Earnout Arrangement
As noted in Note 1, in connection with the Merger, HBC shareholders are entitled to up to
The accounting for the Earnout Arrangement was first evaluated under FASB ASC 718, “Compensation — Stock Compensation” (“ASC 718”) to determine if the arrangement represents a share-based payment arrangement. Because there are no service conditions nor any requirement of the participants to provide goods or services, the Company determined that the Earnout Shares are not within the scope of ASC 718.
Next, the Company determined that the Earnout Arrangement represent a freestanding equity-linked financial instrument to be evaluated under ASC 480 and ASC 815-40. Based upon the analysis, the Company concluded that the Earnout Arrangement should not be classified as a liability under ASC 480.
The Company next considered and concluded that the contract was indexed to the Company’s own stock as per ASC 815-40-15 and then considered and concluded that the equity classification conditions in ASC 815-40-25 were met. Therefore, the Earnout Arrangement is appropriately classified in equity.
As the merger has been accounted for as a reverse recapitalization, the fair value of the Earnout Arrangement has been accounted for as an equity transaction as of the Closing Date of the Merger.
The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Earnout Arrangement at the date of the merger, which included the following assumptions: stock price of $
As of June 30, 2024,
NOTE 5 — PATENTS
Issued patents are recognized on the balance sheets net of accumulated amortization of $
NOTE 6 — FOREIGN OPERATIONS
The foreign subsidiary of the Company represented $
NOTE 7 — RELATED PARTIES
Capital Contributions from Global Graphene Group (“G3”)
G3, a significant shareholder of the Company, infused capital resources into the business to cover operating expenses incurred prior to the close of the merger. The capital contributions from G3 included allocations for payroll, rent and facility costs, and professional services. The total capital contribution from G3 amounted to $
F-53
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 7 — RELATED PARTIES (cont.)
Other Receivable
As of December 31, 2023, the Company held an other receivable balance of $
Shared Services Agreement
Effective February 2, 2024, the Company entered into a shared services agreement (the “SSA”) with G3, under which G3 agreed to provide certain services, including employees, office space and use of equipment, and the Company agreed to pay for such services on a monthly basis. The SSA is subject to typical conditions and may be terminated by either party upon written notice. The management and board continues to monitor the SSA and all other related party transactions to uphold transparency and protect shareholder interests. Expenses incurred related to the SSA were $
Due to Related Party
During the merger closing process, G3 incurred certain transaction expenses that were due to be reimbursed by the Company after the Closing Date, as per the Business Combination Agreement. These expenses included legal, advisory and audit fees directly associated with facilitating the merger. The total amount due to G3 was $
Additionally, at the time of the merger close, the Company had an outstanding payable related to the monthly administrative services support fees due to Mach FM Corp, an affiliate of Mach FM Acquisitions LLC, the sponsor of Nubia. This fee covered office space, utilities, and secretarial and administrative support provided by Mach FM to support Nubia’s operating activities. The outstanding balance payable to Mach FM amounted to $
On April 29, 2024, the Company made a payment of $
Contingent Consideration
At Closing, the G3 Tax Lien has not been settled by G3 and as of June 30, 2024, the
As of the Closing Date, the Company recorded a fair value of $
NOTE 8 — COMMITMENTS AND CONTINGENCIES
From time to time, we may be involved in lawsuits, claims or legal proceedings that arise in the ordinary course of business. We accrue a contingent liability when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. Management believes that there are no claims against us for which the outcome is expected to have a material effect on our financial position, results of operations or cash flows.
F-54
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 8 — COMMITMENTS AND CONTINGENCIES (cont.)
G3 Tax Lien
The Internal Revenue Service has placed a federal tax lien on all the property and rights to property belonging to G3 which would include any proceeds from sale of property assets included in the financial statements of the Company. The lien relates to unpaid federal income taxes for 2017. Inclusive of interest, the balance owed is approximately $
As disclosed in Note 3, the Company and G3 included a provision in the Merger Agreement that adjusts the aggregate share consideration to be paid to the shareholders of HBC if the G3 Tax Lien is not released prior to closing. Specifically,
The G3 Tax Lien represents a potential obligation that would become payable only upon the sale of the building. As the timing and likelihood of such a sale are uncertain and there are no immediate plans to sell, the Company has not recorded a liability on the balance sheet for this contingent obligation. Should the Company decide to sell the building in the future, this lien may need to be settled from the proceeds of the sale, which could impact the net cash inflow from such a transaction. The Company will continue to monitor the situation and will recognize a liability in the financial statements if and when it becomes probable that the building will be sold and the lien will need to be satisfied.
HBC Earnout Arrangement
As noted in Note 1, in connection with the Merger, HBC shareholders are entitled to up to
See Notes 4 and 8 for further discussion regarding the earnout related to the reverse capitalization transaction and HBC Holdback Shares related to the federal tax lien.
NOTE 9 — STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred Stock
The Company is authorized to issue
Common Stock
The Company is authorized to issue
Equity Financing
On March 13, 2024, Solidion entered into a private placement transaction (the “Private Placement”), pursuant to a Securities Purchase Agreement (the “Subscription Agreement”) with certain institutional investors (the “Purchasers”) for aggregate gross proceeds of $
F-55
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 9 — STOCKHOLDERS’ EQUITY (DEFICIT) (cont.)
to the placement agent and other expenses, totaled $
As part of the Private Placement, the Company issued an aggregate of
NOTE 10 — WARRANTS
IPO Warrants
The warrants issued in connection with the Company’s IPO (the “public warrants”) entitle the holder of each public warrant to purchase one share of common stock at a price of $
The warrants will expire years after the completion of the Company’s initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
The Company is not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and has no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described below with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue shares of common stock upon exercise of a warrant unless common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of common stock underlying such unit.
However, the Company has agreed that as soon as practicable after the closing of the Company’s initial business combination, the Company will use its best efforts to file with the SEC a registration statement covering the shares of common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 90th day after the closing of the Company’s initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the foregoing, if a registration statement covering the common stock issuable upon exercise of the warrants is not effective within a specified period following the consummation of the Company’s initial business combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption
F-56
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10 — WARRANTS (cont.)
provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
Once the warrants become exercisable, the Company may call the warrants for redemption:
• in whole and not in part;
• at a price of $
• upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable (the “30-day redemption period”) to each warrant holder; and
• if, and only if, the reported last sale price of the common stock equals or exceeds $
If and when the warrants become redeemable by us, the Company may not exercise the Company’s redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. The Company will use its best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in the Company’s initial public offering.
The Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the common stock may fall below the $
If the Company calls the warrants for redemption as described above, the Company’s management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” the Company’s management will consider, among other factors, the Company’s cash position, the number of warrants that are outstanding and the dilutive effect on the Company’s stockholders of issuing the maximum number of shares of common stock issuable upon the exercise of the Company’s warrants. If the Company’s management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If the Company’s management takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares of common stock to be received upon exercise of the warrants, including the “fair market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the warrants after the Company’s initial business combination. If the Company calls its warrants for redemption and the Company’s management does not take advantage of this option, the Company’s sponsor and its permitted transferees would still be entitled to exercise their placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.
F-57
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10 — WARRANTS (cont.)
A holder of a warrant may notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own in excess of
If the number of outstanding shares of common stock is increased by a stock dividend payable in shares of common stock, or by a split-up of shares of common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the number of shares of common stock issuable on exercise of each whole warrant will be increased in proportion to such increase in the outstanding shares of common stock. A rights offering to holders of common stock entitling holders to purchase shares of common stock at a price less than the fair market value will be deemed a stock dividend of a number of shares of common stock equal to the product of (i) the number of shares of common stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for common stock) and (ii) one (1) minus the quotient of (x) the price per share of common stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for common stock, in determining the price payable for common stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of common stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the shares of common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if we, at any time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of common stock on account of such shares of common stock (or other shares of the Company’s capital stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of the holders of common stock in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of its obligation to allow redemption in connection with the Company’s initial business combination or certain amendments to the Company’s charter prior thereto or to redeem
If the number of outstanding shares of the Company’s common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of common stock issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding shares of common stock.
Whenever the number of shares of common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares of common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of shares of common stock so purchasable immediately thereafter.
F-58
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10 — WARRANTS (cont.)
In case of any reclassification or reorganization of the outstanding shares of common stock (other than those described above or that solely affects the par value of such shares of common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of the Company’s outstanding shares of common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the shares of the Company’s common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.
However, if less than
The warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should review a copy of the warrant agreement, which we filed as an exhibit to the registration statement of which this prospectus forms a part, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any mistake, but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public warrants.
In addition, if (x) we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of the Company’s initial business combination at a Newly Issued Price of less than $
The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the
F-59
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10 — WARRANTS (cont.)
rights or privileges of holders of common stock and any voting rights until they exercise their warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.
No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number of shares of common stock to be issued to the warrant holder.
The Company has agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.
Private Warrants
Except as described below, the private warrants have terms and provisions that are identical to those of the public warrants, including as to exercise price, exercisability and exercise period. The private warrants (including the common stock issuable upon exercise of the private warrants) will not be transferable, assignable or saleable until 30 days after the completion of the Company’s initial business combination (except to the Company’s officers and directors and other persons or entities affiliated with the holders of the private warrants). They will also be exercisable on a cashless basis and will not be redeemable by us so long as they are held by the holders of the private warrants or their permitted transferees. The holders of the private warrants or their permitted transferees have the option to exercise the private warrants on a cashless basis. If the private warrants are held by holders other than the holders of the private warrants and their permitted transferees, the private warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in the Company’s initial public offering.
If holders of the private warrants elect to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by the holders of the private warrants and their permitted transferees is because it is not known at this time whether they will be affiliated with us following an initial business combination. If they remain affiliated with us, their ability to sell the Company’s securities in the open market will be significantly limited. We have policies in place that prohibit insiders from selling the Company’s securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell the Company’s securities, an insider cannot trade in the Company’s securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders who typically could sell the shares of common stock issuable upon exercise of the warrants freely in the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such warrants on a cashless basis is appropriate.
In addition, holders of the Company’s private warrants are entitled to certain registration rights.
The holders of the private warrants have agreed not to transfer, assign or sell any of the private warrants (including the common stock issuable upon exercise of any of these warrants) until the date that is 30 days after the date we complete the Company’s initial business combination, except to the Company’s officers and directors and other persons or entities affiliated with the holders of the private warrants.
F-60
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 10 — WARRANTS (cont.)
Series A and Series D Warrants
In accordance with ASC 815, the Series C Warrants and Series D Warrants were determined to be liability classified at the issuance date and subject to periodic remeasurement. As such, on the date of issuance the Company allocated the proceeds between the common stock, Series C Warrants and Series D Warrants first to the fair value of the Series C Warrants and Series D Warrants, which were recorded as a liability. The total fair value of the Series C Warrants and Series D Warrants measured at issuance was $
The fair value of the Series C Warrants and Series D Warrants as of June 30, 2024 was $
NOTE 11 — FORWARD PURCHASE AGREEMENT, NON REDEMPTION AGREEMENT AND PRIVATE PLACEMENT FINANCING
Forward Purchase Agreement
On December 13, 2023, Nubia entered into an agreement with (i) Meteora Capital Partners, LP (“MCP”), (ii) Meteora Select Trading Opportunities Master, LP (“MSTO”), and (iii) Meteora Strategic Capital, LLC (“MSC” and, collectively with MCP and MSTO, “Seller” or “Forward Purchase Investors”) (the “Forward Purchase Agreement”). For purposes of the Forward Purchase Agreement, NUBI is referred to as the “Counterparty” prior to the consummation of the Merger, while Solidion Technology, Inc. (“Pubco”) is referred to as the “Counterparty” after the consummation of the Merger. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms in the Forward Purchase Agreement.
Pursuant to the terms of the Forward Purchase Agreement, Seller intends, but is not obligated, to, concurrently with the Closing pursuant to Seller’s FPA Funding Amount PIPE Subscription Agreement, purchase up to
The Forward Purchase Agreement provides for a prepayment shortfall in an amount in U.S. dollars equal to
F-61
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 11 — FORWARD PURCHASE AGREEMENT, NON REDEMPTION AGREEMENT AND PRIVATE PLACEMENT FINANCING (cont.)
The Forward Purchase Agreement provides that Seller will be paid directly an aggregate cash amount (the “Prepayment Amount”) equal to (a) the sum of (i) the Number of Shares as set forth in a Pricing Date Notice, plus (ii) number of Recycled Shares multiplied by the redemption price per share (the “Initial Price”) as defined in Section 9.2(b) of NUBI’s Certificate of Incorporation, effective as of March 10, 2023, and as amended from time to time (the “Certificate of Incorporation”), less (b) the Prepayment Shortfall.
The Counterparty will pay to Seller the Prepayment Amount required under the Forward Purchase Agreement directly from the Counterparty’s Trust Account maintained by Continental Stock Transfer and Trust Company holding the net proceeds of the sale of the units in the Counterparty’s initial public offering and the sale of private placement warrants (the “Trust Account”), no later than the earlier of (a) one Local Business Day after the Closing Date and (b) the date any assets from the Trust Account are disbursed in connection with the Merger; except that to the extent that the Prepayment Amount is to be paid from the purchase of Additional Shares by Seller, such amount will be netted against such proceeds, with Seller being able to reduce the purchase price for the Additional Shares by the Prepayment Amount. For the avoidance of doubt, any Additional Shares purchased by Seller will be included in the Number of Shares under the Forward Purchase Agreement for all purposes, including for determining the Prepayment Amount. In addition to the Prepayment Amount, Counterparty shall pay directly from the Trust Account, on the Prepayment Date, an amount equal to the product of (x) up to
Following the Closing, the reset price (the “Reset Price”) will initially be the Initial Price. The Reset Price will be subject to reset on a bi-weekly basis commencing the first week following the thirtieth day after the closing of the Merger to be the lowest of (a) the then current Reset Price, (b) the Initial Price and (c) the VWAP Price of the Shares of the prior two weeks; provided the Reset Price shall be subject to reduction upon a Dilutive Offering Reset immediately upon the occurrence of such Dilutive Offering.
From time to time and on any date following the Trade Date (any such date, an “OET Date”) and subject to the terms and conditions in the Forward Purchase Agreement, Seller may, in its absolute discretion, terminate the Transaction in whole or in part by providing written notice to the Counterparty (the “OET Notice”), by the later of (a) the fifth Local Business Day following the OET Date and (b) the next Payment Date following the OET Date (which shall specify the quantity by which the Number of Shares shall be reduced (such quantity, the “Terminated Shares”)). The effect of an OET Notice shall be to reduce the Number of Shares by the number of Terminated Shares specified in such OET Notice with effect as of the related OET Date. As of each OET Date, the Counterparty shall be entitled to an amount from Seller, and Seller shall pay to the Counterparty an amount, equal to the product of (x) the number of Terminated Shares and (y) the Reset Price in respect of such OET Date. The payment date may be changed within a quarter at the mutual agreement of the parties.
The valuation date will be the earliest to occur of (a) the date that is three (3) years after the date of the closing of the Merger (the date of the closing of the Merger, the “Closing Date”) pursuant to the Merger Agreement, (b) the date specified by Seller in a written notice to be delivered to Counterparty at Seller’s discretion (which Valuation Date shall not be earlier than the day such notice is effective) after the occurrence of any of (v) a Shortfall Variance Registration Failure, (w) a VWAP Trigger Event, (x) a Delisting Event, (y) a Registration Failure or (z) unless otherwise specified therein, any Additional Termination Event, and (c) the date specified by Seller in a written notice to be delivered to the Counterparty at Seller’s sole discretion (which Valuation Date shall not be earlier than the day such notice is effective). The Valuation Date notice will become effective immediately upon its delivery from Seller to the Counterparty in accordance with the Forward Purchase Agreement. In the event the Valuation Date is determined pursuant to clause (c), the Settlement Amount Adjustment will not apply to the calculation of the Settlement Amount.
On the Cash Settlement Payment Date, which is the tenth Local Business Day immediately following the last day of the Valuation Period, Seller will remit to the Counterparty an amount equal to the Settlement Amount and will not otherwise be required to return to the Counterparty any of the Prepayment Amount and the Counterparty shall remit to Seller the Settlement Amount Adjustment; provided that, if the Settlement Amount less the Settlement Amount
F-62
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 11 — FORWARD PURCHASE AGREEMENT, NON REDEMPTION AGREEMENT AND PRIVATE PLACEMENT FINANCING (cont.)
Adjustment is a negative number, then neither Seller nor the Counterparty shall be liable to the other party for any payment under the “Cash Settlement Payment” Date section of the Forward Purchase Agreement. Under certain circumstances, the Company would be required to settle in shares or cash at the discretion of the Company.
Seller has agreed to waive any redemption rights with respect to the Recycled Shares in connection with the Merger as well as any redemption rights under NUBI’s Certificate of Incorporation that would require redemption by NUBI of the NUBI Shares. Such waiver may reduce the number of NUBI Shares redeemed in connection with the Merger, and such reduction could alter the perception of the potential strength of the Merger. The Forward Purchase Agreement has been structured, and all activity in connection with such agreement has been undertaken, to comply with the requirements of all tender offer regulations applicable to the Merger, including Rule 14e-5 under the Securities Exchange Act of 1934.
On February 2, 2024, upon consummation of the Merger, NUBI made a payment to each Forward Purchase Investor in respect of their respective Recycled Shares. This payment totaled
On January 17, 2024, the Company received a Pricing Date Notice from the Forward Purchase Investors specifying
On July 17, 2024, plaintiffs Meteora Capital Partners LP, Meteora Select Trading Opportunities Master LP and Meteora Strategic Capital LLC brought a lawsuit against Solidion in Delaware Chancery Court seeking specific performance and monetary damages related to the Forward Purchase Agreement. As a result of the ongoing legal proceedings, the Company expects to receive an amended Pricing Date Notice, which will revise the total number of Additional Shares to
The Company used a Monte Carlo analysis to determine the fair value of the FPA, assuming a total number of Additional Shares of
Non-Redemption Agreement
On December 13, 2023, NUBI entered into a non-redemption agreement (the “Non-Redemption Agreement”) with certain investors named therein (each, a “Backstop Investor”), each acting on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by each such Backstop Investor or its affiliates. Pursuant to each Non-Redemption Agreement, each Backstop Investor agreed that, on or prior to Closing, it will beneficially own not greater than the lesser of (i) that number of Backstop Shares set forth in the Non-Redemption Agreement and (ii) the total number of NUBI Shares beneficially owned by Backstop Investor and its affiliates and any other persons whose beneficial ownership of NUBI Shares would be aggregated with those of Backstop Investor for purposes of Section 13(d) of the Securities Exchange Act of 1934 not exceeding
F-63
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 11 — FORWARD PURCHASE AGREEMENT, NON REDEMPTION AGREEMENT AND PRIVATE PLACEMENT FINANCING (cont.)
outstanding NUBI Shares, and shall not elect to redeem or otherwise tender or submit for redemption any of such Backstop Shares in connection with the second special meeting of NUBI stockholders to be held for the purpose of approving the Merger (the “Second Special Meeting”); provided, however, that in the event Backstop Investor has previously elected to redeem, tender or submit any Backstop Shares for redemption, Backstop Investor shall rescind or reverse such redemption request prior to Closing and NUBI shall accept such request(s) promptly once submitted by Backstop Investor.
On February 2, 2024, upon consummation of the Merger, NUBI paid to each Backstop Investor a payment in respect of its respective Backstop Shares a payment in cash released from the Trust Account in an amount equal to the product of (x) the number of Backstop Shares and (y) the Redemption Price, less $
Private Placement Financing
On March 13, 2024, the Company entered into a private placement transaction (the “Private Placement”), pursuant to a Securities Purchase Agreement (the “Subscription Agreement”) with certain institutional investors (the “PIPE Investors”) for aggregate gross proceeds of approximately $
As part of the Private Placement, the Company issued an aggregate of
The Pre-Funded Warrants are exercisable on issuance at an exercise price of $
F-64
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 11 — FORWARD PURCHASE AGREEMENT, NON REDEMPTION AGREEMENT AND PRIVATE PLACEMENT FINANCING (cont.)
In connection with the Private Placement, the Company entered into a registration rights agreement with the PIPE Investors, dated as of March 13, 2024 (the “Registration Rights Agreement”), pursuant to which the Company agreed to file a registration statement with the SEC covering the resale of the shares of common stock issued pursuant to the Securities Purchase Agreement and the common stock issuable upon exercise of the Warrants. The Company filed a registration statement with the SEC pursuant to the Registration Rights Agreement on April 15, 2024. The registration statement has been declared effective by the SEC on June 17, 2024.
Reset Period
The reset period ended on July 2, 2024 (the “Reset Date”), with the lowest 10-day VWAP on June 28, 2024, being $
NOTE 12 — DEBT
Convertible Notes
At various dates during the first quarter of 2024, the Company issued Convertible Notes of $
Short-term Notes Payable
EF Hutton LLC
On February 1, 2024, the Company executed a Promissory Note with EF Hutton, totaling $
Loeb and Loeb LLP
On February 1, 2024, the Company executed a Promissory Note with Loeb and Loeb, totaling $
Benesch Friedlander Coplan & Aronoff LLP
On April 29, 2024, the Company executed a Promissory Note with Benesch Friedlander Coplan & Aronoff in the amount of $
The outstanding balance on Short-term Notes Payable amounted to
F-65
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 13 — INCOME TAXES
The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2024, and December 31, 2023, the Company had a full valuation allowance against its deferred tax assets.
For the three and six months ended June 30, 2024 and 2023, the Company utilized the annualized effective tax rate method and recorded income tax expense based on a effective tax rate. tax benefit or expense has been recorded in relation to the pre-tax income for the three months ended June 30, 2024, or the pre-tax losses for the six months ended June 30, 2024, and the three and six months ended June 30, 2023, due to a full valuation allowance to offset any deferred tax assets.
NOTE 14 — STOCK-BASED COMPENSATION
Unrestricted Common Stock Awards
During the period ended June 30, 2024, the Company granted unrestricted common shares to certain executives in connection with the terms of their individual employment agreements. As these awards were fully-vested, unrestricted shares, the Company recognized the full amount of $
Restricted Stock Units and Stock Options
There were no restricted stock units or stock options granted during the six-month periods ended June 30, 2024 and 2023, respectively. Additionally, there were no restricted stock units or stock options outstanding at either the beginning or the end of the periods ended June, 2024 and 2023, respectively.
Awards with Market-Based Conditions
In connection with the aforementioned executive employment agreements, certain executives are eligible to receive unrestricted shares of common stock if certain stock price targets are met during the term of the respective employment agreements. A stock price target will be satisfied if the 120-day trailing average closing price (based on trading days) of a share of the Company’s common stock equals or exceeds the applicable stock price target, which range from $
Awards with Performance Conditions
In connection with the aforementioned executive employment agreements, certain executives are eligible to receive cash incentive payments in connection with the Company achieving certain capital raise targets. In addition, these executives can also receive a cash bonus equal to
F-66
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 15 — FAIR VALUE MEASUREMENTS
The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period and non-financial assets and liabilities that are re-measured and reported at fair value at least annually.
The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:
|
Level 1 — |
quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
|
|
Level 2 — |
observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. |
|
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Level 3 — |
unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability. |
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Description: |
Level |
June 30, |
December 31, |
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Derivative Liabilities: |
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Forward purchase agreement |
3 |
$ |
|
$ |
||||
|
Warrants – Series A and B |
3 |
$ |
|
$ |
||||
Forward purchase agreement
The Company used a Monte Carlo analysis to determine the fair value of the FPA, assuming a total number of Additional Shares of
| June 30, | February 2, | |||||||
| Risk-free interest rate |
| | % |
| 4.14 | % | ||
| Stock price | $ | |
| $ | 4.53 |
| ||
| Expected life |
| |
|
| 2.8 years |
| ||
| Expected volatility of underlying stock |
| | % |
| 70.0 | % | ||
| Dividends |
| | % |
| 0 | % | ||
F-67
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 15 — FAIR VALUE MEASUREMENTS (cont.)
In the event the total number of Additional Shares is
Warrants — Series A and B
|
Series A |
Series B |
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Expected term (in years) |
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Stock price |
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$ |
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Risk free rate |
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% |
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% |
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Expected volatility |
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% |
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% |
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Expected dividend rate |
$ |
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$ |
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Exercise Price |
$ |
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$ |
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Series A |
Series B |
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Expected term (in years) |
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Stock price |
$ |
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$ |
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Risk free rate |
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% |
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% |
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Expected volatility |
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% |
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% |
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Expected dividend rate |
$ |
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$ |
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Exercise Price |
$ |
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$ |
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||
The fair value of the Series C Warrants and Series D Warrants as of June 30, 2024, was $
|
Forward purchase agreement |
Fair Value |
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Balance, December 31, 2023 |
$ |
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Initial measurement, February 2, 2024 |
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Change in fair value |
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( |
) |
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Balance, March 31, 2024 |
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|
|
Change in fair value |
|
( |
) |
|
|
Balance, June 30, 2024 |
|
|
|
|
F-68
SOLIDION TECHNOLOGY, INC.
NOTES TO CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
(UNAUDITED)
NOTE 15 — FAIR VALUE MEASUREMENTS (cont.)
|
Warrants — Series A and B |
Fair Value |
|||
|
Balance, December 31, 2023 |
$ |
|
||
|
Initial measurement, March 15, 2024 |
|
|
|
|
|
Change in fair value |
|
|
|
|
|
Balance, March 31, 2024 |
|
|
|
|
|
Change in fair value |
|
( |
) |
|
|
Balance, June 30, 2024 |
|
|
|
|
HBC earnout shares
The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Earnout Shares at the date of the Merger, which included the following assumptions: stock price of $
NOTE 16 — SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. The Company did not identify any subsequent events, except as noted below, that would have required adjustment or disclosure in the financial statements.
Meteora Legal Proceedings
On July 17, 2024, plaintiffs Meteora Capital Partners LP, Meteora Select Trading Opportunities Master LP and Meteora Strategic Capital LLC brought a lawsuit against Solidion in Delaware Chancery Court seeking specific performance and monetary damages related to the Forward Purchase Agreement. Solidion disagrees with the Plaintiff’s interpretation of the agreement and plans to vigorously defend itself. See Note 11 for further discussion on the Forward Purchase Agreement instrument.
F-69
PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The following is an itemized statement of the estimated amounts of all expenses payable by us in connection with the registration of the common stock, other than underwriting discounts and commissions. All amounts shown are estimates.
|
SEC Registration Fee |
$ |
||
|
Accounting Fees and Expenses |
|
— |
|
|
Legal Fees and Expenses |
|
||
|
Legal Fees and Expenses paid on behalf of certain investors or agents |
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||
|
Printing Expenses |
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||
|
Miscellaneous Expenses |
|
|
|
|
Total |
$ |
|
Item 14. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law provides that a corporation may indemnify any person made a party to an action by reason of the fact that he or she was a director, executive officer, employee or agent of the corporation or is or was serving at the request of the corporation against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action if he or she acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of an action by or in right of the corporation, no indemnification may generally be made in respect of any claim as to which such person is adjudged to be liable to the corporation.
The Company’s certificate of incorporation and amended and restated Bylaws limit the liability of its directors to the fullest extent permitted by Delaware law. Delaware law provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except for liability for any:
• breach of their duty of loyalty to the Company or its stockholders;
• act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
• unlawful payment of dividends or redemption of shares as provided in Section 174 of the Delaware General Corporation Law; or
• transaction from which the directors derived an improper personal benefit.
These limitations of liability do not apply to liabilities arising under federal securities laws and do not affect the availability of equitable remedies such as injunctive relief or rescission. The Company’s amended and restated Bylaws provide that it will indemnify its directors and executive officers, and may indemnify other officers, employees and other agents, to the fullest extent permitted by law.
As permitted by the Delaware General Corporation Law, the Company has entered into indemnification agreements with each of the Company’s directors and executive officers that require the Company to indemnify such persons against expenses, judgments, penalties, fines, settlements and other amounts actually and reasonably incurred, including expenses of a derivative action, in connection with an actual or threatened proceeding if any of the Company’s directors or executive officers may be made a party because he or she is or was one of the Company’s directors. The Company will be obligated to pay such amounts only if the director acted in good faith and in a manner that he or she reasonably believed to be in or not opposed to the Company’s best interests. With respect to any criminal proceeding, the Company will be obligated to pay such amounts only if the director had no reasonable cause to believe his or her conduct was unlawful. The indemnification agreements also set forth certain procedures that will apply in the event of a claim for indemnification.
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Section 145(g) of the Delaware General Corporation Law permits a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation arising out of his or her actions in connection with their services to the Company, regardless of whether its amended and restated Bylaws permit indemnification. The Company has purchased and intends to maintain insurance on behalf of any person who is or was a director or officer against any loss arising from any claim asserted against him or her and incurred by him or her in any such capacity, subject to certain exclusions.
Item 15. Recent Sales of Unregistered Securities
There have been no sales of unregistered securities within the last three years, which would be required to be disclosed pursuant to Item 701 of Regulation S-K, except for the following:
On August 17, 2021, Mach FM Acquisitions LLC purchased an aggregate of 2,875,000 founder shares, for an aggregate offering price of $25,000 at an average purchase price of approximately $0.009 per share. The number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the outstanding shares of Class A common stock upon completion of this offering (excluding the representative shares and the placement warrants and underlying securities). All such securities were issued in connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. Mach FM Acquisitions LLC is an accredited investor for purposes of Rule 501 of Regulation D.
On March 10, 2022, Mach FM Acquisitions LLC purchased an aggregate of 3,087,500 private warrants at a price of $1.00 per warrant, for an aggregate purchase price of $3,087,500. The private warrants were issued pursuant to the exemption from registration contained in Section 4(2) of the Securities Act. No underwriting discounts or commissions were paid with respect to such sales.
On August 30, 2024, we entered into a private placement transaction (the “Private Placement”), pursuant to a Securities Purchase Agreement (the “Subscription Agreement”) with the selling securityholders for aggregate gross proceeds of approximately $3.85 million, before deducting fees to the placement agent and other expenses payable by the Company in connection with the Private Placement. The Company intends to use the net proceeds from the Private Placement for working capital and general corporate purposes. EF Hutton, LLC, acted as the exclusive placement agent for the Private Placement. The Private Placement closed on March 15, 2024. As part of the Private Placement, the Company issued an aggregate of 12,217,468 units and pre-funded units (collectively, the “Units”) at a purchase price of $0.75 per unit (less $0.0001 per pre-funded unit). Each Unit consists of (i) one share of common stock, par value $0.0001 per share of the Company (the “Common Stock”) (or one pre-funded warrant to purchase one share of Common Stock (the “Pre-Funded Warrant”)), (ii) two Series C Warrants each to purchase one share of Common Stock (the “Series A Warrant”) and (iii) one Series B warrant to purchase such number of shares of Common Stock as determined on the Reset Date (as defined below), and in accordance with the terms therein (the “Series B Warrant” and together with the Pre-Funded Warrant and the Series A Warrant, the “Warrants”). The securities issued in connection with the Private Placement were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. The selling securityholders are accredited investors for purposes of Rule 501 of Regulation D.
II-2
Item 16. Exhibits
(a) The exhibits listed in the following Exhibit Index are filed as part of this Registration Statement.
|
Exhibit No. |
Description |
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2.1** |
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3.1** |
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3.2** |
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4.1** |
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4.2** |
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4.3** |
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4.4** |
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4.5** |
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4.6** |
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4.7** |
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4.8** |
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4.9** |
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5.1** |
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10.1** |
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10.2** |
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10.3** |
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10.4** |
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10.5** |
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10.6** |
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10.7** |
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10.8** |
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10.9** |
II-3
|
Exhibit No. |
Description |
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|
10.10** |
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10.11** |
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10.12** |
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10.13** |
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10.14** |
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10.15** |
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10.16** |
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10.17** |
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10.18** |
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10.19** |
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10.20** |
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10.21** |
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10.22** |
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10.23** |
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10.24** |
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23.1 |
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23.2 |
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23.3** |
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24.1** |
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101 SCH |
XBRL Taxonomy Extension Schema Document |
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101 CAL |
XBRL Taxonomy Calculation Linkbase Document |
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101 LAB |
XBRL Taxonomy Labels Linkbase Document |
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101 PRE |
XBRL Taxonomy Presentation Linkbase Document |
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101 DEF |
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
107** |
____________
** Previously filed.
II-4
Item 17. Undertakings
(a) The undersigned Registrant hereby undertakes:
(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective Registration Statement; and
(iii) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement; provided, however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;
(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or
II-5
controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
(c) The undersigned Registrant hereby undertakes that:
(1) for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it was declared effective.
(2) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(d) that, for the purpose of determining liability under the Securities Act to any purchaser:
(1) if the issuer is relying on Rule 430B:
(i) each prospectus filed by the undersigned issuer pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and
(ii) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1) (i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or
(2) if the issuer is relying on Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
II-6
SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized in the City of Dallas, State of Texas on November 8, 2024.
|
Solidion Technology, Inc. |
||||
|
By: |
/s/ Jaymes Winters |
|||
|
Name: |
Jaymes Winters |
|||
|
Title: |
Chief Executive Officer |
|||
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
|
Name |
Position |
Date |
||
|
/s/ Jaymes Winters |
Chief Executive Officer |
November 8, 2024 |
||
|
Jaymes Winters |
(Principal executive officer) and Director |
|||
|
/s/ Vlad Prantsevich* |
Chief Financial Officer |
November 8, 2024 |
||
|
Vlad Prantsevich |
||||
|
/s/ Dr. Bor Jang* |
Director |
November 8, 2024 |
||
|
Dr. Bor Jang |
||||
|
/s/ John Davis* |
Director |
November 8, 2024 |
||
|
John Davis |
||||
|
/s/ Karin-Joyce (KJ) Tjon* |
Director |
November 8, 2024 |
||
|
Karin-Joyce (KJ) Tjon |
||||
|
/s/ Cynthia Ekberg Tsai* |
Director |
November 8, 2024 |
||
|
Cynthia Ekberg Tsai |
|
*By |
/s/ Jaymes Winters |
|||
|
Jaymes Winters, |
II-7