# EDGAR Filing Document

**Accession Number:** 0001881551
**File Stem:** 0001213900-25-112830
**Filing Date:** 2025-11
**Character Count:** 219417
**Document Hash:** cd661c86932ebc7f8033b24f808cc399
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-112830.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001213900-25-112830

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Solidion Technology Inc.
- **CENTRAL INDEX KEY:** 0001881551
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 871993879
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41323
- **FILM NUMBER:** 251500963

**BUSINESS ADDRESS:**
- **STREET 1:** 13355 NOEL ROAD
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75240
- **BUSINESS PHONE:** (972) 918-5120

**MAIL ADDRESS:**
- **STREET 1:** 13355 NOEL ROAD
- **STREET 2:** SUITE 1100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75240

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nubia Brand International Corp.
- **DATE OF NAME CHANGE:** 20210902

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended September 30, 2025

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from __________ to __________

Commission File Number: 001-41323

**SOLIDION TECHNOLOGY, INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **87-1993879** |
| (State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer<br> Identification Number) |

---

---

| | |
|:---|:---|
| **13355 Noel Rd, Suite 1100<br> Dallas, TX** | **75240** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(972) 918-5120**

**Not applicable**

(Former name or former address, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.0001 per share | STI | The Nasdaq Stock Market LLC |

---

As of November 19, 2025, there were 7,465,283 shares of common stock of the Company issued and outstanding.

**SOLIDION TECHNOLOGY, INC.**

**FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **[Part I - FINANCIAL INFORMATION](#a_001)** | **[Part I - FINANCIAL INFORMATION](#a_001)** | 1 |
| Item 1. | [Unaudited Condensed Consolidated and Combined Financial Statements](#a_002) | 1 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_003) | 32 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#a_004) | 38 |
| Item 4. | [Controls and Procedures](#a_005) | 38 |
| **[Part II - OTHER INFORMATION](#a_006)** | **[Part II - OTHER INFORMATION](#a_006)** | 40 |
| Item 1. | [Legal Proceedings](#a_007) | 40 |
| Item 1A. | [Risk Factors](#a_008) | 40 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#a_009) | 40 |
| Item 3. | [Defaults Upon Senior Securities](#a_010) | 40 |
| Item 4. | [Mine Safety Disclosures](#a_011) | 40 |
| Item 5. | [Other Information](#a_012) | 40 |
| Item 6. | [Exhibits](#a_013) | 41 |
| **[SIGNATURES](#a_014)** | **[SIGNATURES](#a_014)** | 42 |

---

i

**EXPLANATORY NOTE**

On February 2, 2024 (the "Closing Date"), Nubia Brand International Corp., a Delaware corporation ("Nubia" and after the Transactions described herein, the "Combined Company" or "Solidion Technology, Inc."), consummated the previously announced business combination (the "Closing") pursuant to a Merger Agreement (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"). 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.

Unless the context otherwise requires, the "registrant" and the "Company" refer to Nubia prior to the Closing and to the Combined Company and its subsidiaries following the Closing and "HBC" and "Honeycomb" refers to Honeycomb Battery Company and its subsidiaries prior to the Closing and the business of the Combined Company and its subsidiaries following the Closing.

The Company's common stock, par value $0.0001 per share (the "Common Stock"), is now listed on The Nasdaq Stock Market LLC ("NASDAQ Global") under the symbol "STI". The Company's Public Warrants to purchase Common Stock at an exercise price of $575.00 per share, previously listed under ticker "NUBIW", were delisted from the Nasdaq and pending listing on The OTC Markets under the symbol "STIWW". Until the Merger, Nubia neither engaged in any operations nor generated any revenue, and based on its business activities, Nubia was a "shell company" as defined under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

ii

**PART I**

**PART I - FINANCIAL INFORMATION**

**Item 1. Unaudited Condensed Consolidated and Combined Financial Statements**

**SOLIDION TECHNOLOGY, INC.**

**CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS** 

**(unAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| **ASSETS** | | |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $160506 | $3353732 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 5560 | 999 |
| &nbsp;&nbsp;&nbsp;Other receivable | 302500 | 302500 |
| &nbsp;&nbsp;&nbsp;Inventory | 24430 | 24430 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 263899 | 206784 |
| &nbsp;&nbsp;&nbsp;Other current assets | 253887 | - |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 1010782 | 3888445 |
| &nbsp;&nbsp;&nbsp;Property and Equipment, net of depreciation | 2069620 | 2094536 |
| &nbsp;&nbsp;&nbsp;Patents, net of amortization | 2004770 | 1972830 |
| &nbsp;&nbsp;&nbsp;Total Assets | $5085172 | $7955811 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| &nbsp;&nbsp;&nbsp;Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $4240017 | $2135586 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | - | 6369 |
| &nbsp;&nbsp;&nbsp;Excise tax payable | 950815 | 909871 |
| &nbsp;&nbsp;&nbsp;Derivative liabilities | 15308400 | 25272650 |
| &nbsp;&nbsp;&nbsp;Due to related party | 87873 | 87873 |
| &nbsp;&nbsp;&nbsp;Convertible notes | - | 527500 |
| &nbsp;&nbsp;&nbsp;Short-term notes payable | 1905067 | 1917962 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 22492172 | 30857811 |
| Commitments and contingencies (Note 5) |  |  |
| **Stockholders' Equity (Deficit):** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding | - | - |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 300,000,000 shares authorized, 2,874,326 and 2,633,956 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 288 | 13169 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 95564836 | 93045581 |
| &nbsp;&nbsp;&nbsp;Stock subscription receivable | (80241) | (80241) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (112891883) | (115880509) |
| &nbsp;&nbsp;&nbsp;Total Stockholders' Equity (Deficit) | (17407000) | (22902000) |
| &nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity (Deficit) | $5085172 | $7955811 |

---

The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.

**SOLIDION TECHNOLOGY, INC.**

**CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS**

**(unAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Three Months<br> Ended <br> September 30,** | **For the <br> Three Months<br> Ended <br> September 30,** | **For the <br> Nine Months<br> Ended <br> September 30,** | **For the <br> Nine Months<br> Ended <br> September 30,** |
|  | **2025** | **2024** | **2025** | **2024<br> (Restated)** |
| Net sales | $9350 | - | $13350 | - |
| Cost of goods sold | 4321 | - | 6648 | - |
| **Gross profit** | 5029 | - | 6702 | - |
| **Operating Expenses** |  |  |  |  |
| Research and development | 523569 | 459805 | 2276161 | 1589577 |
| Selling, general and administrative | 1224360 | 3733201 | 4393234 | 9296074 |
| **Total operating expenses** | 1747929 | 4193006 | 6669395 | 10885651 |
| **Operating loss** | (1742900) | (4193006) | (6662693) | (10885651) |
| **Other Income (Expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liabilities | (2237050) | 7232835 | 9964250 | 24017035 |
| &nbsp;&nbsp;&nbsp;Issuance of common stock and warrants | - | (9654799) | - | (30245516) |
| &nbsp;&nbsp;&nbsp;Interest income | 176 | 1573 | 18333 | 2055 |
| &nbsp;&nbsp;&nbsp;Interest expense | (112371) | (22910) | (331264) | (45833) |
| &nbsp;&nbsp;&nbsp;Other income (expense) | - | (372) | - | 3665 |
| &nbsp;&nbsp;&nbsp;**Total other income (expense)** | (2349245) | (2443673) | 9651319 | (6268594) |
| Net income (loss) before provision for income taxes | (4092145) | (6636679) | 2988626 | (17154245) |
| Provision for income taxes | - | - | - | - |
| **Net Income (loss)** | $(4092145) | $(6636679) | $2988626 | $(17154245) |
| **Weighted average number of shares of common stock outstanding, basic** | 3076486 | 2056172 | 3027298 | 1816372 |
| **Basic net income (loss) per share of common stock** | $(1.33) | $(3.23) | $0.99 | $(9.44) |
| **Weighted average number of shares of common stock outstanding, diluted** | 3076486 | 2056172 | 4999099 | 1816372 |
| **Diluted net income (loss) per share of common stock** | $(1.33) | $(3.23) | $0.60 | $(9.44) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.

**SOLIDION TECHNOLOGY, INC.**

**CONDENSED Consolidated AND COMBINED STATEMENTS OF CHANGES IN STOCKHOLDERs' (DEFICIT) EQUITY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Stock**<br>**Subscription**<br>**Receivable** | **Stockholders'**<br>**Equity**<br>**(Deficit)** |
| Balance at June 30, 2025 | 2716794 | $272 | $94785605 | $(108799738) | $(80241) | $(14094102) |
| Shares issued from exercise of Series A Warrants | 157532 | 16 | 430006 |  |  | 430022 |
| Stock-based compensation |  |  | 349225 |  |  | 349225 |
| Net income (loss) |  |  |  | (4092145) |  | (4092145) |
| Balance at September 30, 2025 | 2874326 | $288 | $95564836 | $(112891883) | $(80241) | $(17407000) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Stock**<br>**Subscription**<br>**Receivable** | **Stockholders'**<br>**Equity**<br>**(Deficit)** |
| Balance at December 31, 2024 | 2633956 | $13169 | $93045581 | $(115880509) | $(80241) | $(22902000) |
| Shares issued from exercise of Series A Warrants | 172287 | 90 | 671478 |  |  | 671568 |
| Conversion of convertible notes into common stock | 68095 | 339 | 527161 |  |  | 527500 |
| Shares issued to consultants | 100 | 1 | 670 |  |  | 671 |
| Reverse stock split | (112) | (13311) | 12851 |  |  | (460) |
| Stock-based compensation |  |  | 1307095 |  |  | 1307095 |
| Net income (loss) |  |  |  | 2988626 |  | 2988626 |
| Balance at September 30, 2025 | 2874326 | $288 | $95564836 | $(112891883) | $(80241) | $(17407000) |

---

**SOLIDION TECHNOLOGY, INC.**

**CONDENSED Consolidated AND COMBINED STATEMENTS OF CHANGES IN STOCKHOLDERs' (DEFICIT) EQUITY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Stock**<br>**Subscription**<br>**Receivable** | **Stockholders'**<br>**Equity**<br>**(Deficit)** |
| Balance at June 30, 2024 | 1742004 | $8709 | $82379958 | $(100469072) | $(80241) | $(18160646) |
| Shares issued from exercise of Series A Warrants | 9320 | 47 | 162007 |  |  | 162054 |
| Shares issued from exercise of Series B Warrants | 103282 | 516 | 1370 |  |  | 1886 |
| Issuance of common stock for Forward Purchase Agreement | 190860 | 954 | (954) |  |  |  |
| Issuance of common stock for Forward Purchase Agreement Compensation | 57000 | 285 | 1025715 |  |  | 1026000 |
| Private Placement | 244349 | 1222 | 3998778 |  |  | 4000000 |
| Stock-based compensation to consultant |  |  | 700000 |  |  | 700000 |
| Issuance costs in connection with the Private Placement |  |  | (157435) |  |  | (157435) |
| Stock-based compensation |  |  | 278176 |  |  | 278176 |
| Net Loss |  |  |  | (6636679) |  | (6636679) |
| Balance at September 30, 2024 | 2346815 | 11733 | 88387615 | (107105751) | $(80241) | (18786644) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2024 (Restated)** | **Nine Months Ended September 30, 2024 (Restated)** | **Nine Months Ended September 30, 2024 (Restated)** | **Nine Months Ended September 30, 2024 (Restated)** | **Nine Months Ended September 30, 2024 (Restated)** | **Nine Months Ended September 30, 2024 (Restated)** |
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Stock**<br>**Subscription**<br>**Receivable** | **Stockholders'**<br>**Equity**<br>**(Deficit)** |
| Balance at December 31, 2023 |  | $— | $28857965 | $(25445506) |  | $3412459 |
| Retroactive application of recapitalization to December 31, 2023 | 1396000 | 6980 | (6980) |  |  |  |
| Adjusted beginning balance | 1396000 | 6980 | 28850985 | (25445506) |  | 3412459 |
| Balance at January 1, 2024, after retroactive application of recapitalization | 1396000 | 6980 | 28850985 | (25445506) |  | 3412459 |
| Capital contributions from related party |  |  | 487273 |  |  | 487273 |
| Issuance of common stock upon consummation of the Merger | 120093 | 600 | (27888519) |  |  | (27887919) |
| Conversion of convertible notes into common stock upon consummation of the Merger | 119245 | 596 | 3174404 |  |  | 3175000 |
| Stock subscription receivable |  |  |  |  | (80241) | (80241) |
| Earnout Arrangement |  |  | 63600000 | (63600000) |  |  |
| Contingent consideration |  |  | 906000 | (906000) |  |  |
| Convertible note – stock issuance loss |  |  | 2769719 |  |  | 2769719 |
| Shares issued from exercise of Series A Warrants | 9320 | 47 | 162007 |  |  | 162054 |
| Shares issued from exercise of Series B Warrants | 107281 | 536 | 1384 |  |  | 1920 |
| Issuance of common stock for Forward Purchase Agreement | 190860 | 954 | (954) |  |  |  |
| Issuance of common stock for Forward Purchase Agreement Compensation | 57000 | 285 | 1025715 |  |  | 1026000 |
| Private Placements | 347016 | 1735 | 12930262 |  |  | 12931997 |
| Stock-based compensation to consultant |  |  | 700000 |  |  | 700000 |
| Issuance costs in connection with the Private Placement |  |  | (419499) |  |  | (419499) |
| Stock-based compensation |  |  | 2088838 |  |  | 2088838 |
| Net Loss |  |  |  | (17154245) |  | (17154245) |
| Balance at September 30, 2024 | 2346815 | 11733 | 88387615 | (107105751) | $(80241) | (18786644) |

---

The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.

**SOLIDION TECHNOLOGY, INC.**

**CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS**

**(UNAUdITED)**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended<br> September 30,** | **For the Nine Months Ended<br> September 30,** |
|  | **2025** | **2024<br> (Restated)** |
| **Cash Flows From Operating Activities:** |  |  |
| Net income (loss) | $2988626 | $(17154245) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |
| Depreciation and amortization | 206858 | 298805 |
| Stock based compensation | 1307095 | 2088838 |
| Equity compensation expense | 671 | 1726000 |
| Change in fair value of derivative liabilities | (9964250) | (24017035) |
| Issuance of common stock and warrants |  | 30245516 |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | (4561) | 1165 |
| Other receivable |  | (115000) |
| Inventory |  | (1700) |
| Prepaid expenses | (57115) | 46492 |
| Other current assets | (253887) | (356301) |
| Accounts payable and accrued expenses | 2134207 | 1560273 |
| Income taxes payable | (6369) |  |
| Excise taxes | 40944 |  |
| **Net Cash Used In Operating Activities** | (3607781) | (5677192) |
| **Cash Flows From Investing Activities:** |  |  |
| Purchases of property and equipment | (117812) |  |
| Capitalized patent costs | (96070) | (190931) |
| **Net Cash Used In Investing Activities** | (213882) | (190931) |
| **Cash Flows From Financing Activities:** |  |  |
| Capital contributions from Global Graphene Group |  | 487273 |
| Cash received from NUBI Trust |  | 25160047 |
| Discount payment related to Non Redemption Agreement |  | (13937997) |
| Reimbursement of consideration shares related to the Forward Purchase Agreement |  | (2193800) |
| Reimbursement of Recycled Shares related to Forward Purchase Agreement |  | (80241) |
| Transaction expenses in connection with the Merger |  | (8948009) |
| Inflow from Merger |  | 17555 |
| Proceeds from convertible notes |  | 527500 |
| Proceeds from short-term notes |  | 670000 |
| Repayment of short-term notes | (42671) | (1329712) |
| Proceeds from issuance of common stock and warrants in connection with the Private Placement |  | 7850000 |
| Proceeds from issuance of common stock from exercise of warrants | 671568 | 163974 |
| Issuance costs in connection with the Private Placement |  | (419499) |
| Repayment of related party payable |  | (911091) |
| Cash used to settle fractional shares | (460) |  |
| **Net Cash Provided By Financing Activities** | 628437 | 7056000 |
| Net change in cash | (3193226) | 1187877 |
| Cash at beginning of period | 3353732 | 780 |
| Cash at end of period | $160506 | $1188657 |
| **Supplemental disclosure** |  |  |
| Cash paid for interest expense | $16627 | $153128 |
| Cash paid for federal income taxes | $6369 | $— |
| **Supplemental disclosure of non-cash financing activities:** |  |  |
| Issuance of Common Stock upon the closing of the Merger | $— | $2435 |
| Convertible notes converted to common shares | $527500 | $— |
| Reverse stock split — reclassification from common stock to additional paid-in capital | $13311 | $— |

---

The accompanying notes are an integral part of these unaudited condensed consolidated and combined financial statements.

**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 next-generation battery materials, components, and energy storage solutions. Solidion is headquartered in Dallas, TX, with research and development and manufacturing operations located in Dayton, OH.

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 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 1,400,000 shares of Solidion's common stock, minus up to 4,000 Holdback Shares, subject to adjustment for any additional interest or penalties related to the G3 Tax Lien (the "Closing Merger Consideration Shares") at the effective time of the Merger Agreement (the "Effective Time"), plus up to an additional 450,000 shares of Solidion's common stock (the "Earnout Shares") upon the occurrence of the following events (or earlier upon a change of control of Solidion but subject to (and only to the extent that) the valuation of Solidion's common stock implied by such change of control transaction meeting the respective volume weighted average price ("VWAP"), as defined in the Merger Agreement, thresholds set forth below) (the "Earnout Arrangement"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 100,000 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 $625.00 per share (subject to any adjustment pursuant to the Merger Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 150,000
 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 $750.00 per share (subject to any adjustment pursuant
 to the Merger Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 200,000
 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 $1250.00 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.

As of September 30, 2025, none of the Earnout Shares had been earned by G3.

On October 9, 2025, the Company issued 450,000 shares of its common stock to G3 pursuant to the earnout provisions of the Merger Agreement. These shares represent the full amount of the Earnout Shares described above.

The issuance followed the approval of the Company's Board of Directors to deem all earnout milestones satisfied in full, after considering the Company's post-merger capital structure and ongoing shared-services arrangements with G3. Accordingly, the Company has completed its obligations related to the Earnout Arrangement under the Merger Agreement.

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 were 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 was not 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 was treated as the "acquired" company for financial reporting purposes. Accordingly, for accounting purposes, the Merger was treated as the equivalent of HBC issuing stock for the net liabilities of Nubia, accompanied by a recapitalization.

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***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 nine months ended September 30, 2025, the Company recorded a net income of $2,988,626, which included a gain of $9,964,250 due to the change in the fair value of derivative liabilities, net cash used in operating activities of $3,607,781 and as of September 30, 2025, had cash and cash equivalents of $160,506. For the year ended December 31, 2024, the Company recorded a net loss of $25,929,003, which included a gain of $18,011,100 due to the change in the fair value of derivative liabilities and a $30,281,475 loss due to the issuance of common stock and warrants, net cash used in operating activities of $7,377,807 and as of December 31, 2024, had cash and cash equivalents of $3,353,732.

The Company 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. 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. Additionally, the Company is currently in default of an outstanding Promissory Note due to non-payment of scheduled installments. 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. This raises substantial doubt about the Company's ability to continue as a going concern.

In addition, the Company has received a notice from the Nasdaq related to their failure to maintain the minimum bid price requirement of $1 per share. In response, on May 12, 2025, the Company effectuated a 1-for-50 reverse split of its Common Stock in order to reach the Nasdaq minimum. The primary objective of the reverse stock split is to increase the per-share market price of the Company's common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq. Additionally, on April, 16, 2025, the Company received notice from the Nasdaq due to the Company's noncompliance with Nasdaq's minimum Market Value of Listed Securities ("MVLS") requirement and minimum Market Value of Publicly Held Shares ("MVPHS") requirement. The Company has a compliance period of 180 calendar days, or until October 13, 2025, to regain compliance with the MVPHS requirement.

On July 7, 2025, the Company received notice from Nasdaq that it has regained compliance with Listing Rule 5450(a)(1) (the "Bid Price Rule").

Prior to the expiration of the 180-day compliance periods related to Nasdaq's MVLS and MVPHS requirements, the Company applied for a transfer of the listing of its securities to The Nasdaq Capital Market. On October 29, 2025 the Company was notified by Nasdaq staff that Company's application to list its Common Stock on The Nasdaq Capital Market was approved. The Company's securities were transferred to the Capital Market at the opening of business on October 31, 2025. As a result, all matters pertaining to MVLS and MVPHS requirements are now closed.

On September 8, 2025, the Company notified Nasdaq that, following the resignation of a director on September 3, 2025, its Audit Committee was no longer in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires listed companies to maintain an audit committee consisting of at least three independent directors. In accordance with Nasdaq Listing Rule 5605(c)(4), the Company is entitled to a cure period to regain compliance, which extends until the earlier of (i) the Company's next annual meeting of shareholders or (ii) September 3, 2026; provided, however, that if the annual meeting occurs on or before March 2, 2026, the cure period will extend only until March 2, 2026.

The Company intends to appoint an additional independent director to the Audit Committee as soon as practicable within the applicable cure period. Failure to regain compliance within the prescribed timeframe could result in Nasdaq initiating delisting proceedings. While the Company believes it will successfully cure this deficiency, the need to regain compliance within a limited timeframe represents an additional uncertainty that management has considered in its assessment of 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.

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 — CORRECTION OF ERRORS IN PREVIOUSLY REPORTED CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS**

Subsequent to the issuance of the interim financial information as of and for the period ended September 30, 2024, the Company identified an error related to the accounting for issuance costs associated with convertible notes. Specifically, approximately $2.8 million of non-cash, non-operating stock-based expense related to bonus shares was inadvertently omitted and not reflected in the financial statements for the first quarter of 2024. See Note 10 *Convertible Notes* for more details.

As a result, the Company has revised its previously issued financial statements to reflect the correction of this material error, recording the issuance cost in issuance of common stock and warrants within non-operating losses. The revision had no impact on total stockholders' equity or cash flows, but it did increase net loss and increase additional paid-in capital in the affected periods.

The revised quarterly financial information is included in this Quarterly Report on Form 10-Q in the tables that follow.

All references to common stock, warrants, and restricted stock units, as well as related per-share amounts in these condensed consolidated and combined financial statements, have been retrospectively adjusted to reflect the 1-for-50 reverse stock split effected on May 12, 2025.

The impact of the restatement on the condensed consolidated and combined statement of operations for the nine months ended September 30, 2024 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Nine Months Ended**<br>September 30, 2024<br> (Unaudited)** | **For the Nine Months Ended**<br>September 30, 2024<br> (Unaudited)** | **For the Nine Months Ended**<br>September 30, 2024<br> (Unaudited)** |
|  | **As Reported** | **Adjustments** | **As Restated** |
| <u>OTHER INCOME (EXPENSE)</u> |  |  |  |
| Change in fair value of derivative liabilities | $24017035 | $- | $24017035 |
| Issuance of Common Stock and Warrants | (27475797) | (2769719) | (30245516) |
| Interest income | 2055 | - | 2055 |
| Interest expense | (45833) | - | (45833) |
| Other income (expense) | 3665 | - | 3665 |
| &nbsp;&nbsp;&nbsp;Total other expense | (3498875) | (2769719) | (6268594) |
| Net loss before income tax provision | (14384526) | (2769719) | (17154245) |
| &nbsp;&nbsp;&nbsp;Income tax provision | - | - | - |
| Net loss | $(14384526) | $(2769719) | $(17154245) |
| **Weighted average shares outstanding, basic and diluted** | 1764630 | 51742 | 1816372 |
| **Basic and diluted net loss per share** | $(8.15) | $(1.29) | $(9.44) |

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The impact of the restatement on the condensed consolidated and combined statement of changes in stockholders' (deficit) equity for the nine months ended September 30, 2024 is as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **For the Nine Months Ended**<br> **September 30, 2024<br> (Unaudited)** | **For the Nine Months Ended**<br> **September 30, 2024<br> (Unaudited)** | **For the Nine Months Ended**<br> **September 30, 2024<br> (Unaudited)** |
|  | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Stockholders'**<br>**Equity**<br>**(Deficit)** |
| **As Reported** | | | |
| Balance at January 1, 2024, after retroactive application of recapitalization | $28850985 | $(25445506) | $3412459 |
| Convertible note – stock issuance loss |  |  |  |
| Net Loss |  | (14384526) | (14384526) |
| Balance at September 30, 2024 | 85617896 | (104336032) | (18786644) |
| **Adjustments** |  |  |  |
| Balance at January 1, 2024, after retroactive application of recapitalization |  |  |  |
| Convertible note – stock issuance loss | $2769719 | $— | $2769719 |
| Net Loss |  | (2769719) | (2769719) |
| Balance at September 30, 2024 | $2769719 | $(2769719) | $— |
| **As Restated** |  |  |  |
| Balance at January 1, 2024, after retroactive application of recapitalization | $28850985 | $(25445506) | $3412459 |
| Convertible note – stock issuance loss | 2769719 |  | 2769719 |
| Net Loss |  | (17154245) | (17154245) |
| Balance at September 30, 2024 | $88387615 | $(107105751) | $(18786644) |

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The impact of the restatement on the condensed consolidated and combined statement of cash flows for the nine months ended September 30, 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Nine Months Ended**<br>September 30, 2024<br> (Unaudited)** | **For the Nine Months Ended**<br>September 30, 2024<br> (Unaudited)** | **For the Nine Months Ended**<br>September 30, 2024<br> (Unaudited)** |
|  | **As Reported** | **Adjustments** | **As Restated** |
| **Cash Flows From Operating Activities:** | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(14384526) | $(2769719) | $(17154245) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization expense | 298805 | - | 298805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 2088838 | - | 2088838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity compensation expense | 1726000 | - | 1726000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative liabilities | (24017035) | - | (24017035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on issuance of common stock and warrants | 27475797 | 2769719 | 30245516 |

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There was no impact on net cash used in operating activities or within any line items within investing and financing activities.

**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.

During the periods prior to 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. Therefore, 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.

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 one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

The CODM uses consolidated net income (loss) as the measure of segment profit or loss. Expense information is also reviewed only at the consolidated level, as presented in the Company's consolidated statement of operations. Research and development expense has been identified as a significant segment expense, with all other expense lines being considered part of 'Other segment items.' Additionally, the CODM evaluates assets on a consolidated basis. As such, the Company reports segment profit or loss, segment expenses, and segment assets on a consolidated and combined basis.

***Cash and cash equivalents***

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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 September 30, 2025 and December 31, 2024.

***Accounts Receivable, net of Allowance for Credit Losses***

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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 September 30, 2025 and December 31, 2024, the Company determined that no allowance was required.

***Other Receivable***

During the first quarter of 2024, the Company advanced $302,500 to G3 for transaction costs incurred during the Merger. As of September 30, 2025 and December 31, 2024, the outstanding balance of other receivables amounted to $302,500.

***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 September 30, 2025 and December 31, 2024, the Company determined that no write off was required.

***Property and Equipment, net***

Property and equipment are recorded at cost less accumulated depreciation. 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 nine months ended September 30, 2025 and for the year ended December 31, 2024.

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:

Building 40 years <br> Building improvements 15 years <br> Machinery & equipment 5 years

Depreciation expense of property and equipment was $47,576, $142,729, $51,724 and $177,234 for the three and nine months ended September 30, 2025 and 2024, 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. 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.

Net unissued and issued patents were $1,176,093 and $828,678 as of September 30, 2025, respectively; and $1,110,815 and $862,014 as of December 31, 2024, respectively. The Company assesses the carrying value of its intangible assets 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 nine months ended September 30, 2025 and 2024, respectively.

Amortization expense of patents was $20,882, $64,130, $49,778 and $121,571 for the three and nine months ended September 30, 2025 and 2024, respectively. Future amortization expense for the patents over the next five years is anticipated to be approximately $83,528 per year.

***Leases***

The Company determines whether an arrangement is a lease at inception. For leases where the Company is the lessee, right-of-use assets are recognized as the lease liability, adjusted for lease incentives received and prepayments made. Lease liabilities are recognized based on the present value of remaining lease payments over the lease term. When the Company's leases do not provide an implicit rate, the Company uses an estimated incremental borrowing rate based on the information available at lease commencement date in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Leases with an initial lease term of 12 months or less are not recorded on the condensed consolidated and combined balance sheet.

The Company has elected the short-term lease practical expedient under ASC 842, applying it consistently to all leases with an initial term of 12 months or less, which are excluded from the condensed consolidated and combined balance sheet. Lease expense for these leases is recognized on a straight-line basis over the lease term. The Company had no right-of-use assets or lease liabilities recorded on its condensed consolidated and combined balance sheets as of September 30, 2025 and 2024, respectively.

***Foreign Operations***

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.

During prior reporting periods, the Company's research and development facility in Taiwan, operating as an extension of the Dayton, Ohio R&D team and focused on silicon anode technology advancement.

During the three months ended March 31, 2025, the Company ceased research and development operations at its Taiwan location. The results of operations for this location were immaterial to the Company's condensed consolidated and combined financial statements for all periods presented. No material exit or disposal costs were incurred in connection with the shutdown.

***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.

***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.

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The number of shares of common stock initially reserved for issuance under the incentive plan is 190,000. 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) 190,000 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.

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 2023 Equity 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.

The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation. Stock-based compensation expense for restricted stock units is measured based on the grant-date fair value of the awards and recognized as expense over the requisite service period, which is generally the vesting period. The Company has elected to use the accelerated attribution method, under which each vesting tranche of an award is treated as a separate award and expensed over its respective vesting period. Compensation expense is recognized only for those awards expected to vest, with forfeitures estimated at the grant date and adjusted prospectively, if necessary.

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 common stock. 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 its common stock and does not expect to pay any cash dividends in the foreseeable future.

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***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.

***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 inclusion would be anti-dilutive as of September 30, 2025 and 2024. As such, net loss per common stock is the same for basic and diluted loss per share for the three and nine months ended September 30, 2024 and for the three months ended September 30, 2025.

The following table presents potentially dilutive common stock equivalents that have been excluded from the calculation of dilutive loss per share for the three and nine months ended September 30, 2024 as their inclusion would be anti-dilutive:

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| | |
|:---|:---|
|  | **September 30,<br> 2024** |
| Holdback Shares | 4000 |
| Warrants - Public | 123500 |
| Warrants - Private | 108100 |
| Warrants - Series A | 433514 |
| Warrants - Series B | 7711 |
| Warrants - Series C | 488699 |
| Warrants - Series D | 244349 |
| Stock-based compensation - equity awards | 6000 |
| Arbor Lake Strategic Cooperation Consulting Agreement | 40000 |
| HBC Earnout Shares | 450000 |
| Total common stock equivalents excluded from dilutive loss per share | 1905873 |

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The following table presents potentially dilutive common stock equivalents that have been excluded from the calculation of dilutive loss per share for the three months ended September 30, 2025 as their inclusion would be anti-dilutive:

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| | |
|:---|:---|
|  | **September 30,<br> 2025** |
| Holdback Shares | 4000 |
| Warrants - Public | 123500 |
| Warrants - Private | 108100 |
| Warrants - Series A | 652857 |
| Warrants - Series C | 2461538 |
| Warrants - Series D | 244349 |
| Stock-based compensation - equity awards | 38000 |
| Stock-based compensation - warrants | 12000 |
| Arbor Lake Strategic Cooperation Consulting Agreement | 40000 |
| HBC Earnout Shares | 450000 |
| Total common stock equivalents excluded from dilutive loss per share | 4134344 |

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The following table presents potentially dilutive common stock equivalents that have been included in the calculation of dilutive income per share for the nine months ended September 30, 2025, as their inclusion would be dilutive.

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| | |
|:---|:---|
|  | **September 30,<br> 2025** |
| Warrants - Series A | 414909 |
| Warrants - Series C | 1519476 |
| Stock-based compensation - equity awards | 37417 |
| Total common stock equivalents included in dilutive income per share | 1971802 |

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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 $250,000. The Company has not experienced losses on these accounts.

***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 13.

***Equity-Linked Instruments***

The Company evaluates all equity-linked contracts, including warrants and the Forward Purchase Agreement ("FPA"), to determine classification as either equity or liability in accordance with FASB ASC 480, Distinguishing Liabilities from Equity ("ASC 480"), and FASB ASC 815, Derivatives and Hedging ("ASC 815"). This assessment considers whether the instruments meet the fixed-for-fixed equity classification criteria and whether any provisions require liability treatment, including potential "net cash settlement" outside of the Company's control. Instruments that qualify for equity classification are recorded as a component of additional paid-in capital, while those requiring liability classification are measured at fair value, with subsequent changes recorded in earnings. This assessment is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the FPA and warrants are outstanding.

***Warrants***

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 the outstanding public warrants and private placement warrants ("Private Warrants") issued in connection with Nubia's initial public offering in 2022 as equity-classified instruments under ASC 815-40 since they qualify as being indexed to the company's own stock for equity classification criteria and do not contain provisions that would require liability classification.

The Company accounts for the outstanding Series A, Series B, Series C, and Series D warrants issued in connection with the March and August 2024 private placement financings (the "PIPE Warrants") as liability-classified instruments because certain settlement adjustments prevent them from meeting the fixed-for-fixed equity classification criteria under ASC 815-40. The Company utilizes a Monte Carlo simulation model to determine the fair value of the PIPE Warrants. The resulting fair value is recorded as a derivative liability on the condensed consolidated and combined balance sheets, and with changes in the fair value of the PIPE Warrants recorded as a non-cash other income (expense) within *change in fair value of derivative liabilities* account on the Company's condensed consolidated and combined statements of operations.

***Forward Purchase Agreement***

The Company accounts for the 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 is a freestanding financial instrument 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 fair value on the date of issuance and revalued at each balance sheet date thereafter. The Company accounts for the FPA as a liability-classified instrument due to the settlement provisions. The Company utilizes a Monte Carlo simulation model to determine the fair value of the FPA. The resulting fair value is recorded as a derivative liability on the condensed consolidated and combined balance sheets. The Company records changes in the fair value of the FPA as a non-cash other income (expense) within *change in fair value of derivative liabilities* account on the Company's condensed consolidated and combined statements of operations.

***Other Current Assets***

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The composition of other current assets was:

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| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Directors & officers insurance | 253887 |  |
| Total other assets | 253887 |  |

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***Reverse Stock Split***

On May 12, 2025, the Company effected a 1-for-50 reverse stock split of its common stock. As a result, each 50 shares of common stock issued and outstanding immediately prior to the reverse split were converted into one share of common stock. Additionally, this transaction resulted in a reclassification of $13,311 from common stock to additional paid-in capital during the period ended March 31, 2025. The reverse stock split did not change the total number of authorized shares or the par value of the common stock. During the three month period ended June 30, 2025, the Company paid cash of approximately $460 to shareholders in lieu of issuing fractional shares.

In accordance with SEC Staff Accounting Bulletin Topic 4C, all share and per-share amounts in the accompanying condensed consolidated financial statements and notes have been retroactively adjusted to reflect the reverse stock split for all periods presented.

***Recently Adopted Accounting Standards***

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. 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 Company adopted the amendment effective January 1, 2024 for annual reporting purposes. The adoption did not have a material impact to the Company's financial statements or disclosures.

***Recently Issued 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 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" to improve disclosures by providing more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

**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 $17,555 after deducting transaction costs. The following table reconciles the elements of the Merger to the condensed consolidated and combined statements of cash flows and the condensed consolidated and combined statements of changes in stockholders' equity (deficit) for the period ended March 31, 2024:

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| | |
|:---|:---|
| Cash received from NUBI Trust | 25160047 |
| Less: discount payment related to Non Redemption Agreement | (13937997) |
| Less: reimbursement for consideration shares related to the FPA | (2193800) |
| Less: reimbursement for Recycled Shares related to the FPA | (80241) |
| Less: transaction expenses paid in connection with the Merger | (8948009) |
| Net cash received from NUBI Trust |  |
| Add: cash from NUBI operating account | 17555 |
| Add: prepaid expenses | 165407 |
| Less: derivative liabilities | (20889950) |
| Less: other liabilities | (4086172) |
| Reverse recapitalization, net | (24793160) |

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The number of shares of common stock issued immediately following the consummation of the Merger were:

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| | |
|:---|:---|
| Nubia common stock, outstanding prior to the closing of the Merger | 120095 |
| Shares issued to Nubia convertible noteholders | 119247 |
| Predecessor HBC Shares | 1396000 |
| Common stock immediately after the closing of the Merger | 1635342 |

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The number of Predecessor HBC shares was determined as follows:

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| | | |
|:---|:---|:---|
|  | **Predecessor<br> HBC Shares** | **Shares<br> issued to<br> shareholders of<br> Predecessor<br> HBC** |
| Common stock | 1000 | 1396000 |

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 ****

***IPO warrants***

In connection with Nubia's initial public offering in 2022, 123,500 public warrants and 108,100 Private Warrants were issued, all of which remain outstanding and became warrants for the Common stock in the Company. The Company evaluated the IPO warrants and determined that it is a freestanding equity-linked contract within the scope of ASC 815-40. Based on this guidance, the Company concluded that the IPO warrants qualify for equity classification.

***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, 4,000 shares of Solidion common stock, issuable to the HBC shareholders as part of the Merger Consideration at or following closing, will depend on whether the G3 Tax Lien has been settled by G3 prior to closing. See Note 6 for further discussion regarding Holdback Shares related to the G3 Tax Lien. As of the Merger closing and the three months ended September 30, 2025, the G3 Tax Lien remained unresolved by G3, and the 4,000 holdback shares had not been issued as of September 30, 2025.

***HBC Earnout Arrangement***

As noted in Note 1, in connection with the Merger, HBC shareholders are entitled to up to 450,000 shares if certain post merger per share market prices are achieved. The Company evaluated the Earnout Arrangement and determined that it is a freestanding equity-linked contract within the scope of ASC 815-40. Based on this guidance, the Company concluded that the Earnout Arrangement qualifies for equity classification. 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 $226.50, risk free rate of 3.98%, volatility of 85%, dividends yield of 0% and duration of 4 years.

As of September 30, 2025, none of the Earnout Shares had been earned by G3.

On October 9, 2025, the Company issued 450,000 shares of its common stock to G3 pursuant to the earnout provisions of the Merger Agreement. These shares represent the full amount of the Earnout Shares described above. See Note 1 for more details.

**NOTE 5 — 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 contributions from G3 amounted to $0 and $487,273 during the three and nine months ended September 30, 2024, respectively. No capital contributions were made during the corresponding periods in 2025.

 ****

***Other Receivable***

During the three months ended March 31, 2024, the Company advanced $302,500 to G3 for transaction costs incurred during the Merger. The outstanding balance of other receivables amounted to $302,500 as of September 30, 2025 and December 31, 2024.

 ****

***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 services were $80,973, $204,253, $39,000 and $115,521, respectively for the three and nine months ended September 30, 2025 and 2024. Expenses incurred related to the SSA employees were $53,831, $331,932, $83,902 and $394,336, respectively for the three and nine months ended September 30, 2025 and 2024. There were $156,717 and $10,000 in amounts outstanding as of September 30, 2025 and December 31, 2024, respectively.

***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 $879,985 as of the Closing Date. During the year ended December 31, 2024, the Company repaid the $879,985 due to G3.

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 $88,979 as of the Closing Date.

As of September 30, 2025 and December 31, 2024, amounts outstanding to G3 were $0, and amounts outstanding to Mach FM Corp were $87,873.

***Contingent Consideration***

At Closing, the G3 Tax Lien has not been settled by G3 and as of September 30, 2025, the 4,000 Holdback Shares have not been issued. The contingent consideration represents a potential obligation that would become released only upon G3 settling its G3 Tax Lien. See Note 4 further discussion regarding Holdback Shares related to the G3 Tax Lien.

As of the Closing Date, the Company recorded a fair value of $906,000 for the 4,000 Holdback Shares, which was accounted for as an equity transaction.

**NOTE 6 — COMMITMENTS AND CONTINGENCIES**

 ****

***Litigation***

From time to time, the Company may be involved in lawsuits, claims or legal proceedings that arise in the ordinary course of business, including proceedings related to the Company's obligation to register shares for public offering. The Company 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.

 ****

***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 $2,120,000 as of September 30, 2025.

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, 4,000 shares of Solidion common stock, issuable to the HBC shareholders as part of the Merger Consideration at or following closing, will depend on whether the G3 Tax Lien has been settled by G3 prior to closing. As of the Merger closing and through September 30, 2025, the G3 Tax Lien remained unsettled by G3 and as of September 30, 2025, the 4,000 holdback shares have not been issued.

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.

***Registration Rights Agreement***

Pursuant to the Registration Rights Agreement, dated August 30, 2024 (the "Agreement"), between the Company and the purchasers of privately placed securities (the "Purchasers"), the Company was obligated, among other things, to file a registration statement to register the resale of such securities and to have the Securities and Exchange Commission declare the registration statement effective by certain deadlines specified in the Agreement. As of September 30, 2025, the Company had not met these deadlines. As a result, the Company recorded an expense within *Selling, General, and Administrative Expenses* on its consolidated and combined statements of operations of $0 and $160,000 during the three and nine months ended September 30, 2025. The total liquidated damages are limited to approximately $400,000 plus interest calculated in accordance with the Agreement.

On October 8, 2025, (the "Effective Date"), Madison Bond LLC and Bayside Project LLC (together, the "New Holders") purchased all of the outstanding Series C and Series D Warrants previously issued by the Company pursuant to the August Subscription Agreement. Immediately thereafter, the Company exercised its rights under the August Subscription Agreement to convert all remaining unexercised portions of the Series C and Series D Warrants into shares of common stock at a ratio of one share per warrant. On October 24, 2025, the New Holders received 3,447,957 shares of the Company's common stock (the "Conversion Shares"), and all outstanding Series C and Series D Warrants were cancelled.

**NOTE 7 — STOCKHOLDERS' EQUITY (DEFICIT)**

 ****

***Preferred Stock***

The Company is authorized to issue 2,000,000 shares of preferred stock with a par value of $0.0001 per share. As of September 30, 2025 and December 31, 2024, there were no shares of preferred stock issued or outstanding.

 ****

***Common Stock***

The Company is authorized to issue 300,000,000 shares of common stock with a par value of $0.0001 per share. Holders of common stock are entitled to one vote for each share. As of September 30, 2025 and December 31, 2024, respectively, there were 2,874,326 and 2,633,956 shares of common stock issued and outstanding, respectively.

 ****

***Equity Financing***

On March 13, 2024, Solidion entered into a private placement transaction (the "March Private Placement"), pursuant to a Securities Purchase Agreement (the "March Subscription Agreement") with certain institutional investors (the "Purchasers") for aggregate gross proceeds of $3,850,000. The issuance costs associated with the March Private Placement, including fees to the placement agent and other expenses, totaled $522,867, of which $262,064 was allocated to the issuance of March Private Placement common stock and $260,803 was allocated to the issuance of series A and B warrants. The March Private Placement closed on March 15, 2024.

As part of the March Private Placement, the Company issued an aggregate of 102,667 units and pre-funded units (collectively, the "Units") at a purchase price of $37.50 per unit (less $0.0001 per pre-funded unit). Each Unit consists of (i) one share of Solidion Common Stock, (ii) two Series A warrants ("Series A Warrants") each to purchase one share of Common Stock, and (iii) one Series B warrant ("Series B Warrants") to purchase such number of shares of Common Stock as determined on the reset date, and in accordance with the terms therein.

On August 30, 2024, the Company entered into a private placement transaction (the "August Private Placement"), pursuant to a Securities Purchase Agreement (the "August Subscription Agreement") with certain institutional investors (the "Purchasers") for aggregate gross proceeds of $4,000,000. The issuance costs associated with the August Private Placement, including fees to the placement agent and other expenses, totaled $380,001, of which $157,435 was allocated to the issuance of August Private Placement common stock and $222,566 was allocated to the issuance of Series C and D warrants. The August Private Placement closed on September 5, 2024. The Company used the net proceeds from the August Private Placement for working capital and general corporate purposes.

As part of the August Private Placement, the Company issued an aggregate of 244,349 units and pre-funded units (collectively, the "Units") at a purchase price of $16.37 per 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 C Warrant") and (iii) one Series D 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 D Warrant" and together with the Pre-Funded Warrant and the Series C Warrant, the "Warrants").

The Company accounts for the outstanding PIPE Warrants as liability-classified instruments because certain settlement adjustments prevent them from meeting the fixed-for-fixed equity classification criteria under ASC 815-40. The Company utilizes a Monte Carlo simulation model to determine the fair value of the PIPE Warrants. The resulting fair value is recorded as a Derivative liability on the condensed consolidated and combined balance sheets, and records changes in the fair value of the PIPE Warrants as a non-cash other income (expense) within *Change in fair value of derivatives* account on the Company's condensed consolidated and combined statements of operations.

**NOTE 8 — WARRANTS**

***IPO Warrants – Public Warrants***

In connection with Nubia's initial public offering in 2022, 123,500 public warrants were issued, entitling holders to purchase one share of common stock at an exercise price of $575.00 per share, subject to adjustment. Only whole warrants may be exercised. The warrants expire five years after the completion of the Company's initial business combination, February 2, 2029.

The Company is not obligated to issue shares upon warrant exercise unless a registration statement covering the underlying shares is effective. If a registration statement is not effective, holders may exercise warrants on a cashless basis under certain conditions. The Company may redeem the warrants at $0.50 per warrant, with at least 30 days' prior notice, if the common stock trades at or above $900.00 per share for 20 trading days within a 30-day period after the warrants become exercisable. Adjustments to the number of shares issuable upon exercise and the exercise price may occur in the event of stock splits, dividends, reorganizations, or similar events. Warrants do not provide voting rights or shareholder privileges until exercised. No fractional shares will be issued upon exercise.

The Company evaluated the public warrants and determined that it is a freestanding equity-linked contract within the scope of ASC 815-40. Based on this guidance, the Company concluded that the IPO warrants qualify for equity classification.

 ****

***IPO Warrants – Private Warrants***

In connection with Nubia's initial public offering in 2022, 108,100 Private Warrants were issued.

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 will 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 exercised on a cashless basis, holders will receive shares of common stock based on the difference between the warrant exercise price and the fair market value of the stock. Fair market value is determined as the average last sale price of the common stock over the 10 trading days ending on the third trading day before the exercise notice date. The reason that The Company 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. The Company has 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, The Company believes 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 Company evaluated the Private Warrants and determined that it is a freestanding equity-linked contract within the scope of ASC 815-40. Based on this guidance, the Company concluded that the Private Warrants qualify for equity classification.

***Series A and Series B Warrants***

The Series A and Series B Warrants issued in conjunction with the March Private Placement were determined to be liability classified in accordance with ASC 815 and have been recognized at fair value upon issuance, with remeasurement in each subsequent period. As such, on the date of issuance the Company allocated the proceeds between the common stock, Series A Warrants and Series B Warrants first to the fair value of the Series A Warrants and Series B Warrants, which were recorded as a liability.

The Company used a Monte Carlo analysis to determine the fair value of the warrants at the date of issuance on March 15, 2024 and as of the reporting date. The total fair value of the Series A Warrants and Series B Warrants measured at issuance was $12,656,550 and $82,450, respectively, which exceeded the total gross proceeds from the March Private Placement of $3,850,000. As the fair value of the derivative liability exceeded the proceeds on the day of issuance, the difference was recorded as a loss from issuance of stock and warrants of $17,820,998.

On May 12, 2025, the Company effected a 1-for-50 reverse stock split of its common stock. Following the reverse split, the 5-day reset period ended on May 19, 2025, with the lowest 5-day VWAP on May 14, 2025, being $3.0951. Consequently, the reset price was established at $3.0951, and the Series A Warrants held by investors were reset to 810,389 shares. The Series B Warrants were not subject to a post-split reset because no Series B Warrants were outstanding at the time the reverse stock split became effective. The fair value of the Series A and Series B Warrants as of September 30, 2025, was $2,715,900 and $0, respectively. The Company recorded non-cash gain (loss) from changes in the fair value of derivative liabilities related to the Series A and Series B Warrants of $71,850 and $2,239,400 for the three and nine months ended September 30, 2025, respectively, compared to $5,383,585 and $6,093,635 for the three and nine months ended September 30, 2024. As of September 30, 2025, investors had exercised 447,145 Series A Warrants and 114,992 Series B Warrants, resulting in the issuance of 562,137 common shares. As of September 30, 2025, 652,857 Series A Warrants and no Series B Warrants remained outstanding.

***Series C and Series D Warrants***

The Series C and Series D Warrants issued in conjunction with the August Private Placement were determined to be liability classified in accordance with ASC 815 and have been recognized at fair value upon issuance, with remeasurement in each subsequent period. 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 Company used a Monte Carlo analysis to determine the fair value of the warrants at the date of issuance on August 30, 2024 and as of the reporting date. The total fair value of the Series C Warrants and Series D Warrants measured at issuance was $8,114,650 and $1,540,150, respectively, which exceeded the total gross proceeds from the August Private Placement of $4,000,000. As the fair value of the derivative liability exceeded the proceeds on the day of issuance, the difference was recorded as a loss from issuance of stock and warrants of $9,654,799.

On May 12, 2025, the Company effected a 1-for-50 reverse stock split of its common stock. Following the reverse split, the 5-day reset period ended on May 19, 2025, with the lowest 5-day VWAP on May 14, 2025, being the price floor of $3.25. Consequently, the reset price was established at $3.25, and the Series C Warrants held by investors were reset to 2,461,538 shares. The Series D warrants were not subject to a post-split reset based on the terms of the agreement. The fair value of the Series C Warrants and Series D Warrants as of September 30, 2025 was $8,684,300 and $3,022,200, respectively, resulting in a non-cash gain (loss) of $(2,175,500) and $2,206,750 during the three and nine months ended September 30, 2025, respectively, compared to a gain of $435,550 for the three and nine months ended September 30, 2024. There were no Series C Warrants and Series D Warrants exercised as of September 30, 2025.

On October 8, 2025, Madison Bond LLC and Bayside Project LLC (together, the "New Holders") purchased all of the outstanding Series C and Series D Warrants previously issued by the Company pursuant to the August Subscription Agreement. Immediately thereafter, the Company exercised its rights under the August Subscription Agreement to convert all remaining unexercised portions of the Series C and Series D Warrants into shares of common stock at a ratio of one share per warrant. On October 24, 2025, the New Holders received 3,447,957 shares of the Company's common stock (the "Conversion Shares"), and all outstanding Series C and Series D Warrants were cancelled.

**NOTE 9 — FORWARD PURCHASE AGREEMENT, NON REDEMPTION AGREEMENT AND PRIVATE PLACEMENT FINANCING**

***Forward Purchase Agreement***

On December 13, 2023, Nubia entered into the FPA with Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP, and Meteora Strategic Capital, LLC (collectively, the "Seller" or "Forward Purchase Investors"). For purposes of the FPA, Nubia 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 FPA previously filed with the SEC.

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 9.9% of the total Class A ordinary shares, par value $0.0001 per share ("Additional Shares") outstanding following the closing of the Merger, as calculated by Seller (the "Purchased Amount"), less the number of NUBI Shares purchased by Seller separately from third parties through a broker in the open market ("Recycled Shares"). Seller will not be required to purchase an amount of NUBI Shares such that, following such purchase, that Seller's ownership would exceed 9.9% of the total NUBI Shares outstanding immediately after giving effect to such purchase, unless Seller, at its sole discretion, waives such 9.9% ownership limitation. The Number of Shares subject to the Forward Purchase Agreement is subject to reduction following a termination of the Forward Purchase Agreement with respect to such shares as described under "Optional Early Termination" in the Forward Purchase Agreement.

The FPA provides for a prepayment shortfall equal to 0.50% of the product of Recycled Shares and the Initial Price. The Seller may conduct Shortfall Sales at its discretion to recover this shortfall without triggering early termination obligations. The Prepayment Amount payable to the Seller is calculated based on the number of shares purchased and the redemption price, less any prepayment shortfall, and is funded from the Counterparty's Trust Account. Additionally, up to 4,000 shares may be purchased at the Initial Price.

Following the Closing, the reset price (the "Reset Price") was initially 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. The Seller also retains the right to terminate part or all of the transaction through Optional Early Termination (OET) by providing notice, with corresponding payment obligations based on the Reset Price.

The Valuation Date for settlement occurs at the earlier of three years post-Merger, specified adverse events (e.g., delisting or registration failure), or at the Seller's discretion. Upon settlement, adjustments may be made in cash or shares, depending on the circumstances.

The Seller has waived redemption rights for Recycled Shares, which may impact the overall redemption levels and market perception of the Merger. The FPA complies with tender offer regulations, 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 147 shares and included a cash payment of $80,241 released from the trust account. The payment was calculated as an amount equal to (a) the 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, as amended from time to time (the "Certificate of Incorporation"), less (b) the prepayment Shortfall. Additionally, on February 2, 2024, NUBI made a payment to Forward Purchase Investors of $2,193,800 from the trust account as reimbursement for the 4,000 consideration shares.

On January 17, 2024, the Company received a Pricing Date Notice from the Forward Purchase Investors specifying 116,771 Additional Shares. On March 22, 2024, the Company received an amended Pricing Date Notice revising the total number of Additional Shares to 160,771. On June 11, 2024 the Company received an amended Pricing Date Notice revising the total number of Additional Shares to 190,860. On August 29, 2024, the Additional Shares were issued to the Forward Purchase Investors.

The Company accounts for the FPA as a liability-classified instrument due to the settlement provisions. The resulting fair value is recorded as a derivative liability on the consolidated balance sheets. The Company records changes in the fair value of the FPA as a non-cash other income (expense) within change in fair value of derivatives account on the Company's consolidated and combined statements of operations.

The Company utilized a Monte Carlo simulation model to determine the fair value of the FPA, comprising Recycled Shares of 147 and Additional Shares of 190,860, totaling 191,007 shares (the "FPA Shares") as of September 30, 2025 and December 31, 2024. The model estimated the total present value of the Company's proceeds at $3,777 and the total present value of the Company's liability at $889,739, resulting in a net liability of approximately $886,000 as of September 30, 2025. As a result, the Company recognized non-cash gain (loss) from changes in the fair value of derivatives of $(133,400) and $5,518,100 for the three and nine months ended September 30, 2025, respectively, compared to $1,413,700 and $17,487,850 for the three and nine months ended September 30, 2024.

***FPA amendment and resolution of lawsuit***

On July 16, 2024, the Forward Purchase Investors brought a lawsuit against Solidion in Delaware Chancery Court seeking specific performance and monetary damages related to the FPA.

On August 29, 2024, the Company and the Seller entered into an amendment (the "Amendment") to the FPA. The Amendment includes modifications to several terms, including:

● Prepayment Shortfall: Expanded to allow the Company to request additional funds in increments of $500,000, subject to specified conditions.

● Prepayment Shortfall Consideration: Seller may now sell Additional Shares and Recycled Shares at any price, without an Early Termination Obligation, until sale proceeds reach 120% of the Prepayment Shortfall.

● Shortfall Sales: The Company agrees not to issue or sell additional shares or convertible securities without Seller's consent until specific conditions are met.

● Shortfall Variance: If a shortfall occurs, the Company must either pay the Shortfall Variance in cash or issue additional shares to the Seller.

● Share Consideration: Seller is entitled to designate 57,000 common shares as ("Share Consideration")

● VWAP Trigger Event: Defined as occurring if the VWAP Price falls below $100.00 per share for 10 trading days within a 30-day period.

In addition, upon execution of the Amendment, the Seller agreed to temporarily forbear from exercising any rights under the Forward Purchase Agreement related to certain valuation events, including a Shortfall Variance Registration Failure, VWAP Trigger Event, or Registration Failure (collectively, "Valuation Date Events"), during the period from the Pricing Date through December 31, 2024 (the "Standstill Period"). After the Standstill Period, if any Valuation Date Events have occurred, the Seller's rights under the agreement will be reinstated.

Additionally, the Company agreed to file a registration statement within 20 business days of the Amendment to register the resale of the Additional Shares and Share Consideration (collectively, the "Meteora Shares"). The Company will use commercially reasonable efforts to have the registration statement declared effective within 60 calendar days of the Amendment. No other shares may be registered before the Meteora Shares, though they may be registered concurrently in the same resale registration statement.

Further, the Amendment restricts the Seller from selling more than 10% of the daily trading volume of the Company's common stock until 30 days after the effectiveness of the resale registration statement, except on days when trading volume exceeds 140,000 shares.

Finally, concurrently with the execution of the Amendment, the Company and the Seller agreed to sign and cause to be filed a joint stipulation for dismissal with prejudice of the Action (as defined below) (the "Stipulation"). The Stipulation provides that the Company issue 247,860 Solidion common shares, consisting of the Additional shares of 190,860 and the Share Consideration of 57,000 shares to the Seller within five business days of the entry of the Stipulation. In consideration for the Stipulation, the Company agreed to pay Seller's reasonable and documented attorney's fees related to this Action in an amount up to $65,000. "Action" means (i) the Complaint for Specific Performance and Money Damages filed July 16, 2024 thereby initiating Case No. 2024-0752-LWW Meteora Capital Partners, LP v. Solidion Technology, Inc. in the Court of Chancery of the State of Delaware (the "Delaware Chancery Court") and (ii) the Motion for Default Judgment filed by Seller related to such complaint on August 13, 2024. On September 9, 2024, the Company and the Seller filed the Stipulation in Delaware Chancery Court.

On August 29, 2024, the Company issued 247,860 Meteora Shares of its common stock to the Forward Purchase Investors.

The Company recorded an expense within *Selling, General, and Administrative expenses* on the Company's condensed consolidated and combined statements of operations of $1,026,000 based on the stock price on the date of the amendment during the three months ended September 30, 2024 for the Consideration Shares of 57,000 Solidion common shares issued in connection with the forbearance and FPA amendment.

***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 9.99% of the total number of issued and 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 the consummation of the Merger, NUBI paid each Backstop Investor a cash discount payment from the proceeds remaining in trust account for their respective Backstop Shares as part of the Non-Redemption Agreement. The discount payment amount was calculated as the product of (x) the number of Backstop Shares and (y) the Redemption Price, less $200.00. The total number of Backstop Shares was 40,000, and the adjusted Redemption Price was $548.50 per share. In total, $13,937,998 was released from the trust account and paid to the Backstop Investors.

**NOTE 10 — DEBT**

**Convertible Notes**

At various dates during the first quarter of 2024, the Company issued convertible notes of $527,500 to meet our working capital requirements. At various dates during September and October 2024, the Company and three separate investors amended their respective convertible notes, resulting in a total of approximately an additional 2,707 common shares due upon conversion. As of December 31, 2024, there were five separate outstanding convertible notes, which are convertible into an aggregate of approximately 70,000 common shares. The outstanding balance on convertible notes was $527,500 as of December 31, 2024.

During the nine months ended September 30, 2025, holders converted an aggregate of $527,500 principal amount of convertible notes into 68,095 shares of common stock. As of September 30, 2025, convertible notes representing 1,600 shares remained outstanding and subject to conversion.

 ****

**Short-term Notes Payable**

**EF Hutton LLC**

 

On February 1, 2024, the Company executed a Promissory Note with EF Hutton, totaling $2,200,000, to cover underwriters' fees associated with the closure of the Company's Merger with HBC. In the case of an event of default, this Note shall bear interest at a rate of 24% per annum until such event of default is cured. The principal amount of this Promissory Note is payable on designated dates, with $183,333 scheduled on the first business day of each month until the final payment on March 1, 2025. As of September 30, 2025, the Company was in default of the Promissory Note due to non-payment of scheduled installments, and the Promissory Note is accruing interest at the default rate of 24% per annum. The Company is in the process of negotiating an amendment to the terms of the Promissory Note. The outstanding balance of the Promissory Note amounted to $1,283,335 as of September 30, 2025 and December 31, 2024. The accrued but unpaid interest on the Promissory Note totaled approximately $506,836 and 279,000 as of September 30, 2025 and December 31, 2024, respectively.

**Benesch Friedlander Coplan & Aronoff LLP**

On April 29, 2024, the Company executed a Promissory Note with Benesch Friedlander Coplan & Aronoff in the amount of $670,000. The interest rate is 7% per annum, to be paid as a lump sum at the maturity date of November 1, 2024.

On November 12, 2024, the Company amended the terms of its Promissory Note with Benesch Friedlander Coplan & Aronoff. The amended terms include an updated principal balance of $694,061, which includes unpaid interest expense of $24,061 from earlier periods, an increase in the interest rate to 10% per annum, an upfront payment of $40,000 made at signing, and a requirement for minimum monthly payments of $25,000. Additionally, the maturity date has been extended to May 31, 2025.

On August 4, 2025, the Company amended the terms of its Promissory Note with Benesch Friedlander Coplan & Aronoff. The amended terms include an updated principal balance of $621,732, which includes unpaid interest expense from earlier periods, an interest rate to 10% per annum and the maturity date has been extended to December 31, 2025. As of September 30, 2025, the outstanding balance of the Promissory Note was $621,732 and 634,627 as of September 30, 2025 and December 31, 2024. The accrued but unpaid interest on the Promissory Note totaled approximately $15,803 and $3,304 as of September 30, 2025 and December 31, 2024, respectively.

The outstanding balance of Short-term Notes Payable amounted to $1,905,067 and $1,917,962 as of September 30, 2025 and December 31, 2024, respectively.

**Great Point Capital, LLC**

On October 29, 2025, the Company executed a unsecured Promissory Note with Great Point Capital, LLC (the "Noteholder") in the principal amount of $1,000,000. The Note bears interest at a rate of 8.0% per annum, payable quarterly in arrears. The Note matures on October 25, 2026 or the date on which all amounts become immediately due and payable following a Nasdaq delisting notice that would result in the Company's common stock no longer trading on any Nasdaq market. In the event of a default, the Note bears interest at the Default Rate of 10% per annum.

The Note contains customary representations, warranties, and covenants of the Company and provides for events of default, including nonpayment of principal or interest, breaches of representations, insolvency events, and delisting of the Company's common stock from Nasdaq. Upon an event of default, the Noteholder may declare all outstanding principal and accrued interest immediately due and payable.

**NOTE 11 — 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 September 30, 2025, and December 31, 2024, the Company had a full valuation allowance against its deferred tax assets.

For the three and nine months ended September 30, 2025, the Company utilized the annualized effective tax rate method and recorded zero income tax expense based on a zero effective tax rate. No tax benefit or expense has been recorded in relation to the pre-tax income for the nine months ended September 30, 2025, and pre-tax losses for the three months ended September 30, 2025 and three and nine months ended September 30, 2024 due to a full valuation allowance to offset any deferred tax assets.

On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act ("the Act"), which includes several corporate tax provisions, such as 100% bonus depreciation on qualified property and the immediate deductibility of domestic research and experimental expenditures. The provisions of the Act did not have a material impact on our income tax expense or effective tax rate.

**NOTE 12 — STOCK-BASED COMPENSATION**

**Unrestricted Common Stock Awards**

During the nine months ended September 30, 2025, the Company granted unrestricted common shares to certain 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 $0 and $121,410 for the three and nine months ended September 30, 2025, respectively. This compensation cost is included within *Research and Development expenses* on the Company's condensed consolidated and combined statements of operations.

During the three and nine months ended September 30, 2024, the Company granted no unrestricted common shares and 300,000 unrestricted common shares, respectively, 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 $0 and $1,359,000 for the three and nine months ended September 30, 2024, respectively. This compensation cost is included within *Selling, General, and Administrative expenses* on the Company's condensed, consolidated and combined statements of operations.

**Restricted Stock Units and Stock Options**

During the nine months ended September 30, 2025, the Company granted restricted stock units to certain executives and management in connection with the terms of their individual employment agreements. The Company recognized the amount of $71,049 and $351,157 for the three and nine months ended September 30, 2025, respectively. This compensation cost is included within *Research and Development expenses* on the Company's condensed consolidated and combined statements of operations. There were no stock options granted or outstanding during the period ended September 30, 2025.

There were no restricted stock units or stock options granted during the three and nine months ended September 30, 2024. Additionally, there were no restricted stock units or stock options outstanding at either the beginning or the end of the periods ended September 30, 2024.

**Warrants**

During the three and nine months ended September 30, 2025, the Company granted 0 and 12,000 at-the-money warrants, respectively, to certain executive officers pursuant to the terms of their individual employment agreements. The warrants were fully vested upon grant and expire on February 2, 2029, however, the exercise price has not been established.

There were no warrants granted during the three and nine months ended September 30, 2024. Additionally, there were no warrants outstanding at either the beginning or the end of the periods ended September 30, 2024.

**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 $1,500 to $15,000 per share. The executives could be granted up to 120,000 shares based on attainment of all applicable stock price targets over the term of six years and an estimated fair value of approximately $4,800,000. The Company recorded $278,176, $834,529, $278,176 and $729,839 of expense related to these awards for the three and nine months ended September 30, 2025 and 2024, respectively. This compensation cost is included within *Selling, General, and Administrative expenses* on the Company's condensed consolidated and combined statements of operations.

The following table summarizes our awards with market-based conditions:

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| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Weighted <br> Average <br> Grant-Date<br> Fair Value** |
| Beginning of period |  |  |
| Granted | 120000 | $40.00 |
| Vested |  |  |
| Cancelled | - | - |
| End of period | 120000 | $40.00 |

---

**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 2.5% of the equity value of the Company (up to $10 million for each executive, totaling $20 million) in an applicable sale of the Company as defined by the terms of the employment agreements. Through September 30, 2025, it was not considered probable that either performance condition would be achieved, and therefore no expense was recorded related to these awards.

**NOTE 13 — 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.

 ****

***Level 3***—unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.

The following table presents information about the Company's liabilities that are measured at fair value as of September 30, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

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| | | | |
|:---|:---|:---|:---|
| <br>**Description:** |<br>**Level** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Derivative Liabilities: |  |  |  |
| Forward purchase agreement | 3 | $886000 | $6404100 |
| Warrants – Series A | 3 | $2715900 | $4955300 |
| Warrants – Series C and D | 3 | $11706500 | $13913250 |

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***Forward purchase agreement***

The Company used a Monte Carlo analysis to determine the fair value of the FPA, assuming 191,007 FPA Shares.

The fair value measurement of the FPA at September 30, 2025 and December 31, 2024 was calculated using the following range of weighted average assumptions:

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| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Risk-free interest rate | 3.65% | 4.25% |
| Stock price | $4.64 | $35.00 |
| Expected life | 1.3 years | 2.1 years |
| Expected volatility of underlying stock | 157.5% | 105.0% |
| Dividends | 0% | 0% |

---

The model measured the total present value of the Company's proceeds at approximately $3,777 and the total present value of the Company's liability at approximately $889,739, resulting in a net liability of approximately $886,000 as of September 30, 2025. As a result, the Company recognized non-cash gain (loss) from changes in the fair value of derivatives of $(133,400) and $5,518,100 for the three and nine months ended September 30, 2025, respectively, compared to $1,413,700 and $17,487,850 for the three and nine months ended September 30, 2024.

***Warrants – Series A and B***

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series A Warrants and Series B Warrants at the date of issuance (March 15, 2024), which included the following assumptions:

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| | | |
|:---|:---|:---|
|  | **Series A <br> Warrants** | **Series B <br> Warrants** |
| Expected term (in years) | 5.7 years | 5.7 years |
| Stock price | $87.00 | $87.00 |
| Risk free rate | 4.2% | 4.2% |
| Expected volatility | 82.5% | 82.5% |
| Expected dividend rate | $0.00 | $0.00 |
| Exercise Price | $37.50 | $0.01 |

---

The total fair value of the Series A Warrants and Series B Warrants measured at issuance was $12,656,550 and $82,450, respectively.

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series A Warrants at September 30, 2025, which included the following assumptions:

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| | |
|:---|:---|
|  | **Series A <br> Warrants** |
| Expected term | 4.2 years |
| Stock price | $4.64 |
| Risk free rate | 3.7% |
| Expected volatility | 145.0% |
| Expected dividend rate | $0.00 |
| Exercise Price | $3.10 |

---

The fair value of the Series A and Series B Warrants as of September 30, 2025, was $2,715,900 and $0, respectively. The $0 fair value for the Series B Warrants reflects that all Series B Warrants had been exercised by this date. The Company recorded non-cash gain (loss) from changes in the fair value of derivative liabilities related to the Series A and Series B Warrants of $71,850 and $2,239,400 for the three and nine months ended September 30, 2025, respectively, compared to $5,383,585 and $6,093,635 for the three and nine months ended September 30, 2024. As of September 30, 2025, investors had exercised 447,145 Series A Warrants and 114,992 Series B Warrants, resulting in the issuance of 562,137 common shares. As of September 30, 2025, 652,857 Series A Warrants and no Series B Warrants remained outstanding.

***Warrants – Series C and D***

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series C Warrants and Series D Warrants at the date of issuance on August 30, 2024, which included the following assumptions:

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| | | |
|:---|:---|:---|
|  | **Series C <br> Warrants** | **Series D <br> Warrants** |
| Expected term | 5.6 years | 5.6 years |
| Stock price | $16.00 | $16.00 |
| Risk free rate | 3.7% | 3.7% |
| Expected volatility | 105.0% | 105.0% |
| Expected dividend rate | $0.00 | $0.00 |
| Exercise Price | $16.37 | $0.0050 |

---

The total fair value of the Series C Warrants and Series D Warrants measured at issuance was $8,114,650 and $1,540,150, respectively.

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the Series C Warrants and Series D Warrants at September 30, 2025, which included the following assumptions:

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| | | |
|:---|:---|:---|
|  | **Series C <br> Warrants** | **Series D <br> Warrants** |
| Expected term (in years) | 5.6 years | 5.6 years |
| Stock price | $4.64 | $4.64 |
| Risk free rate | 3.7% | 3.7% |
| Expected volatility | 145.0% | 145.0% |
| Expected dividend rate | $0.00 | $0.00 |
| Exercise Price | $3.25 | $0.0050 |

---

The fair value of the Series C Warrants and Series D Warrants as of September 30, 2025, was $8,684,300 and $3,022,200, respectively. This resulted in non-cash gain (loss) from the change in fair value of derivatives of $(2,175,500) and $2,206,750, for the three and nine months ended September 30, 2025, compared to $435,550 for the three and nine months ended September 30, 2024. As of September 30, 2025, investors have not exercised any Series C and Series D warrants.

The table below provides a summary of the changes in fair value, including net transfers in and/or out, of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three and nine months ended September 30, 2025.

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| | |
|:---|:---|
| <br>**Forward Purchase Agreement** | **Fair Value**<br>**Measurement**<br>**Using Level 3**<br>**Inputs Total** |
| Balance, December 31, 2024 | $6404100 |
| Change in fair value | (5269700) |
| Balance, March 31, 2025 | 1134400 |
| Change in fair value | (381800) |
| Balance, June 30, 2025 | 752600 |
| Change in fair value | 133400 |
| Balance, September 30, 2025 | 886000 |

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| | |
|:---|:---|
| <br>**Warrants – Series A** | **Fair Value**<br>**Measurement**<br>**Using Level 3**<br>**Inputs Total** |
| Balance, December 31, 2024 | $4955300 |
| Change in fair value | (4265800) |
| Balance, March 31, 2025 | 689500 |
| Change in fair value | 2098250 |
| Balance, June 30, 2025 | 2787750 |
| Change in fair value | (71850) |
| Balance, September 30, 2025 | 2715900 |

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| | |
|:---|:---|
| <br>**Warrants – Series C and D** | **Fair Value**<br>**Measurement**<br>**Using Level 3**<br>**Inputs Total** |
| Balance, December 31, 2024 | $13913250 |
| Change in fair value | (2881950) |
| Balance, March 31, 2025 | 11031300 |
| Change in fair value | (1500300) |
| Balance, June 30, 2025 | 9531000 |
| Change in fair value | 2175500 |
| Balance, September 30, 2025 | 11706500 |

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***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 $226.50, risk free rate of 3.98%, volatility of 85%, dividends yield of 0% and duration of 4 years.

***Stock-based compensation – Awards with Market-Based Conditions***

The Company utilized a Monte Carlo simulation analysis to determine the fair value of the awards with market-based conditions at the date of the Merger, which included the following assumptions: stock price of $226.50, risk free rate of 3.9%, volatility of 72.5%, dividends yield of 0% and duration of 6 years.

**NOTE 14 — 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.

***Warrant Conversion and Related Transactions***

On October 8, 2025, Madison Bond LLC and Bayside Project LLC (together, the "New Holders") acquired from prior holders all of the Company's outstanding Series C and Series D warrants previously issued by the Company pursuant to the August Subscription Agreement dated August 30, 2024. Immediately thereafter, the Company invoked conversion provisions contained in the Warrants and the Purchase Agreement and converted all unexercised portions of the Warrants into an aggregate of 3,447,957 shares of the Company's common stock (the "Conversion"). Following the Conversion, all Series C and Series D warrants were cancelled.

In connection with the Conversion, the Purchasers and the Company amended the Original Purchase Agreement to remove or modify certain financing restrictions, including limitations on future equity issuances and participation rights, subject to agreed-upon dilution protections. The Purchasers also entered into a lock-up agreement restricting the sale or transfer of their shares for a period of 12 months following the Effective Date, subject to limited exceptions. As a result of the Conversion, the Purchasers collectively hold approximately 47.5% of the Company's outstanding common stock and are the Company's largest stockholders. The transaction constituted a change in control of the Company under SEC Regulation S-K Item 403.

On October 23, 2025, the Company issued 3,447,957 shares of its common stock to the New Holders pursuant to a 12-month lock-up agreement.

***Issuance of Shares for HBC Earn-out***

On October 9, 2025, the Company issued 450,000 shares of common stock to G3 pursuant to an earn-out provision under the Company's February 2, 2024 merger agreement. As a result of these issuances, G3 beneficially owns approximately 24.2% of the Company's outstanding common stock. See Note 1 for more details.

***Issuance of Shares to Non-executive Directors and Certain Employees***

On October 9, 2025, the Company issued 40,000 bonus shares of Common Stock to each of its non-executive directors, John Davis and Karin-Joyce Tjon, and its former non-executive director Cynthia Ekberg Tsai. The issuances were in consideration of their prior board service from the closing of the Company's business combination on February 2, 2024 until one year thereafter. The issuances were pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No underwriting discounts or commissions were paid with respect to such issuances.

On October 9, 2025, the Company issued 120,000 bonus shares of Common Stock to certain of its employees that are not executive officers. The issuances were in consideration of their prior service to the Company from the closing of the Company's business combination on February 2, 2024 until one year thereafter. The issuances were pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No underwriting discounts or commissions were paid with respect to such issuances.

***Promissory Note with Great Point Capital, LLC***

On October 29, 2025, the Company entered into a Promissory Note with Great Point Capital, LLC in the principal amount of $1,000,000. The Note bears interest at 8.0% per annum, payable quarterly, and matures on October 25, 2026. The proceeds will be used for general corporate purposes, including working capital needs. See Note 10 for more details.

***Nasdaq Capital Market Listing Approval***

On October 29, 2025 the Company was notified by NASDAQ staff that Company's application to list its Common Stock on The Nasdaq Capital Market was approved. The Company's securities were transferred to the Capital Market at the opening of business on October 31, 2025. As a result, all matters pertaining to Nasdaq's MVLS and MVPHS deficiencies are now closed.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*References in this report (the "Quarterly Report") to "we," "us" or the "Company" refer to Solidion Technology, Inc. References to our "management" or our "management team" refer to our officers and directors. The following discussion and analysis of the Company's financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.*

***Cautionary Note Regarding Forward-Looking Statements***

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or the negative of such terms or other similar expressions. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in our other SEC filings.

***Overview***

Solidion Technology, Inc. is an advanced battery technology company focused on the development and commercialization of next-generation battery materials, components, and energy storage solutions. Headquartered in Dallas, Texas, with research and development (R&D) and manufacturing operations in Dayton, Ohio, Solidion is dedicated to transforming the energy storage landscape by addressing key limitations in current lithium-ion and emerging battery technologies.

The Company specializes in high-performance silicon-rich anode materials, solid-state battery technology, and fire-retardant electrolytes, aiming to enhance the energy density, safety, and cost-effectiveness of lithium-ion batteries. Solidion's proprietary innovations include graphene-enabled batteries, elastomer-protected electrodes, quasi-solid and solid-state electrolytes, and biochar-derived anode materials, providing sustainable and scalable solutions for the electric vehicle (EV), energy storage system (ESS), and consumer electronics markets.

Solidion holds an extensive intellectual property (IP) portfolio with over 525 active patents (pending and granted) globally, positioning the Company as a leader in silicon anode and solid-state battery technology. Its innovative silane-free production processes for silicon-based anode materials allow for lower manufacturing costs and improved scalability. Additionally, its fire-retardant and polymer-based electrolytes enable safer, high-energy-density batteries compatible with existing lithium-ion cell production infrastructure.

A key milestone in Solidion's technological advancements is the successful development of a high-energy cylindrical cell, which achieves an exceptional energy density of 305 Wh/kg, significantly higher than conventional lithium-ion batteries, which typically range between 240-260 Wh/kg. This innovation not only enhances the range and performance of EVs but also underscores Solidion's ability to deliver cutting-edge solutions for high-energy and high-power applications.

The Company has established strategic partnerships with leading industry players, including Giga Solar Materials Corp. and Bluestar Materials Company, to advance the production and commercialization of silicon oxide (SiOx) anode materials in the U.S. These collaborations, along with Solidion's ongoing engagement with EV original equipment manufacturers (OEMs) and toll-manufacturing partners, position the Company to accelerate the adoption of its next-generation battery solutions.

On November 14, 2024, we adopted a strategic Bitcoin allocation policy for our Corporate Treasury. As part of this strategy, Solidion is committed to leveraging Bitcoin as a long-term store of value. The Company will allocate excess cash from operations toward Bitcoin purchases, subject to board approval. Additionally, interest earnings from cash held in money market accounts will be converted into Bitcoin. The Company also plans to allocate a portion of future capital raises to Bitcoin acquisitions, demonstrating a sustained commitment to integrating Bitcoin into its financial strategy. For fiscal year 2024, the Company did not identify excess cash from operations for Bitcoin purchases. Additionally, $13,806 generated in interest income earnings during fiscal year 2024 have been designated for Bitcoin purchases in fiscal year 2025 as part of the ongoing treasury strategy. The Company did not conduct any capital raise activities between the date of its announcement and the end of the reporting period and, as a result, did not allocate any proceeds toward Bitcoin purchases. Looking ahead, during fiscal year 2025, Solidion anticipates capital raises that will include allocation of a portion of proceeds to Bitcoin acquisitions.

Solidion is committed to advancing battery technology through continuous R&D efforts, expanding manufacturing capabilities, and optimizing supply chain sustainability. By integrating cutting-edge materials and scalable production methods, Solidion aims to deliver high-performance, cost-effective, and environmentally sustainable battery solutions that address the increasing demand for electrified mobility and renewable energy storage.

**Our Products**

***Anode Materials*** Our product portfolio includes graphite-based anode materials, distinguished by our commitment to utilizing raw materials from sustainable sources. As part of our efforts to contribute to the goal of net-zero greenhouse gas emissions by 2050, we are scrutinizing our entire supply chain to identify opportunities for reducing environmental impacts. Graphite, a critical component in rechargeable batteries due to its longevity and cost-efficiency, is traditionally derived from petroleum coke and pitch. Solidion's innovative approach introduces biochar produced from waste biomass as an alternative feedstock. This sustainable process not only sequesters carbon but may also result in carbon-negative production. By leveraging biochar, Solidion aims to produce anode-grade graphite with exceptional performance. By the end of 2024, Solidion's anode materials containing biochar-derived materials have achieved a capacity of over 340 mAh/g and comparable cycle life to conventional graphite anodes, marking a significant step towards more environmentally responsible battery manufacturing. Solidion has also developed a series of silicon and SiOx anode materials that enable a significantly higher energy density (for example, an expected 20-30% increase in the EV driving range) likely at a reduction in the cell cost in terms of U.S. dollars per kilowatt hour ("kWh") when production in scale occurs. The specific capacity of these products range from 1,300 to 2,800 mAh/g aiming to suit different applications including EV, energy storage stations, drones, and consumer electronics.

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***Battery Cells*** To rigorously validate the performance of its innovative anode materials, Solidion is actively engaged in the development and testing of a diverse portfolio of battery cells. By the close of 2024, Solidion, in collaboration with strategic partners, has successfully constructed and evaluated over three distinct types of cylindrical cells, each featuring either our advanced silicon (Si) or graphite-based anodes. These cells showcase a wide range of capabilities, with capacities spanning from 4.6 to an impressive 5.5Ah.

Notably, our high-energy 5.5Ah 21700 cylindrical cell represents a significant leap forward in battery technology. This cell not only achieves an exceptional energy density of 305 Wh/kg, surpassing the typical 240-260 Wh/kg offered by established Asian manufacturers in the same high-energy category, but also delivers superior power performance. It boasts a continuous charging and discharging capability exceeding 2C, a substantial improvement over the performance less than 1C typically seen in competitor products. This combination of high energy density and robust power handling makes our 5.5Ah cell ideally suited for applications demanding both sustained energy delivery and moderate to high power output, such as advanced electric vehicles and high-performance portable electronics.

Furthermore, Solidion is actively developing cell variants tailored for applications requiring even higher power capabilities. These cells have already demonstrated impressive fast-charging capabilities, exceeding 3C, enabling rapid replenishment of energy and minimizing downtime. This focus on high-power cells underscores our commitment to addressing the diverse needs of the evolving energy storage market.

Beyond anode advancements, Solidion is also pioneering the development of next-generation electrolytes. As previously mentioned, we have successfully formulated fire-retardant and quasi-solid electrolytes, demonstrating their performance through the construction of small prototype cells. These electrolytes represent a significant step towards enhancing battery safety, a critical consideration in today's demanding applications. Looking ahead, Solidion intends to scale up production of these electrolyte-based cells, manufacturing larger format cells in common practical sizes. This initiative will not only validate the performance of our advanced electrolytes in real-world scenarios but also pave the way for the development of safer and more reliable energy storage solutions. By integrating our innovative anode materials with these advanced electrolytes, Solidion is poised to deliver a new generation of high-performance, safe, and sustainable batteries. The development of larger cells with advanced electrolytes is scheduled to conclude in 2025.

***Recent Developments***

<u>Honeycomb Battery Company Merger</u>

On February 2, 2024, Nubia Brand International Corp., a Delaware corporation ("Nubia" and after the Transactions described herein, "Solidion" or "Solidion Technology, Inc."), consummated a 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"). 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.

We received net proceeds from the Merger totaling $17,555. The Company is applying the proceeds from the Merger toward its corporate growth strategy related to the commercialization of our battery technology and the scaling of its manufacturing operations.

<u>Equity Financing</u>

On March 13, 2024, Solidion entered into a private placement transaction (the "March Private Placement"), pursuant to a Securities Purchase Agreement (the "March Subscription Agreement") with certain institutional investors (the "Purchasers") for aggregate gross proceeds of $3,850,000, before deducting fees to the placement agent and other expenses payable by the Company in connection with the March Private Placement. The net proceeds from the March Private Placement were used for working capital and general corporate purposes. The March Private Placement closed on March 15, 2024.

As part of the March Private Placement, the Company issued an aggregate of 102,667 units and pre-funded units (collectively, the "Units") at a purchase price of $37.50 per unit (less $0.0050 per pre-funded unit). Each Unit consists of (i) one share of Solidion Common Stock, (ii) two Series A warrants ("Series A Warrants") each to purchase one share of Common Stock, and (iii) one Series B warrant ("Series B Warrants") to purchase such number of shares of Common Stock as determined on the reset date, and in accordance with the terms therein.

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The reset period ended on July 2, 2024 (the "Reset Date"), with the lowest 10-day VWAP on June 28, 2024, being $0.4347. Consequently, the reset price was established at $17.39. As a result, the Series A Warrants and Series B Warrants held by investors were reset to 442,834 shares and 114,992 shares, respectively. As of September 30, 2025, investors had exercised 447,145 Series A Warrants and 114,992 Series B Warrants, resulting in the issuance of 562,137 common shares. On May 12, 2025, the Company effected a 1-for-50 reverse stock split of its common stock. Following the reverse split, the 5-day reset period ended on May 19, 2025, with the lowest 5-day VWAP on May 14, 2025, being $3.0951. Consequently, the reset price was established at $3.0951, and the Series A Warrants held by investors were reset to 810,389 shares. The Series B Warrants were not subject to a post-split reset because no Series B Warrants were outstanding at the time the reverse stock split became effective. As of September 30, 2025, 652,857 Series A Warrants and no Series B Warrants remained outstanding.

 ****

On August 30, 2024, the Company entered into a private placement transaction (the "August Private Placement"), pursuant to a Securities Purchase Agreement (the "August Subscription Agreement") with certain institutional investors (the "Purchasers") for aggregate gross proceeds of $4,000,000, before deducting fees to the placement agent and other expenses payable by the Company in connection with the August Private Placement. The Company intends to use the net proceeds from the August Private Placement for working capital and general corporate purposes.

 ****

As part of the August Private Placement, the Company issued an aggregate of 244,349 units and pre-funded units (collectively, the "Units") at a purchase price of $16.37 per 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 C Warrant") and (iii) one Series D warrant to purchase such number of shares of Common Stock as determined on the Reset Date (as defined in Note 10) and in accordance with the terms therein (the "Series D Warrant" and together with the Pre-Funded Warrant and the Series C Warrant, the "Warrants").

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On May 12, 2025, the Company effected a 1-for-50 reverse stock split of its common stock. Following the reverse split, the 5-day reset period ended on May 19, 2025, with the lowest 5-day VWAP on May 14, 2025, being the price floor of $3.25. Consequently, the reset price was established at $3.25, and the Series C Warrants held by investors were reset to 2,461,538 shares. The Series D warrants were not subject to a post-split reset based on the terms of the agreement. As of September 30, 2025, investors have not exercised any Series C and Series D warrants.

 ****

The Company accounts for the outstanding Series A, Series B, Series C, and Series D warrants issued in connection with the March and August 2024 private placement financings (the "PIPE Warrants") as liability-classified instruments because certain settlement adjustments prevent them from meeting the fixed-for-fixed equity classification criteria under ASC 815-40.

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On October 8, 2025, Madison Bond LLC and Bayside Project LLC (together, the "New Holders") purchased all of the outstanding Series C and Series D Warrants previously issued by the Company pursuant to the August Subscription Agreement. Immediately thereafter, the Company exercised its rights under the August Subscription Agreement to convert all remaining unexercised portions of the Series C and Series D Warrants into shares of common stock at a ratio of one share per warrant. On October 24, 2025, the New Holders received 3,447,957 shares of the Company's common stock (the "Conversion Shares"), and all outstanding Series C and Series D Warrants were cancelled.

 ****

On October 29, 2025, the Company entered into a Promissory Note with Great Point Capital, LLC in the principal amount of $1,000,000. The Note bears interest at 8.0% per annum, payable quarterly, and matures on October 25, 2026. The proceeds will be used for general corporate purposes, including working capital needs. See Note 10 for more details.

 **

***Components of Results of Operations***

 

***Revenue***

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The Company is focused on commercializing and manufacturing battery materials and next-generation battery cells. Historically, and during the periods presented, we have generated minimal revenue from product samples. We do not expect to begin generating significant revenue until we complete the commercialization process and build out manufacturing capacity. Future capacity may come from joint ventures with strategic partners, sourcing third-party manufacturing from our network, or pursuing mergers and acquisitions.

 **

***Operating Expenses***

 **

*Research and Development*

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Research and development expenses consist primarily of personnel expenses, including salaries, benefits, third party technology validation testing, equipment, engineering, maintenance of facilities, data analysis, and materials.

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*Selling, general and, administrative*

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Selling, general and administrative expenses primarily consist of personnel expenses, including salaries, benefits, and stock-based compensation related to executive management, finance, legal, and human resource functions. Other costs include business development, contractor and professional services fees, audit and compliance expenses, insurance costs and general corporate expenses, such rent, office supplies and information technology costs.

***Other Income (Loss)***

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*Change in fair value of Derivative Liabilities*

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Change in fair value of Derivative Liabilities consists of fluctuations in the fair value of an agreement between the Company and investors facilitating future purchases of the Company's stock by the Investor based on a Monte Carlo simulation model.

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*Interest Income*

Interest income is derived from the Company's operating cash account, which is periodically invested in short-term money market funds.

*Interest Expense*

Interest expense consists primarily of the interest on the Company's short-term notes and D&O insurance premium financing arrangement.

 ****

***Results of Operations***

This data should be read in conjunction with Solidion's financial statements and accompanying notes. These results of operations are not necessarily indicative of future performance.

**Summary of Statements of Operations for the Three Months Ended September 30, 2025 and 2024**

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| | | |
|:---|:---|:---|
|  | **For the Three Months<br> Ended <br> September 30,** | **For the Three Months<br> Ended <br> September 30,** |
|  | **2025** | **2024** |
| Net sales | $9350 | $- |
| Cost of goods sold | 4321 | - |
| Operating expenses | 1747929 | 4193006 |
| Total other income (expense) | (2349245) | (2443673) |
| Net income (loss) | $(4092145) | $(6636679) |

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*Operating Expenses*

Operating expenses decreased by $2,445,077 for the three months ended September 30, 2025. This decrease was driven by lower *Selling, General and Administrative* expenses, including reductions in professional fees, stock-based compensation, insurance costs, and other administrative expenses associated with the Company's operations as a public entity beginning February 2, 2024.

*Other Income (expense)*

Other income increased by $94,428 for the three months ended September 30, 2025. This increase was largely driven by reduced non-cash losses due to issuance of common stock and warrants related to the August Private Placement financing. Additionally, there was interest expense of $112,371 primarily related to the Company's short-term notes.

**Summary of Statements of Operations for the Nine Months Ended September 30, 2025 and 2024**

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| | | |
|:---|:---|:---|
|  | **For the Nine Months<br> Ended <br> September 30,** | **For the Nine Months<br> Ended <br> September 30,** |
|  | **2025** | **2024 (Restated)** |
| Net sales | $13350 | $- |
| Cost of goods sold | 6648 | - |
| Operating expenses | 6669395 | 10885651 |
| Total other income (expense) | 10676719 | (6268594) |
| Net income (loss) | $4014026 | $(17154245) |

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*Operating Expenses*

Operating expenses decreased by $4,216,256 for the nine months ended September 30, 2025. This decrease was primarily driven by lower professional fees, stock-based compensation, insurance, and other administrative costs associated with the Company operating as a public entity as of February 2, 2024.

*Other Income (expense)*

Other income increased by $15,919,913 for the nine months ended September 30, 2025. This increase was largely driven by a gain of $9,964,250 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement, and warrants related to the Private Placement financing. Additionally, there was interest expense of $331,264 primarily related to the Company's short-term notes.

***Cash Flows***

The following tables set forth a summary of our cash flows for the periods indicated

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| | | |
|:---|:---|:---|
|  | **For the Nine Months<br> Ended<br> September 30,** | **For the Nine Months<br> Ended<br> September 30,** |
|  | **2025** | **2024 (Restated)** |
| Net cash provided by (used in): |  |  |
| Operating Activities | (3607781) | (5677192) |
| Investing Activities | (213882) | (190931) |
| Financing Activities | 628437 | 7056000 |
| **Net increase (decrease) in cash** | **(3193226)** | **1187877** |

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*Net Cash used in Operating Activities*

For the nine months ended September 30, 2025, cash used in operating activities was $3,607,781. This primarily resulted from net income of $2,988,626, which included non-cash gain of $9,964,250 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement and March and August Private Placement warrants. These non-cash gains were added back to reconcile net income to net cash used in operating activities, as part non-cash adjustments that also included depreciation and amortization, stock-based compensation non-cash interest expense, totaling $8,449,626. Additionally, changes in operating assets and liabilities used $1,853,219 of cash from operating activities, driven primarily by a $2,134,207 increase in Accounts payable and accrued expenses.

For the nine months ended September 30, 2024, cash used in operating activities was $5,677,192. This primarily resulted from a net loss of $17,154,245, which included significant non-cash gains and losses, driven by a gain of $24,017,035 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement and Private Placement warrants, and a loss of $30,245,516 from the issuance of common stock and warrants related to the convertible note and private placement financing activity. These non-cash losses were added back to reconcile net loss to net cash used in operating activities, as part non-cash adjustments that also included depreciation and amortization and stock-based compensation, totaling $10,342,124. Additionally, changes in operating assets and liabilities provided $1,134,929 of cash from operating activities.

*Net Cash used in Investing Activities*

For the nine months ended September 30, 2025, the Company used cash of $213,882 in investing activities consisting of purchases of Silicon Oxide (SiOx) manufacturing equipment and capitalized patent costs.

For the nine months ended September 30, 2024, the Company used cash of $190,931 in investing activities consisting of capitalized patent costs.

*Net Cash provided by Financing Activities*

For the nine months ended September 30, 2025, the Company generated cash of $628,437 from financing activities. The Company received proceeds from warrant exercises of $671,568. These increases were offset by repayment of short-term notes of $42,671.

For the nine months ended September 30, 2024, the Company generated cash of $7,056,000 from financing activities. The Company received proceeds from Private Placement financing and convertible notes of $7,850,000 and $527,500, respectively. These increases were offset by repayment of short-term notes and repayment of related party advances of $1,329,712 and $911,091, respectively.

***Going Concern Considerations, Liquidity and Capital Resources***

Since Solidion's inception, the Company has experienced recurring net losses and has generated minimal sales. This raises substantial doubt about the Company's ability to continue as a going concern. Management's ability to fund our operations and capital expenditures depends on our ability to raise additional external capital. This is subject to our future operating performance and general economic, financial, competitive, legislative, regulatory, and other conditions, some of which are beyond our control. We are currently engaged in discussions with various financing counterparties to secure sufficient capital to meet our business needs for the foreseeable future. The Company plans to finance its operations with proceeds from the sale of equity securities, government grants and loans, or debt; however, there is no assurance that management's plans to obtain additional debt, grants or equity financing will be successfully implemented or implemented on terms favorable to the Company.

As of September 30, 2025, we had an accumulated deficit of $112,891,883. Additionally, $1,400,717 in NUBI transaction costs incurred at the Closing Date in connection with the Merger remain outstanding and are due within the next twelve months. During the nine months ended September 30, 2025, we incurred losses from operations totaling $6,662,693 and net cash used in operating activities of $3,607,781. We expect to continue to incur such losses for at least the next twelve (12) months.

***Off-Balance Sheet Arrangements***

At September 30, 2025, we have no obligations, assets or liabilities which would be considered off-balance sheet arrangements. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements.

We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or entered into any non-financial agreements involving assets.

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***Critical Accounting Estimates***

 

We prepare our financial statements in accordance with U.S. generally accepted accounting principles, which require our management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the balance sheet dates, as well as the reported amounts of revenues and expenses during the reporting periods. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations would be affected. We base our estimates on our own historical experience and other assumptions that we believe are reasonable after taking account of our circumstances and expectations for the future based on available information. We evaluate these estimates on an ongoing basis.

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. There are items within our financial statement that require estimation but are not deemed critical, as defined above. There were no changes to the Company's critical accounting estimates from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024.

***Forward Purchase Agreement***

The Company accounts for the forward purchase agreement as either equity-classified or liability-classified instruments based on an assessment of the Forward Purchase Agreement ("FPA") specific terms and applicable authoritative guidance in FASB ASC 480 "Distinguishing Liabilities from Equity" ("ASC 480"), and FASB ASC 815, "Derivatives and Hedging" ("ASC 815"). The assessment considers whether the FPA is a freestanding financial instrument pursuant to ASC 480, meets 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 meet 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 FPAs that do not meet all of the criteria for equity classification, the FPA 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 as liability-classified instrument.

The fair value of the FPA is Level 3. The determination of the fair value requires significant estimates and judgments. Please see Note 13 *Fair Value Measurements* to the financial statements for the significant assumptions and estimates.

Changes in the significant assumptions and estimates could materially impact the valuation and the amounts recorded in the financial statements.

***Recently Adopted Accounting Standards***

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. 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 Company adopted the amendment effective January 1, 2024 for annual reporting purposes. The adoption did not have a material impact to the Company's financial statements or disclosures.

***Recently Issued 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 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" to improve disclosures by providing more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its consolidated financial statements and related disclosures.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

This item is not applicable as we are a smaller reporting company.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

Based on an evaluation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective as of September 30, 2025, because of certain material weaknesses in our internal control over financial reporting, as further described below.

Notwithstanding these material weaknesses, our management concluded that our consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial condition, results of operations and cash flows as of and for the periods presented in conformity with accounting principles generally accepted in the United States ("U.S. GAAP").

**Management's Report on Internal Control Over Financial Reporting**

*Material Weaknesses*

A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

Management identified deficiencies in the principles associated with the control environment, risk assessment, control activities, information & communication, and monitoring components of internal control, based on the criteria established by the COSO framework, that constitute material weaknesses, either individually or in the aggregate as described below.

<u>Control Environment</u>: Solidion does not maintain a sufficient complement of qualified technical accounting and financial reporting personnel to perform control activities, including those related to complex and/or non-routine transactions. Additionally, Solidion did not implement sufficient segregation of duties within its financial reporting function in order to demonstrate independence and proper oversight. This material weakness contributed to the additional material weaknesses further described below.

<u>Risk Assessment</u>: Solidion did not design and implement an effective risk assessment based on the criteria established in the COSO framework. A material weakness, either individually or in the aggregate, was identified pertaining to (i) identifying, assessing, and communicating appropriate objectives; (ii) identifying and analyzing risks to achieve these objectives; and (iii) implementing an effective risk assessment to identify and assess changes in the business if such changes were to occur.

<u>Control Activities</u>: Solidion did not effectively design and implement control activities to support the operating effectiveness of controls to prevent and detect potential material errors based on the criteria established in the COSO framework. As a result, the following control deficiencies constitute material weaknesses, individually or in the aggregate: (i) ineffective controls related to the review and approval of journal entries and reconciliations, and (ii) a lack of appropriate accounting policies and procedures.

<u>Information and Communication:</u> We identified control deficiencies that constitute material weaknesses, either individually or in the aggregate, related to (i) internal communication of information, including objectives and responsibilities for internal control, necessary to support the functioning of internal control; and (ii) communicating relevant information to external parties timely.

<u>Monitoring:</u> Solidion did not maintain effective monitoring activities to determine whether the components of internal control over financial reporting were present and functioning based on the criteria established in the COSO framework.

**Remediation Plans and Status**

We are committed to maintaining a strong internal control environment and implementing measures designed to ensure that control deficiencies contributing to the material weaknesses are remediated as soon as practicable. We plan to engage a third party to assist in our remediation efforts. We will design and implement a risk assessment process and establish processes and controls to support an effective control environment. These actions are intended to enable Solidion to enhance our monitoring of our internal controls over financial reporting as well as enhance required communication. In addition, we will design and implement controls to address material weaknesses in control activities including the proper review and approval of journal entries and reconciliations.

As Solidion continues to evaluate its internal controls, it may take additional remediation actions. The material weaknesses will be considered remediated when Solidion's management designs and implements effective controls that operate for a sufficient period of time and management has concluded, through testing, that these controls are effective. Solidion's management will monitor the effectiveness of its remediation plans and will make changes management determines to be appropriate.

**Changes in Internal Control over Financial Reporting**

There were no changes during the quarter ended September 30, 2025, in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II – OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

None.

**ITEM 1A. RISK FACTORS**

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this item.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

During the quarter ended September 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 6. [EXHIBITS]**

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Amended and Restated Certificate of Incorporation of Solidion Technology, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 8, 2024)](http://www.sec.gov/Archives/edgar/data/1881551/000121390024011711/ea193112ex3-1_solidiontech.htm) |
| 3.2 | [Amended and Restated Bylaws of Solidion Technology, Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed with the Securities & Exchange Commission on February 8, 2024)](http://www.sec.gov/Archives/edgar/data/1881551/000121390024011711/ea193112ex3-2_solidiontech.htm) |
| 10.1\* | [Amendment to the Securities Purchase Agreement, dated as of October 21, 2025, by and among Bayside Project LLC, Madison Bond LLC and Solidion Technology, Inc.](ea026255601ex10-1_solidion.htm) |
| 10.2\* | [Lock-up Agreement, dated as of October 21, 2025, by and among Solidion Technology, Inc., Bayside Project LLC, Madison Bond LLC and Solidion Technology, Inc.](ea026255601ex10-2_solidion.htm) |
| 31.1\* | [Certification of Chief Executive Officer pursuant to Rules 13a-14 and 15d-14(a) under the Securities and Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea026255601ex31-1_solidion.htm) |
| 31.2\* | [Certification of Chief Financial Officer pursuant to Rules 13a-14 and 15d-14(a) under the Securities and Exchange Act of 1934, as amended., as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea026255601ex31-2_solidion.htm) |
| 32.1\* | [Certifications of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea026255601ex32-1_solidion.htm) |
| 32.2\* | [Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea026255601ex32-2_solidion.htm) |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Solidion Technology, Inc.** | **Solidion Technology, Inc.** |
| Dated: November 19, 2025 | By: | /s/ Jaymes Winters |
|  | Name: | Jaymes Winters |
|  | Title: | Chief Executive Officer <br> (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
|  | **Solidion Technology, Inc.** | **Solidion Technology, Inc.** |
| Dated: November 19, 2025 | By: | /s/ Vlad Prantsevich |
|  | Name: | Vlad Prantsevich |
|  | Title: | Chief Financial Officer <br> (Principal Accounting and Financial Officer) |

---

## Exhibit 10.1

**Exhibit 10.1**

**SECURITIES PURCHASE AGREEMENT AMENDMENT**

THIS AMENDMENT TO THE SECURITIES PURCHASE AGREEMENT, dated as of October 21, 2025 (this "<u>Amendment</u>"), is entered into by and among Bayside Project LLC and Madison Bond LLC (the "<u>Buyers</u>") and Solidion Technology, Inc., a Delaware corporation (the "<u>Company</u>").

Reference is hereby made to the Securities Purchase Agreement, dated as of August 30, 2024 (as may be amended from time to time, the "<u>Original Agreement</u>"), by and between the Company and the purchasers from time to time party thereto. **Capitalized terms not defined herein shall have the meanings assigned to such terms in the Original Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment</u>: The parties hereto agree to amend the Original Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Schedule of Buyers shall be deleted in its entirety and replaced with the schedule set forth in Exhibit A to this Amendment. Upon receipt of the number of Common Shares set forth on Exhibit A to this Amendment, each Buyer acknowledges and agrees the following: any Series C Warrants, Series D Warrants and Pre-funded Warrants held by such Buyer or to which such Buyer may be entitled shall be deemed to be cancelled without further action required by such Buyer or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each of the following Sections shall be deleted in its entirety and replaced with "[Reserved.]":

Section 4(m) under the subheading "<u>Additional Issuances of Securities</u>"

Section 4(n) under the subheading "<u>Participation in Future Financing</u>"

Section 4(o) under the subheading "<u>Lock-up</u>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The following shall be added as new Sections 4(t), 4(u) and 4(v):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Anti-dilution Protection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company decides to undertake a new issuance of Common Shares or Common Shares Equivalents (the "**New Securities**"), the Company shall promptly notify each Buyer in writing, describing the amount, type and terms of such New Securities, the purchase price per New Security (the "**New Securities Price**") to be paid by the purchasers of such New Securities and the other terms upon which the Company has decided to issue the New Securities (the "**Issuance Notice**"). Each Buyer shall have five (5) days from the date of the Issuance Notice to agree by written notice to the Company (an "**Exercise Notice**") to purchase (up to its Proportional Share) of such New Securities for the New Securities Price and upon the general terms specified in the Issuance Notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased by any such Buyer. In the event that, in connection with such a proposed issuance of New Securities, such Buyer shall for any reason fail or refuse to give such written notice to the Company within such five (5) day period, such Buyer shall, for all purposes of this Section 4(t), be deemed to have refused and waived to purchase any of such New Securities and to have waived all of its rights under this Section 4(t) to purchase any of such New Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (I) A Buyer's "**Proportional Share**" shall
mean, at any time, the quotient obtained by dividing the number of Common Shares and Common Shares Equivalents held by such Stockholder
at such time by the aggregate number of Common Shares and Common Shares Equivalents held by all Buyers entitled to preemptive rights
under this Section 4(t) at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) "**Convertible Securities**" means any stock
or securities (other than Options) convertible into or exercisable or exchangeable for Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) "**Options**" means any rights, warrants or options
to subscribe for or purchase Common Shares or Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV) "**Common Shares Equivalents**" means, collectively,
Options and Convertible Securities, and any other securities of the Company or the Subsidiaries which would entitle the holder thereof
to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If some or all of the New Securities have not been purchased by the Buyers pursuant to clause (1) above, then the Company shall have the right to issue such remaining New Securities to one or more third parties at price not less than, and on terms no more favorable to the purchasers thereof, than the New Securities Price and the other terms contained in the Issuance Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) This Section 4(t) and Section 4(u) below shall not apply to (I) the issuance by the Company of Common Shares and Common Shares Equivalents upon the exercise of an option or warrant or the conversion of a security outstanding on the date of the Amendment, (II) any stock-based awards granted under an employee benefit or stock-based compensation plan or agreement in effect on the date of the Amendment, (III) any stock-based awards granted, or issuances of Common Shares or Common Shares Equivalents, to the Company's directors, officers or employees, provided that the aggregate number of such grants or issuances pursuant to this clause (III) shall not exceed 1,750,000 Common Shares and Common Shares Equivalents and (IV) one or more private bridge loans that may be entered into by the Company no later than thirty (30) days from the date of the Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Variable Rate Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company decides to undertake a Variable Rate Transaction, the Company shall notify each Buyer in writing, describing the amount, type and terms of such Variable Rate Transaction (the "**VRT Notice**") no later than five (5) days prior to entry into such Variable Rate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Buyer shall have five (5) days from the date of the VRT Notice to elect by written notice to the Company (a "**Lock-up Notice**") to terminate any lock-up agreement applicable to any Common Shares or Common Shares Equivalents then held by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "**Variable Rate Transaction**" means a transaction in which the Company or any Subsidiary issues or sells any Convertible Securities either (A) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Common Shares at any time after the initial issuance of such Convertible Securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such Convertible Securities or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares, other than pursuant to a customary "weighted average" anti-dilution provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) This Section 4(u) shall not apply to any synthetic equity line of credit, whereby the Company would sell Common Shares or Common Shares Equivalents at its own discretion pricing would occur on the same trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Debt Participation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company decides to borrow any new Debt Obligations in excess of $10 million that are not Permitted Debt (the "**New Debt**"), the Company shall promptly notify each Buyer in writing, describing the amount, type and terms of such New Debt (the "**New Debt Terms**"), to be provided by the lenders of such New Debt and the other terms upon which the Company has decided to borrow the New Debt (the "**Debt Notice**"). Each Buyer shall have five (5) days from the date of the Debt Notice to agree by written notice to the Company (a "**Debt Exercise Notice**") to lend (up to its Proportional Share) such New Debt at the New Debt Terms and upon the general terms specified in the Debt Notice by giving written notice to the Company and stating therein the quantity of New Debt to be provided by any such Buyer. In the event that, in connection with such a proposed borrowing of New Debt, such Buyer shall for any reason fail or refuse to give such written notice to the Company within such five (5) day period, such Buyer shall, for all purposes of this Section 4(v), be deemed to have refused and waived to provide any of such New Debt and to have waived all of its rights under this Section 4(v) to purchase any of such New Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (I) "**Debt Obligations**" means any obligations
evidenced by bonds, debentures, loans, notes or other similar instruments and any preferred stock but does not include any Common Shares
or Common Shares Equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) "**Permitted Debt**" means any (i) capitalized
leases and purchase money security interests for purchases of equipment and assets used in the business in the ordinary course of business,
in an aggregate amount outstanding not to exceed $10 million, and (ii) any Debt Obligations incurred, issued or outstanding on the date
of the Amendment and any refinancing, replacement, exchange, renewal, repayment or extension thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If some or all of the New Debt has not been provided by the Buyers pursuant to clause (1) above, then the Company shall have the right to borrow such remaining New Debt from one or more third parties at price not less than, and on terms no more favorable to the lenders thereof, than the New Debt Terms and the other terms contained in the Debt Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fees</u>. The Company shall reimburse the Buyers for up to $35,000 of reasonable and documented costs and expenses incurred by the Buyers in the form of legal fees or expenses paid to external counsel in connection with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties</u>. The Buyers represent and warrant that they have purchased all of the Series C Warrants and Series D Warrants issued or issuable under the Original Agreement as of or prior to the date of this amendment. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents and warrants to the others and to all third party beneficiaries of this Agreement that (a) such party has the full right, capacity and authority to enter into, deliver and perform its respective obligations under this Amendment, (b) this Amendment has been duly executed and delivered by such party and is a binding and enforceable obligation of such party, enforceable against such party in accordance with the terms of this Agreement, and (c) the execution, delivery and performance of such party's obligations under this Amendment will not conflict with or breach the terms of any other agreement, contract, commitment or understanding to which such party is a party or to which the assets or securities of such party are bound. The undersigned acknowledges that the execution, delivery and performance of this Agreement is a material inducement to the Company to maintain the listing of the shares of the Company's common stock on at least one market of The Nasdaq Stock Market LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Other Amendments</u>. All other terms and conditions of the Original Agreement shall remain in full force and effect and the Original Agreement shall be read and construed as if the terms of this Amendment were included therein by way of addition or substitution, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Execution in Counterparts</u>. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Ratification</u>. The terms and provisions set forth in this Amendment modify and supersede all inconsistent terms and provisions set forth in the Original Agreement and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Original Agreement are ratified and confirmed and continue in full force and effect. All parties hereby agree that the Original Agreement, as amended by this Amendment, shall continue to be legal, valid, binding and enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF).

***SIGNATURE PAGE TO FOLLOW***

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date first above written.

---

| | | |
|:---|:---|:---|
| **BAYSIDE PROJECT LLC** | **BAYSIDE PROJECT LLC** | **BAYSIDE PROJECT LLC** |
| By: | /s/ Henry Ikezi | /s/ Henry Ikezi |
|  | Name: | Henry Ikezi |
|  | Title: | Manager |
| **MADISON BOND LLC** | **MADISON BOND LLC** | **MADISON BOND LLC** |
| By: | FUN Investment Homes, LLC, its Manager | FUN Investment Homes, LLC, its Manager |
| By: | /s/ Henry Ikezi | /s/ Henry Ikezi |
|  | Name: | Henry Ikezi |
|  | Title: | Manager |
| **SOLIDION TECHNOLOGY, INC.** | **SOLIDION TECHNOLOGY, INC.** | **SOLIDION TECHNOLOGY, INC.** |
| By: | /s/ Vlad Prantsevich | /s/ Vlad Prantsevich |
|  | Name: | Vlad Prantsevich |
|  | Title: | Chief Financial Officer |

---

[*Signature page to Purchase Agreement Amendment*]

Exhibit A

Schedule of Buyers

<u>Buyer</u> <u>Number of <br> Common Shares</u> <br> Bayside Project LLC 689,591 <br> Madison Bond LLC 2,758,366

## Exhibit 10.2

**Exhibit 10.2**

**LOCK-UP AGREEMENT**

THIS LOCK-UP AGREEMENT (this "<u>Agreement</u>") is dated as of October 21, 2025 (the "<u>Effective Date</u>"), by and between the person or entity identified on the signature page hereto as the "Holder" (the "<u>Holder</u>"), and Solidion Technology, Inc., a Delaware corporation (the "<u>Company</u>").

**<u>BACKGROUND</u>**

The Holder is the record and/or beneficial owner of the number of shares of shares of common stock of the Company (the "<u>Common Shares</u>") set forth on the signature page hereto and as a material inducement for the Company to enter into one or more transactions to maintain the listing of the Common Shares on at least one market of The Nasdaq Stock Market LLC, the Holder has agreed to execute and deliver this Agreement.

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows:

**<u>AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Lock-Up</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Lock-up Period (as defined below), the Holder irrevocably agrees that it will not offer, sell, agree to offer or sell, solicit offers to purchase, convert, contract to sell, pledge, encumber, assign, borrow, or otherwise dispose of, directly or indirectly, any of the Lock-up Shares (as defined below), enter into a transaction that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of such Lock-up Shares, whether any of these transactions are to be settled by delivery of any such Lock-up Shares, in cash or otherwise, publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement, or engage in any Short Sales (as defined below) with respect to any security of the Company (these actions, collectively, "<u>Transfer</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of the foregoing, the Company will (i) place a stop order on all Lock-up Shares, including those that may be covered by a registration statement, and (ii) notify the Company's transfer agent in writing of the stop order and the restrictions on such Lock-up Shares under this Agreement and direct the Company's transfer agent not to process any attempts by the Holder to resell or transfer any Lock-up Shares, except in compliance with this Agreement. Immediately upon expiration of the Lock-Up Period, the Company shall remove and reverse all such stop orders and transfer agent instructions promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes hereof, "<u>Short Sales</u>" include, without limitation, all "short sales" as defined in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purpose of this Agreement, the "<u>Lock-up Period</u>" means the period commencing at the Effective Date and ending at the end of the day on the date that is the one (1) year anniversary after the Effective Date.

The restrictions set forth herein shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Transfers or distributions to the Holder's current or former general or limited partners, managers or members, stockholders, other equity holders or direct or indirect affiliates (within the meaning of Rule 405 under the Securities Act of 1933, as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Transfers by bona fide gift to a member of the Holder's immediate family or to a trust, the beneficiary of which is the Holder or a member of the Holder's immediate family or to a charitable organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) by virtue of the laws of descent and distribution upon death of the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) by operation of law or pursuant to a court order, such as a qualified domestic relations order, divorce decree or separation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Transfers to a partnership, limited liability company or other entity of which the Holder and/or the Holder's immediate family are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) in the case of an entity that is a trust, Transfers to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the entry, by the Holder of any trading plan providing for the sale of Common Shares by the Holder, which trading plan meets the requirements of Rule 10b5-1(c) under the Exchange Act, *provided*, *however*, that such plan does not provide for, or permit, the sale of any Common Shares during the Lock-up Period and no public announcement or filing is voluntarily made or required to be made regarding such plan during the Lock-up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Transfers of no more than five percent (5%) of the total Lock-Up Shares in the aggregate taking into account all Transfers during the Lock-Up Period (provided that total Transfers during any period of five (5) consecutive Trading Days shall not exceed five percent (5%) of the daily average trading volume of Company Shares over the immediately preceding five Trading Days; and in the case of clauses (1) through (6) where such transferee agrees to be bound in writing by the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) in connection with the pledge, hypothecation or other grant of a security interest in any Lock-Up Shares to one or more lending institutions as collateral or security for any loan, advance or extension of credit and any transfer upon foreclosure upon such Lock-Up Shares; provided that the undersigned shall provide the Company prior written notice informing them of any public filing, report or announcement with respect to such pledge, hypothecation or other grant of a security interest.

For purposes of this Agreement, "immediate family" shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.

In addition, after the Effective Date, if there is a Change of Control, then upon the consummation of such Change of Control, all Lock-up Shares shall be released from the restrictions contained herein. A "<u>Change of Control</u>" means: (a) the sale of all or substantially all of the consolidated assets of the Company and the Company's Subsidiaries to a third-party purchaser; (b) a sale resulting in a majority or more of the voting power of the Company being held by Persons or a Group that did not own a majority of the voting power of the Company prior to such sale; or (c) a merger, consolidation, recapitalization or reorganization of the Company with or into a third-party purchaser that results in the inability of the pre-transaction equity holders to designate or elect a majority of the board of directors (or its equivalent) of the resulting entity or its parent company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Representations and Warranties</u>. Each of the parties hereto, by their respective execution and delivery of this Agreement, hereby represents and warrants to the others and to all third party beneficiaries of this Agreement that (a) such party has the full right, capacity and authority to enter into, deliver and perform its respective obligations under this Agreement, (b) this Agreement has been duly executed and delivered by such party and is a binding and enforceable obligation of such party, enforceable against such party in accordance with the terms of this Agreement, subject to customary enforceability exceptions, and (c) the execution, delivery and performance of such party's obligations under this Agreement will not conflict with or breach the terms of any other agreement, contract, commitment or understanding to which such party is a party or to which the assets or securities of such party are bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Beneficial Ownership</u>. The Holder hereby represents and warrants that it does not beneficially own, directly or through its nominees (as determined in accordance with Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder), (i) any Common Shares or any Securities exercisable for, exchangeable for, or convertible into Common Shares, or any economic interest in or derivative of such securities, or (ii) any Common Shares or any securities of the Company exercisable for, exchangeable for, or convertible into Common Shares, or any economic interest in or derivative of such securities, other than those securities specified on the signature page hereto. For purposes of this Agreement, the shares of Common Shares beneficially owned by the Holder as of the Effective Date are collectively referred to as the "<u>Lock-up Shares</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Additional Fees/Payment</u>. Other than the consideration specifically referenced herein, the parties hereto agree that no fee, payment or additional consideration in any form has been or will be paid to the Holder in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notices</u>. Any notices required or permitted to be sent hereunder shall be given in writing, addressed as specified below, and shall be deemed given: (a) if by hand or recognized courier service, (i) if delivered by 5:00 PM Eastern Time on a Business Day, on the date of delivery, and (ii) otherwise on the first Business Day after such delivery; (b) if by electronic mail or facsimile, on the date of transmission with affirmative confirmation of receipt; or (c) three Business Days after mailing by prepaid certified or registered mail, return receipt requested. Notices shall be addressed to the respective parties as follows (excluding telephone numbers, which are for convenience only), or to such other address as a party shall specify to the others in accordance with these notice provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Company, to:

Solidion Technology, Inc.

One Galleria Tower

13355 Noel Road Suite 1100

Dallas, TX 75240

Attn: Jaymes Winters

E-mail: jaymes@solidiontech.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Holder, to the address set forth on the Holder's signature page hereto.

or to such other address as any party may have furnished to the others in writing in accordance herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Captions and Headings</u>. The captions and headings contained in this Agreement are for convenience of reference only and shall not control or affect the meaning or construction of any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Counterparts; Electronic Signatures</u>. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which shall together constitute one and the same agreement. This Agreement shall become effective upon delivery to each party of an executed counterpart or the earlier delivery to each party of original, photocopied, or electronically transmitted signature pages that together (but need not individually) bear the signatures of all other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Successors and Assigns</u>. This Agreement and the terms, covenants, provisions and conditions hereof shall be binding upon, and shall inure to the benefit of, the respective heirs, successors and assigns of the parties hereto. The Holder hereby acknowledges and agrees that this Agreement is entered into for the benefit of and is enforceable by the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Severability</u>. A determination by a court or other legal authority that any provision of this Agreement is invalid, illegal or unenforceable shall not affect the validity or enforceability of any other term or provision hereof. The parties shall cooperate in good faith to modify (or cause such court or other legal authority to modify) this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Amendment</u>. This Agreement may be amended or modified (and performance hereof may be waived) by written agreement executed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Further Assurances</u>. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law</u>. The terms and provisions of this Agreement shall be construed in accordance with the laws of the State of New York.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Lock-up Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

---

| | |
|:---|:---|
| **SOLIDION TECHNOLOGY, INC.** | **SOLIDION TECHNOLOGY, INC.** |
| By: | /s/ Vlad Prantsevich |
| Name: | Vlad Prantsevich |
| Title: | Chief Financial Officer |

---

[*Signature Page to Lock-up Agreement*]

<u>HOLDER</u>:

---

| | |
|:---|:---|
|  | **BAYSIDE PROJECT LLC** |
| By: | /s/ Henry Ikezi |
| Name: | Henry Ikezi |
| Title: | Manager |
| Address: | 188-05 Linden Blvd., St. Albans, NY 11412 |
| Email: | henryike1@aol.com |
| Number of Common Shares: | 689591 |

---

---

| | |
|:---|:---|
|  | **MADISON BOND LLC** |
|  | By: FUN Investment Homes, LLC, its Manager |
| By: | /s/ Henry Ikezi |
| Name: | Henry Ikezi |
| Title: | Manager |
| Address: | 188-05 Linden Blvd., St. Albans, NY 11412 |
| Email: | henryike1@aol.com |
| Number of Common Shares: | 2758366 |

---

---

| | |
|:---|:---|
| By: | /s/ Henry Ikezi |
| Name: | Henry Ikezi, an individual |
| Address: | 188-05 Linden Blvd., St. Albans, NY 11412 |
| Email: | henryike1@aol.com |
| Number of Common Shares: | 0 |

---

[*Signature Page to Lock-up Agreement*]

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Jaymes Winters, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Solidion
Technology, Inc. for the period ended September 30, 2025;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting;

5. The registrant's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether material or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 19, 2025 | Date: November 19, 2025 |
| By: | */s/ Jaymes Winters* |
|  | Jaymes Winters, Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Vlad Prantsevich, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Solidion
Technology, Inc. for the period ended September 30, 2025;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting;

5. The registrant's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee
of the registrant's Board of Directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether material or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 19, 2025 | Date: November 19, 2025 |
| By: | */s/* Vlad Prantsevich |
|  | Vlad Prantsevich, Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**STATEMENTS REQUIRED BY 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT**

**TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Solidion Technology, Inc. (the "Company"), for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jaymes Winters, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents,
in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Dated: November 19, 2025 | Dated: November 19, 2025 |
| By: | */s/ Jaymes Winters* |
|  | Jaymes Winters, Chief Executive Officer<br> (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**STATEMENTS REQUIRED BY 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT**

**TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Solidion Technology, Inc. (the "Company"), for the period ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Vlad Prantsevich, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents,
in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Dated: November 19, 2025 | Dated: November 19, 2025 |
| By: | */s/ Vlad Prantsevich* |
|  | Vlad Prantsevich, Chief Financial Officer<br> (Principal Financial Officer) |

---