Solidion Technology, Inc. (STI), a battery technology company, announced that it has entered into a securities purchase agreement with a new institutional investor, for purchasing and selling 2.33 million shares of common stock in a private placement.
The offering is expected to raise gross proceeds of $35 million, before the deductions of the offering expenses.
In the overnight trading on the Nasdaq, the shares were up 13.27 percent at $40.46, after closing Friday's regular trading 57.29 percent higher.
In the private placement, the shares are priced above market, as per the rules given by Nasdaq. The offering is expected to close on or about June 9.
The company expects to use the proceeds to boost commercialization of its patented Extreme-Climate Battery Technology, targeting applications for space technology. Solidion also intends to use the earnings to fulfill customer demand, widen inventory, accelerate the building and testing of prototypes, and for general corporate purposes.
Titan Partners, a subsidiary of American Capital partners, will act as the sole placement agent for the offering.
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