Solidion technology inc. sees $17,061 stock sale by global graphene group

Solidion Technology Inc. (NASDAQ:STI), a micro-cap company with a market value of $9.26 million, recently witnessed a notable stock transaction by Global Graphene Group, Inc., a significant stakeholder holding over 10% of the company’s shares. According to InvestingPro analysis, the company currently shows weak financial health with an overall score of 1.28. On June 13, Global Graphene Group sold 5,018 shares of Solidion Technology’s common stock at an average price of $3.40 per share, slightly above the current trading price of $3.24. This transaction amounted to a total value of $17,061, coming amid a challenging year for the stock, which has declined over 90% year-to-date. Following this sale, Global Graphene Group retains ownership of 1,340,013 shares in Solidion Technology. The transaction was signed off by Robert Crouch, Vice President of Legal Affairs at Global Graphene Group. Track insider transactions and access comprehensive financial analysis with InvestingPro, which currently indicates the stock is trading above its Fair Value.

In other recent news, Solidion Technology Inc. has announced a restatement of its financial statements for three quarters of 2024 due to an accounting error. The company identified that approximately $2.8 million in stock-based expenses were omitted from reports for the quarters ending March 31, June 30, and September 30 of the previous year. This oversight will increase the reported net loss for those periods but will not impact total shareholders’ equity or cash flows. The restatement will be included in the footnotes of the company’s Annual Report on Form 10-K for fiscal year 2024. Additionally, Solidion Technology is facing a potential delisting from Nasdaq due to noncompliance with the market value requirement. The company has until October 13, 2025, to rectify this issue or risk receiving a delisting notification. Solidion Technology is currently exploring measures to regain compliance but has not finalized a strategy. These developments are important for investors to monitor as the company navigates these challenges.

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