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Solidion Technology Inc., a Dallas-based company specializing in miscellaneous electrical machinery and equipment, is on the verge of being delisted from the Nasdaq Global Market due to its failure to meet the minimum bid price requirement, the company disclosed in a recent SEC filing. The stock currently trades at $0.39, down 45.17% year-to-date, according to InvestingPro data, which indicates the company is currently overvalued relative to its Fair Value. The firm, previously known as Nubia Brand International Corp., has seen its common stock’s closing bid price fall below the $1.00 threshold for over 30 consecutive business days, violating Nasdaq’s Listing Rule 5450(a)(1). The stock has traded between $0.27 and $6.20 over the past 52 weeks, with InvestingPro analysis revealing concerning financial health metrics, including a weak overall score of 0.6 out of 5.
On January 29, 2025, Solidion received a determination letter from Nasdaq stating that the company had not regained compliance during the initial 180-day grace period, which ended on January 28, 2025. Consequently, Nasdaq is set to delist Solidion’s common stock at the start of business on February 7, 2025. However, the company plans to appeal this decision to a Hearings Panel by February 5, 2025, and the appeal will stay the suspension and delisting process until the Panel’s decision.
To address the issue, Solidion has already secured shareholder approval to execute a reverse stock split, with the board authorized to select a ratio between 1-for-10 and 1-for-50. This measure, if implemented, aims to bring the stock’s bid price back above the $1.00 minimum.
In contrast to the bid price issue, Solidion has successfully regained compliance with two other Nasdaq requirements: the minimum market value of publicly held shares ($15 million) and the minimum market value of listed securities ($50 million). With a current market capitalization of $47.08 million and a concerning current ratio of 0.08, InvestingPro subscribers can access over 30 additional financial metrics and exclusive ProTips to better understand the company’s financial position. The company received notification from Nasdaq on January 30, 2025, confirming that it now meets these standards, closing the matter.
Solidion’s CEO, Jaymes Winters, signed off on the SEC filing, dated February 3, 2025, which serves as the basis for this report. The company’s future on the Nasdaq Global Market now hinges on the outcome of the forthcoming appeal and potential reverse stock split, as it seeks to maintain its listing status.
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