Solidion Technology Reports Results for Full Year 2023

• Successful completion of business combination with Honeycomb Battery Company
  
• Shares commenced trading on Nasdaq Global on February 2, 2024

DALLAS, April 12, 2024 (GLOBE NEWSWIRE) -- Solidion Technology, Inc. (f/k/a Nubia Brand International Corp.) (“Solidion” or the “Company”) (Nasdaq: STI), an advanced battery technology solutions provider, today announced it has released financial and operating results for Solidion for the full year 2023. The unaudited condensed consolidated financial statements of Solidion and additional information, including updated pro forma information, can be found in Solidion’s Form 10-K, filed with the Securities and Exchange Commission today, April 12, 2024 (the “Form 10-K”). This earnings release should be read together with the information contained in the Form 10-K.

Select Year-to-Date Highlights

• Completed business combination on February 2^nd with Nubia Brand International Co. and commenced trading on the Nasdaq under the ticker “STI” on February 5^th
• Excluding an $18.5 million change in fair value of derivative asset/liability, net income before tax provision was $287,102

“Our first earnings report as a public company represents an important milestone for Solidion Technology as a new publicly traded company,” said Jaymes Winters, CEO of Solidion. “We are well positioned to deliver valuable synthetic graphite derived from biomass, advanced anode materials, and patented battery technology to a market that is essential to our society’s energy needs. In the coming quarters, we will update the market on our progress as we continue to execute our business plan, as part of our ultimate goal of providing advanced battery materials and technological solutions.”

About Solidion

Solidion’s core business includes manufacturing of battery materials and components, as well as development and production of next-generation batteries for energy storage systems and electric vehicles for ground, air, and sea transportation. Solidion offers two lines of battery products: (i) advanced anode materials (ready for production expansion); and (ii) three classes of solid-state batteries, including Silicon-rich all-solid-state lithium-ion cells (Gen 1), anode less lithium metal cells (Gen 2), and lithium-sulfur cells (Gen 3), all featuring an advanced polymer- or polymer/inorganic composite-based solid electrolyte that is process-friendly. Solidion’s solid-state batteries can be manufactured at scale using current lithium-ion cell production facilities; this feature enables fastest time-to-market of safe solid-state batteries. Solidion batteries are designed to deliver significantly extended EV range, improved battery safety, lower cost per KWh, fastest time-to-market, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements). The company is headquartered in Dallas, Texas, and has pilot production facilities in Dayton, Ohio.