Solidion Declares 'Best and Final' Offer for Flux Power, Shares Slide 14.6%
FLUX sits 32% above its 52-week low of $0.39.
Summary
Solidion Technology is refusing to raise its all-cash bid for Flux Power, calling it 'best and final' after Flux's board rejected the offer as undervaluing. Solidion estimates Flux needs at least $10 million in fresh capital and warns that alternative financing could significantly dilute shareholders. Flux shares fell 14.64% to $0.54 on Monday as investors weigh the escalating dispute. This follows Flux's rejection on Friday and Solidion's initial proposal on Sept. 30. Flux faces a $4 million equity raise requirement within 50 days under its amended Gibraltar loan and Nasdaq delisting pressure with the stock below $1.
At the time of this announcement, FLUX was trading at $0.52 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $11.1M. The 52-week trading range was $0.39 to $7.55. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Benzinga.