03:42 AM EDT, 03/14/2024 (MT Newswires) -- Solidion Technology ( STI ) said late Wednesday it has agreed to sell about $3.9 million worth of securities in a private placement to institutional investors.

The company is offering a total of 5.1 million units and pre-funded units in the private placement.

Each unit and pre-funded unit will consist of one common share, two warrants each exercisable to purchase one common share for $0.75 a share, and one warrant to purchase common shares at an exercise price of $0.0001 in an amount to be determined at a later date.

Net proceeds will be used for general working capital and administrative purposes, the company said.

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