Key Highlights

  • September 30, 2026: the date Solidion Technology (NASDAQ:STI) announced an unsolicited, non-binding all-cash proposal for Flux Power. Solidion said the price was below the September 28, 2026 close of Flux Power (NASDAQ:FLUX), which it argued still beat a dilutive financing.
  • Unanimous: the Flux Power (NASDAQ:FLUX) board's October 2, 2026 rejection, stating that the proposal substantially undervalues the company and is not in the best interests of shareholders, after a review conducted with its legal advisors.
  • About 57 percent: Flux's gain on Friday, October 2, 2026 as the rejection became public, followed by a 15 percent premarket decline on Monday to near USD 0.54, per published market data on both moves.
  • Best and final: how Solidion described its offer on October 5, 2026, saying it has no current intention to raise it and is pursuing other acquisition prospects in parallel with its approach to Flux Power.

The Bid and the Rejection

Solidion, an advanced battery company, announced on September 30, 2026 a non-binding all-cash proposal to acquire Flux Power, which makes lithium-ion energy storage and fleet intelligence technology for material handling and airport ground support equipment. Solidion said its price was below Flux's September 28 close but above what it expects after a dilutive financing. Flux's board unanimously rejected the proposal on October 2, 2026, saying it substantially undervalues the company and is not in shareholders' interests.

Flux's Case for Standalone

Flux says it is repositioning toward profitability: it lowered product and operating costs, cut operating expenses 33 percent year over year in its fiscal fourth quarter of 2026, launched its SkyEMS 3.0 platform and entered robotics through a collaboration with a large global technology company. The board is also evaluating financing paths and strategic partnerships to secure financial flexibility. That reference to financing is the point Solidion presses in its public letters.

Solidion's Counter and the Risks

Solidion calls its offer best and final and says Flux needs at least USD 10 million of new capital, citing default risk and a lender's amended terms from September 18, 2026 requiring Flux to raise at least USD 4 million of equity within 50 days. It also cites a July 24, 2026 Nasdaq notice for trading below USD 1.00 for 30 consecutive trading days, with 180 days to regain compliance. These are Solidion's claims. The shares trade below USD 1.00, and dilutive financing remains possible.

Where Things Stand

That depends on financing, not on the bid. Flux Power (NASDAQ:FLUX) jumped 57 percent when its board rejected a below-market offer, but the shares gave back 15 percent premarket on Monday, and Solidion says it will not raise its price. Flux has cut costs and entered robotics, yet it is evaluating financing and trades below USD 1.00 with a Nasdaq compliance period running. Next catalysts are Flux's financing decision, any revised Solidion move and the company's next quarterly report, none of which has a confirmed date. Solidion's claims are its own.