Technology

Solidion Technology Reports Third Quarter 2024 Results

Published

2 hours ago

November 19, 2024

DALLAS, Nov. 19, 2024 /PRNewswire/ — Solidion Technology, Inc. (NASDAQ: STI), an advanced silicon anode and battery technology materials provider (the “Company” or “Solidion”), today announced its operational and financial results for the third quarter of 2024.

Previously Announced Recent Business Highlights

Technological Advancements:

Developed and secured a newly granted U.S. patent for technology enabling 5-minute charging of lithium batteries across all climates, overcoming a key barrier to electric vehicle (“EV”) adoption by ensuring fast, safe, and weather-independent charging. This innovation leverages a graphene-based heat spreader for optimal battery temperature control, positioning Solidion as a leader in advancing EV infrastructure and addressing consumer range anxiety.Expansion of the Company’s industry-leading intellectual property portfolio1 with 20 new U.S. patents granted this year. The portfolio offers patents for a diverse range of advanced anode materials, spanning from sustainable graphite to silicon oxide (SiOx), silicon (Si), and protected lithium metal anode, delivering specific capacities ranging from 300 to an extraordinary 3,500+ mAh/g (milliamp-hour per gram). The intellectual property also features non-silane gas based and graphene-enhanced versions for automakers and other energy storage applications.Achieved third-party validation for the Company’s innovative, cost-effective process that eliminates the need for toxic silane gas and CVD techniques. This milestone positions Solidion to become a key North American supplier in the rapidly growing energy storage battery market, offering materials that enhance energy density, and seamlessly integrate with existing battery manufacturing processes.

Business Development and Corporate Updates:

Signing of the strategic Memorandum of Understanding with Bluestar Materials Company on November 8, 2024 to accelerate the commercialization of Solidion’s groundbreaking silicon-based anode technology. This collaboration strengthens Solidion’s position in the U.S. market, leveraging its extensive patent portfolio to drive advancements in battery efficiency, energy density, and domestic manufacturing opportunities.Bitcoin purchases are now part of the Company’s corporate treasury strategy, which includes allocating 60% of excess cash reserves, interest earnings, and a portion of future capital raises, reflecting confidence in Bitcoin as a store of value, inflation hedge and compelling investment. The Company will continue to explore opportunities to evolve its allocation to Bitcoin and enhance shareholder value.The inclusion into the Russell 3000® Index, enhancing Solidion’s visibility among institutional investors and positions the Company to attract broader market interest and capital.

CEO Statement:

“Solidion is well positioned for the rapidly changing political landscape as a low-cost U.S. manufacturer,” said Jaymes Winters, CEO of Solidion Technology. “We have achieved several milestones that several competitors have yet to achieve, despite spending exponentially more than Solidion”.

Third Quarter 2024 Financial Highlights

$4.2 million loss from continuing operations, including increased spending on third-party validation testing for automakers.Net Loss of $6,636,679, with EPS of –$0.07, including a non-cash loss of $9,654,799 on issuance of PIPE common stock and warrants.

See below for additional information on Solidion’s operational results:

Summary of Statements of Operations

For the Three Months Ended
September 30,

2024

2023

Net sales

–

1,315

Cost of goods sold

–

Operating expenses

4,193,006

1,439,900

Total other income (expense)

(2,443,673)

1,091

Net Income (loss)

(6,636,679)

(1,437,494)

Operating Expenses

Operating expenses increased by $2,753,106 for the three months ended September 30, 2024. This increase was primarily driven by third party validation testing of our proprietary silicon anode, professional fees, stock-based compensation, insurance, and other administrative costs associated with the Company operating as a public entity as of February 2, 2024.

Other Income (expense)

Other expense increased by $2,444,764 for the three months ended September 30, 2024. This increase was largely driven by a gain of $7,232,835 due to a change in the fair value of derivative liabilities related to the Forward Purchase Agreement, and warrants related to the Private Placement financing. Additionally, there was a loss of $9,654,799 from the issuance of common stock and warrants related to the August Private Placement financing.

The unaudited condensed consolidated financial statements of Solidion and additional information can be found in the Company’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 18, 2024 (the “Form 10Q”). This earnings release should be read together with the information contained in the Form 10-Q.

About Solidion

Headquartered in Dallas, Texas with pilot production facilities in Dayton, Ohio, Solidion’s (NASDAQ: STI) 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 holds a portfolio of over 550 patents, covering innovations such as high-capacity, non-silane gas and graphene-enabled silicon anodes, biomass-based graphite, advanced lithium-sulfur and lithium-metal technologies.

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. Solidion batteries are designed to deliver extended EV range, improved battery safety, lower cost per KWh, and next-gen cathodes (potential to replace expensive nickel and cobalt with sulfur (S) and other more abundant elements).

For more information, please visit www.solidiontech.com or contact Investor Relations.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Solidion’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause Solidion’s actual results to differ materially from those described in the forward-looking statements can be found in Solidion’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which have been filed with the Securities and Exchange Commission and are available on Solidion’s website, and on the Securities and Exchange Commission’s website (www.sec.gov). Solidion does not undertake to update any forward-looking statements.

1 Source: Silicon Anode for Li-ion Batteries – Patent Landscape 2022 – FLYER (knowmade.com)

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SOURCE Solidion Technology, Inc.

Technology

Benzinga Announces Winners for the 2024 Global Fintech Awards

Published

6 minutes ago

November 20, 2024

NEW YORK, Nov. 19, 2024 /PRNewswire/ — Benzinga, the leading financial media platform for next-generation investors, is thrilled to announce the winners and runners-up of its 10th annual Benzinga Global Fintech Awards. The prestigious event, held at Convene Brookfield Place in New York City, celebrated innovation, excellence, and outstanding achievements across over 25 categories, recognizing companies and individuals who are shaping the future of financial technology.

“This year’s finalists and winners embody the transformative power of fintech innovation,” said Jason Raznick, Founder of Benzinga. “We are proud to honor the brightest minds and most innovative companies in the fintech industry. Their contributions are driving significant advancements and shaping the future of finance.”

Lifetime Achievement Award

Winner: Anthony Pompliano

Best of Awards

Best Alternative Investments Platform

Winner: Arrived HomesRunner-Up: Groundfloor: Fractionalized Retail Investing

Best API Solution

Winner: Polygon.ioRunner-Up: DriveWealth

Best Automated Trading Software

Winner: TickblazeRunner-Up: AlgoBulls

Best Broker for Sophisticated Traders

Winner: AlpacaRunner-Up: TradeStation

Best Brokerage App

Winner: WebullRunner-Up: TradeStation

Best Brokerage for Beginners

Winner: StashRunner-Up: eToro

Best Brokerage for Day Trading

Winner: TradeUpRunner-Up: Moomoo

Best Brokerage for Forex in the US

Winner: Trading.comRunner-Up: IBKR

Best Brokerage for Options Trading

Winner: IBKRRunner-Up: Firstrade

Best Brokerage for Short Selling

Winner: TradeZero Holding Corp.Runner-Up: IBKR

Best Brokerage for Trading Futures

Winner: EdgeClearRunner-Up: NinjaTrader

Best Canadian Brokerage

Winner: QuestradeRunner-Up: Qtrade Direct Investing

Best Data Analysis Tool

Winner: Northern Trust Investment Data Science – Equity Data ScienceRunner-Up: PitchBook

Best Day Trading Software

Winner: IBKRRunner-Up: Tickblaze

Best ETF Launch

Winner: iShares Bitcoin TrustRunner-Up: Xtrackers U.S. National Critical Technologies ETF (CRTC)

Best Financial Literacy Tool

Winner: Financial FinesseRunner-Up: MoneyLion Digital Financial Ecosystem

Best Financial Planning Software

Winner: Asset-MapRunner-Up: Origin

Best Financial Research Company

Winner: Toggle AIRunner-Up: EPSMomentum

Best in Financial Education

Winner: Options Industry CouncilRunner-Up: TradeStation

Best Insurtech Company

Winner: infineoRunner-Up: Mylo

Best Investment Research Tech

Winner: Trading CentralRunner-Up: Outprfrm

Best Lending Solution

Winner: Pagaya TechnologiesRunner-Up: Prosper

Best Matching Engine

Winner: Devexperts’ DXmatchRunner-Up: EP3 by Connamara Technologies

Best New Product

Winner: FrecRunner-Up: SoFi Alternative Investments

Best Paper Trading Platform

Winner: TradeZero Holding Corp.Runner-Up: Charles Schwab

Best Payments Solution

Winner: Modern TreasuryRunner-Up: Aeropay

Best Portfolio Tracker

Winner: Delta Investment TrackerRunner-Up: TradeZella

Best Prop Trading Platform

Winner: IBKR

Best RegTech

Winner: Green CheckRunner-Up: Kore

Best Robo-Advisor

Winner: WealthfrontRunner-Up: Titan

Best Social Investing Platform

Winner: Parrot FinanceRunner-Up: Traderverse

Best Software for Longterm Cryptocurrency Investments

Winner: Path CryptoRunner-Up: iTrustCapital

Best Software for Swing Trading

Winner: Autochartist Automatic Trade IdentificationRunner-Up: WealthCharts

Best Software for Trading Cryptocurrency

Winner: Devexperts’ DXtrade

Best Trading Technology

Winner: GTNRunner-Up: Tickblaze

Best Venture Capital Firm

Winner: Tribe CapitalRunner-Up: BankTech Ventures

Breaking Barriers

Winner: GotradeRunner-Up: Apex Trader Funding

Emerging InsurTech

Winner: AspidaRunner-Up: TruStage Payment Guard

Institutional Innovation

Winner: Tipigo InsightsRunner-Up: Quinn

Most Innovative ETF Company

Winner: StockSnips

Most Innovative in Capital Markets

Winner: GTNRunner-Up: OpenYield

Most Impactful Fintech Executive

Winner: Anthony Denier

Peoples Choice

Winner: NVSTly: Social Investing

Chairman’s Awards

Chairman’s Awards: Best AI Analysis Tool

Winner: True Trading Group

Chairman’s Awards: Best AI Chat API

Winner: FinChat

Chairman’s Awards: Best AI Finance Start-up

Winner: WNSTN.ai

Chairman’s Awards: Best AI Research Platform

Winner: Quasar Markets

Chairman’s Awards: Best AI Tool for Software Performance

Winner: TurinTech AI

Chairman’s Awards: Best Backtesting Software

Winner: FX Replay

Chairman’s Awards: Best Fraud Prevention Solution

Winner: ID Dataweb

Chairman’s Awards: Best Gold Broker

Winner: MultiBank Group

Chairman’s Awards: Best Hybrid Trading Solution

Winner: Tickblaze

Chairman’s Awards: Best In Customer Loyalty

Winner: Kartera

Chairman’s Awards: Best Shareholder Engagement Platform

Winner: Tiicker

Chairman’s Awards: Best Stock Scanner

Winner: WealthCharts

Chairman’s Awards: Excellence in Democratizing Options Trading

Winner: SensaMarket

Chairman’s Awards: Excellence in Futures Education

Winner: NinjaTrader

Chairman’s Awards: Excellence in Futures Prop Trading

Winner: Apex Trader Funding

Chairman’s Awards: Excellence in Holistic Trading Education

Winner: Piranha Profits

Chairman’s Awards: Most Innovative Leveraged Issuer

Winner: Microsectors

Chairman’s Awards: Most Innovative Options Brokerage

Winner: Tradier

Chairman’s Awards: Most Innovative Prop Trading Firm 2024

Winner: For Traders

Chairman’s Awards: Best Software for Trading Futures

Winner: Optimus Futures

About Benzinga Fintech Deal Day & Awards 2024:

The Benzinga Fintech Deal Day & Awards celebrate excellence across the fintech industry, honoring the companies, executives, and platforms that are shaping the future of finance. With networking opportunities, panel discussions, and a prestigious awards ceremony, the event provides an unparalleled platform for deal-making and collaboration.

For more information about the winners or to learn more about future events, visit Benzinga Events.

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SOURCE Benzinga

Technology

Plug and Play announces expansion into Seattle along with Partnership with SBI Holdings and SNBL and Future Participation as co-GP in SBI US Gateway Fund

Published

6 minutes ago

November 20, 2024

The partnership comprises the establishment of Plug and Play Seattle with SBI Holdings and SNBL as the Founding Anchor partners and Plug and Play’s future participation as co-GP in the $40M SBI US Gateway Fund

Plug and Play expands presence to Seattle, Washington, in strategic collaboration with SBI Holdings and SNBL to foster innovation and early-stage investment

SEATTLE, Nov. 19, 2024 /PRNewswire/ — Plug and Play, the world’s leading innovation platform based in Silicon Valley that connects startups, corporations, venture capital firms, universities, and government agencies, announced today a strategic collaboration with SBI Holdings, Inc., and SNBL to establish Plug and Play’s first presence in the Greater Seattle Region. The expansion includes two new offices in the region, with locations at the SNBL Global Gateway (SGG) business incubation facility in Everett, WA, and at CoMotion Labs technology incubator on the University of Washington’s (UW) Seattle campus, aiming to drive regional innovation and support early-stage startup growth.

This collaboration not only marks Plug and Play’s entry into the Seattle area but also includes Plug and Play’s participation as co-General Partner (co-GP) for the newly launched SBI US Gateway Fund. The $40 million fund established by SBI and SNBL focuses on early-stage startups in North America with promising advancements in sectors such as artificial intelligence, advanced manufacturing, climate technology, supply chain, and healthcare, including biotechnology and drug research and development. Through its co-GP role, Plug and Play will leverage its extensive global network and innovation expertise to guide and support portfolio companies, providing strategic growth opportunities and strengthening investment outcomes.

Strengthening the U.S.-Japan Innovation Pipeline
The launch of the SBI US Gateway Fund is a significant step in connecting North American startups with key investment and partnership opportunities from Japan. With this partnership, Plug and Play, SBI, and SNBL aim to create synergies between the U.S. startup ecosystem and Japanese investors, fostering long-term growth and sustainability in cutting-edge fields. The fund’s operations will benefit from Plug and Play’s expansive reach across five continents and its experience in corporate innovation and startup acceleration.

“We are thrilled to bring Plug and Play’s innovation platform to Seattle in partnership with SBI Holdings, SNBL, and the University of Washington,” said Saeed Amidi, Founder & CEO at Plug and Play. “The Pacific Northwest is home to a dynamic and rapidly growing tech ecosystem, and we are excited to contribute to this community by supporting the next generation of innovative companies.”

Yoshitaka Kitao, Representative Director, Chairman, President & CEO from SBI Holdings, stated, “This collaboration with Plug and Play and SNBL represents a major milestone in our commitment to fostering innovation and supporting transformative startups. By connecting Japanese investment with North American innovation, we are creating a unique bridge that will empower startups with not only capital but also strategic guidance and industry connections. Together, we are shaping the future of technology and healthcare advancements.”

Ryoichi Nagata, Representative Chairman, President & CEO from SNBL stated, “We are excited to join forces with Plug and Play and SBI Holdings in this groundbreaking collaboration. Through the combined strengths of our organizations, we aim to build a robust platform that will enhance our ability to support startups and innovation utilizing the SNBL Global Gateway business incubation facility. This strategic alliance enables us to leverage our respective expertise and extensive networks, creating unparalleled opportunities for growth and advancement on a global scale.”

This new collaboration between Plug and Play, SBI, SNBL, and UW will provide startups with capital and access to a unique blend of corporate innovation resources, strategic advisory services, and a wide network of industry leaders across key sectors. These resources are expected to amplify the value and growth of portfolio companies in the SBI US Gateway Fund, setting a strong foundation for sustainable innovation and development.

Plug and Play x SNBL Global Gateway (SGG) (Everett, WA)
SBI has partnered with SNBL, the largest non-clinical contract research organization in Japan, to operate an accelerator program and SBI US Gateway Fund at SGG business incubation facility in Everett, WA. Plug and Play plans to use the SGG business incubation facility as a hub to operate their accelerator programs.

Plug and Play x CoMotion Labs (Seattle, WA)
Plug and Play, SBI, and SNBL have agreed to partner with the University of Washington’s CoMotion Labs to help foster the startup ecosystem in the Seattle area and on campus. CoMotion Labs provides a multi-industry incubation environment for early-stage startups. While preference is given to UW spinoffs, CoMotion Labs also accepts startups from outside the UW community. From critical infrastructure to learning, mentoring, and networking, CoMotion Labs nurtures and enables success and helps startups grow without taking equity or IP.

To learn more about Plug and Play Seattle, visit https://www.plugandplaytechcenter.com/locations/seattle.

About Plug and Play
Plug and Play is the leading innovation platform connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we’re present in 60+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and manage over $1 billion in AUM across our funds, driving innovation across multiple industries where we’ve invested in hundreds of successful companies, including Dropbox, PayPal, Guardant Health, Honey, N26, Rappi, Turing, and more. For more information, visit https://www.plugandplaytechcenter.com/.

About SBI Holdings
Established in 1999 as a pioneer of Internet-based financial services in Japan, the SBI Group is a comprehensive Internet financial group that operates globally, encompassing five core businesses: “Financial Services Business,” such as securities, banking and insurance businesses; “Investment Business,” which is engaged in private equity investment including venture capital investment; “Asset Management Business,” that provides various asset management related services; “Crypto-asset Business,” which operates crypto asset trading and exchange services; and “Non-financial Business,” which includes business activities related to biotechnology, healthcare and medical informatics, Web3, and new overseas markets. For more information, please visit https://www.sbigroup.co.jp/english/.

About SNBL
Shin Nippon Biomedical Laboratories, Ltd. (SNBL) is the largest and the oldest non-clinical contract research organization in Japan, with a strong focus on supporting the growth and development of the global biotechnology and drug discovery ecosystem. Founded in 1957, SNBL provides comprehensive services ranging from translational research (TR) to contract research and Medipolis, a unique blend of biomedical facilities. Headquartered in Kagoshima, Japan, SNBL is dedicated to advancing innovation in biotechnology and healthcare through its partnerships, research, and support of new and groundbreaking therapies. For more information, visit https://en.snbl.com/.

Media Contacts

Plug and Play Media Relations
Jacky Tsang
press@pnptc.com

SBI Holdings, Inc. Corporate Communications Dept.
Tel: +81 3 6229-0126

SNBL IR & Corporate Communications
ir@snbl.com

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SOURCE Plug and Play

Technology

Invitation to Tecsys’ Conference Call on December 5, 2024, Covering Second Quarter FY2025 Results

Published

6 minutes ago

November 20, 2024

MONTREAL, Nov. 19, 2024 /CNW/ — Tecsys Inc. (TSX: TCS) will release its financial results for the second quarter of fiscal year 2025 ended October 31, 2024, on December 4, 2024, after the markets close. Tecsys President and CEO Peter Brereton, and CFO Mark J. Bentler, will host a conference call on December 5, 2024, at 8:30 a.m. ET to present and discuss the results with the analysts.

Subject: Q2 FY2025 Financial Results Conference Call
Date: December 5
Time: 8:30 a.m. ET
Phone number: 1-800-836-8184 or 1-646-357-8785

The call can be replayed until December 12, 2024, by calling 1-888-660-6345 or 1-646-517-4150 (access code: 91117 #).

About Tecsys

Tecsys is a global provider of advanced supply chain solutions. With a commitment to innovation and customer success, the company equips organizations with the essential software, technology and expertise needed for operational excellence and competitive advantage. Its cloud solutions serve a diverse range of industries, including healthcare, distribution and converging commerce, across multiple complex, regulated and high-volume markets. Built on the Itopia® low-code application platform, Tecsys’ offerings include enterprise resource planning, warehouse management, consolidated service management, distribution and transportation management, supply management at the point of use and order management solutions. Tecsys provides critical data insights and control across the supply chain, ensuring that organizations are agile, responsive and scalable.

Tecsys is publicly traded on the Toronto Stock Exchange under the ticker symbol TCS. For more about Tecsys and its solutions, please visit www.tecsys.com.

Forward Looking Statements

The statements in this news release relating to matters that are not historical fact are forward-looking statements that are based on management’s beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.’s business can be found in the MD&A section of the Company’s annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR+ (www.sedarplus.ca).

SOURCE Tecsys Inc.