Solidion Technology said it intends to pursue an acquisition of Flux Power Holdings through a cash transaction and appealed directly to Flux shareholders after saying Flux management and its board had resisted engagement. The proposal is nonbinding and does not disclose a purchase price. Solidion argued that Flux's financial position and required financing make a change in leadership and operating discipline necessary. Flux reported fiscal 2026 revenue of $42.1 million, down about 37% from $66.4 million a year earlier, alongside a $6.5 million operating loss, a $7.4 million net loss, approximately $5.9 million in negative operating cash flow and about $0.3 million in cash. Flux remains in default under its Gibraltar Business Capital credit agreement and must raise at least $4 million in equity within 50 days under a Sept. 18, 2026 amendment, according to Solidion. Solidion said its expected cash price per share would probably be below Flux's Sept. 28 closing price but above the value implied by a heavily discounted, dilutive financing. Solidion reported $27.7 million in cash and equivalents as of June 30, 2026. No definitive agreement has been signed, and any transaction would remain subject to due diligence, financing, approvals, legal and regulatory requirements and other customary conditions.