Polar Power Inc. (NASDAQ: POLA) said its Board of Directors unanimously rejected an unsolicited, all-cash proposal from Solidion to acquire all of the company’s assets. Solidion submitted the offer the prior week. After reviewing it, the board concluded that the proposal “materially and substantially undervalues” the company.
CEO Arthur Sams said the offer did not adequately reflect the value of Polar Power’s technology, intellectual property and future growth opportunities. The company said it remains committed to maximizing shareholder value and is open to evaluating other credible strategic opportunities that could deliver superior value, including mergers, joint ventures or other transactions.