India, Oct. 2 -- Flux Power Holdings, Inc. (FLUX), a developer of lithium-ion energy storage solutions and fleet intelligence technology, on Friday announced that its Board of Directors has unanimously rejected an unsolicited, non-binding acquisition proposal from Solidion Technology Inc. (STI).
The proposal was announced by Solidion on September 30.
The company said the Board concluded that the proposal substantially undervalues the company and is not in the best interests of its and its shareholders.
The company said it is focused on repositioning the business toward profitability.
The company has lowered product and operating costs, improved operating efficiencies, strengthened its supply chain and expanded OEM relationships.
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