Solidion Technology (STI) has decided against a previously planned offering and has withdrawn its previously filed registration statement on Form S-1 with the US Securities and Exchange Commission, the company said Wednesday.

"Management and the board of directors concluded that proceeding with the offering at this time would not appropriately reflect the value the company is building for shareholders," the company said.

It added that the decision "does not reflect any change in the company's business outlook, operating strategy, or confidence in the value of its assets," and that the firm remains "well-positioned to access the capital markets" at a time and on terms that serves shareholders.

Shares of the company were up 1.8% in recent premarket trading.