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Elong Power Holding Limited Announces 1 for 80 Share Consolidations
BEIJING, March 6, 2026 /PRNewswire/ -- Elong Power Holding Limited (NASDAQ: ELPW) (the "Company"), a provider of high power battery technologies for
About this update from Elong Power Holding Limited
[{"type":"text","content":"BEIJING, March 6, 2026 /PRNewswire/ -- Elong Power Holding Limited (NASDAQ: ELPW) (the \"Company\"), a provider of high power battery technologies for commercial and specialty alternative energy vehicles and energy storage systems, today announced a share consolidation of the Company's issued and outstanding Class A ordinary shares and Class B ordinary shares at a ratio of 1 for 80 shares (the \"Reverse Split\"), which will take effect at the open of The Nasdaq Stock Market (\"Nasdaq\") on March 10, 2026.\nOn January 6, 2026, the Company held an extraordinary general meeting of the shareholders, and the shareholders approved to implement share consolidations of the Company's Class A ordinary shares and Class B ordinary shares at any one time or multiple times, at the exact consolidation ratio and effective time as the Board may determine from time to time in its absolute discretion, provided that the accumulative consolidation ratio for all such share consolidations shall not be more than 4000:1, and authorized the Board to implement such share consolidations at any time during a period of up to two years of the date of the meeting. On March 5, 2026, the board approved implementation of the Reverse Split at a ratio of 1 for 80 shares.The objective of the Reverse Split is to enable the Company to maintain compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii), which requires issuers listed on Nasdaq to maintain a closing bid price of greater than $0.10.Upon the open of trading on March 10, 2026, the Company's Class A ordinary shares will begin trading on a Reverse Split-adjusted basis, under the same symbol \"ELPW\" but under a new CUSIP number, G3016G129.As a result of the Reverse Split, each 80 Class A ordinary shares with a par value of $0.00016 will automatically combine and convert into one issued and outstanding Class A ordinary share with a par value of $0.0128. Each 80 Class B ordinary shares with a par value of $0.00016 will automatically combine and convert into one issued and outstanding Class B ordinary share with a par value of $0.0128. The Reverse Split will affect all shareholders uniformly and will not alter any shareholder's percentage ownership interest in the Company, except for minimal changes that may result from the treatment of fractional shares. No action is required by shareholders holding their shares th...