Beijing, China, Dec. 05, 2025 (GLOBE NEWSWIRE) -- Pheton Holdings Ltd (NASDAQ: PTHL) (“Pheton” or the “Company”), a healthcare solution provider specializing in treatment planning systems for brachytherapy and other related products and services, today announced the successful completion of its acquisition of 51% of the total outstanding shares of iTonic Corporation (the “Target”), a U.S.-based integrated home health AI company that combines AI, medical device automation, and easier access to clinical exper ...

Core Viewpoint - Pheton Holdings Ltd has received a notification from Nasdaq indicating that it no longer meets the minimum bid price requirement for continued listing, with a compliance period until April 20, 2026, to regain compliance [1][2][3] Group 1: Nasdaq Compliance Notification - The Company was notified by Nasdaq that it does not meet the continued listing requirement under Rule 5550(a)(2) due to the Class A ordinary shares' closing bid price being below $1 for the last 30 consecutive business days [1] - Nasdaq has granted the Company a compliance period of 180 calendar days, until April 20, 2026, to regain compliance [2] - If the Company fails to regain compliance within this period, it may be eligible for an additional 180 days if it meets other listing standards and provides written notice of its intention to cure the deficiency [2] Group 2: Company's Response and Future Plans - The Company is currently evaluating options to regain compliance and is committed to making reasonable efforts to meet Nasdaq's continued listing requirements [3] - There is no assurance that the Company will successfully regain compliance with the bid price requirement or other Nasdaq listing standards [3] Group 3: Company Overview - Pheton Holdings Ltd, founded in 1998, specializes in healthcare solutions for brachytherapy, a targeted radiation therapy for cancer treatment [4] - The Company's lead product, the Treatment Planning System, is designed to ensure safe and effective brachytherapy using radioactive sources to treat cancer [4] - Pheton Holdings aims to establish a new standard of care across multiple malignant tumor applications through its products and services [4]

Group 1 - A significant drop in stock prices of several Chinese micro-cap stocks listed in the US has resulted in investors losing billions of dollars, raising concerns about a potential "pump and dump" scheme [1] - Seven specific stocks, including Concorde International (CIGL.US) and Austin Technology (OST.US), have seen declines exceeding 80% in recent trading days, leading to a total market value loss of $3.7 billion [1] - Prior to the sharp declines, these stocks had experienced substantial increases and were promoted on social media platforms like WhatsApp [1] Group 2 - Brain Regen Technologies (RGC.US) has seen its stock price increase nearly 10,000% this year, with no current evidence linking the company to stock price fluctuations [2] - The FBI reported a 300% increase in complaints related to "pump and dump" stock fraud over the past year, indicating a rise in investor victimization [2] - Fraud groups are reportedly using social media ads and "investment club" promotions to lure investors, sometimes impersonating legitimate brokerage firms or well-known stock analysts [2]

Group 1 - The top five gaining Chinese concept stocks at the close were Lichen International, ATA Creativity Global, Huami Technology, Puhua Biotechnology, and Feitian Zhaoye, with respective gains of 48.81%, 36.11%, 34%, 24.45%, and 23.46% [1] - Lichen International's latest price was 5.610, with a gain of 1.840 and a trading volume of 14.39 million [1] - ATA Creativity Global's latest price was 1.470, with a gain of 0.390 and a trading volume of 7.29 million [1] Group 2 - Huami Technology's latest price was 17.420, with a gain of 4.420 and a trading volume of 22.89 million [1] - Puhua Biotechnology's latest price was 0.8199, with a gain of 0.1611 and a trading volume of 1.36 million [1] - Feitian Zhaoye's latest price was 1.0000, with a gain of 0.1900 and a trading volume of 16.93 million [1]

Core Viewpoint - Pheton Holdings Ltd has issued a statement addressing recent market volatility and a speculative article that has negatively impacted its share price, denying any involvement in stock price manipulation or acquisition rumors [2][3]. Company Response - The management team of Pheton categorically denies any knowledge or participation in rumors regarding an acquisition by Gilead Sciences, asserting that such claims are false [3]. - Pheton plans to engage with market makers, Nasdaq, and regulatory bodies to hold responsible parties accountable for the misinformation [4]. Shareholder Protection - The company acknowledges the concerns raised among investors and is enhancing internal controls and communications to counter misinformation effectively [5]. Commitment to Governance - Pheton emphasizes its commitment to corporate governance, transparency, and accountability, focusing on long-term shareholder value through strategic growth opportunities [6]. Business Foundation - Pheton is built on trust, innovation, and value creation, expressing confidence in its underlying business strength and long-term strategy [7]. Communication with Shareholders - The company values shareholder trust and commits to providing accurate and timely disclosures to the investor community [8]. Company Overview - Founded in 1998, Pheton Holdings Ltd specializes in healthcare solutions for brachytherapy, with its lead product being a Treatment Planning System that enhances the safety and effectiveness of cancer treatment [9].

Group 1 - The top five Chinese concept stocks that experienced the largest declines in closing prices are: SOS Ltd down 54.5%, Feitian Zhaoye down 33.33%, Shangao Life Sciences down 22.93%, Youlan International down 16.88%, and Luda Technology down 14% [1][1][1] - SOS Ltd's latest price is 2.730 with a decrease of 3.270, resulting in a trading volume of 4.4103 million [1][1][1] - Feitian Zhaoye's latest price is 1.100 with a decrease of 0.550, resulting in a trading volume of 16.9591 million [1][1][1] - Shangao Life Sciences' latest price is 0.1684 with a decrease of 0.0501, resulting in a trading volume of 1.2677 million [1][1][1] - Youlan International's latest price is 1.920 with a decrease of 0.390, resulting in a trading volume of 0.4144 million [1][1][1] - Luda Technology's latest price is 4.300 with a decrease of 0.700, resulting in a trading volume of 0.3086 million [1][1][1]

Core Viewpoint - Chinese concept stocks experienced significant declines, with the top five losers showing drastic percentage drops in their stock prices [1] Group 1: Stock Performance - Feitian Zhaoye (PTHL) saw a decline of 94.67%, closing at 1.650, with a drop of 29.310 million [1] - Hongli Yingzao (WLGS) fell by 37.00%, ending at 0.0533, with a decrease of 0.0313 million [1] - American Green Star (PLAG) decreased by 26.83%, closing at 1.500, down by 0.550 million [1] - Pitanium (PTNM) dropped by 25.42%, with a closing price of 1.320, down by 0.450 million [1] - Yanke Technology (RCON) experienced a decline of 23.45%, closing at 2.260, with a drop of 0.693 billion [1]