Elong Power Holding Limited Announces Effective Date of Reverse Stock Split

Core Viewpoint - Elong Power Holding Limited has announced a 16-for-1 reverse stock split to comply with Nasdaq's minimum bid price requirement, reducing its outstanding shares significantly from approximately 61.3 million to about 3.8 million [1][2][4]. Group 1: Reverse Stock Split Details - The reverse stock split will take effect on December 26, 2026, with Class A ordinary shares trading under the existing ticker symbol "ELPW" [1]. - Following the reverse stock split, the par value of the ordinary shares will be adjusted to $0.00016 per share, and the number of authorized shares will be proportionately reduced [3]. - Outstanding warrants and options will also be adjusted proportionately, with no fractional shares issued; entitlements will be rounded up to the nearest whole share [5]. Group 2: Compliance and Strategic Intent - The reverse stock split is a strategic move to ensure compliance with Nasdaq's requirement of maintaining a minimum bid price of at least $1.00 per share [4]. - The company aims to enhance its market position and maintain its listing on the Nasdaq Capital Market through this action [4]. Group 3: Company Overview - Elong Power is focused on the research, development, manufacturing, and sales of high-power lithium-ion batteries for electric vehicles and energy storage systems [7]. - The company offers a comprehensive product portfolio that includes battery cells, modules, and management systems, catering to various high-power and energy storage applications [8].