Elong Power Holding Limited Announces the Change of Effective Date of its 1 for 80 Share Consolidations

Core Viewpoint - Elong Power Holding Limited announced a share consolidation of its Class A and Class B ordinary shares at a ratio of 1 for 80 shares, effective March 12, 2026, to comply with Nasdaq Listing Rule 5810(c)(3)(A)(iii) [1] Group 1: Share Consolidation Details - The share consolidation will reduce the total issued and outstanding common shares from approximately 63 million to about 0.79 million [1] - Each 80 Class A ordinary shares with a par value of $0.00016 will convert into one Class A ordinary share with a par value of $0.0128, and the same applies to Class B ordinary shares [1] - The Board of Directors was authorized to implement share consolidations up to a cumulative ratio of 4000:1 within two years from the extraordinary general meeting held on January 6, 2026 [1] Group 2: Compliance and Objectives - The primary objective of the Reverse Split is to maintain compliance with Nasdaq's requirement for a closing bid price greater than $0.10 [1] - The Reverse Split will not alter any shareholder's percentage ownership interest in the Company, except for minor changes due to fractional shares [1] Group 3: Company Overview - Elong Power Holding Limited specializes in high power battery technologies for commercial and specialty alternative energy vehicles and energy storage systems [1] - The company is committed to the research, development, manufacturing, sales, and service of high-power lithium-ion batteries and has a comprehensive product and technology system [1]