Elong Power Holding Limited Announces New Effective Date for Share Consolidation

Elong Power Holding Limited Announces Effective Date Change of Share Consolidation

Elong Power Holding Limited (Nasdaq: ELPW), a key player in high-power battery technologies, has made an important announcement regarding its proposed share consolidation. Originally planned to consolidate its shares at a ratio of 1 for 45, the new effective date has been set for August 10, 2026. This decision comes as part of the company's strategy to ensure compliance with Nasdaq's listing standards.

The notion of share consolidation isn't new for Elong. The company's leadership proposed this move during an extraordinary general meeting on January 6, 2026, where shareholders authorized the board to carry out such consolidations indefinitely over a two-year period. This flexibility allows the company to adjust to market conditions while maintaining its operational integrity.

The main goal of the reverse split is to comply with Nasdaq Listing Rule 5810(c)(3)(A)(iii). This particular regulation mandates that listed companies must maintain their closing bid price above $0.10. By consolidating shares, Elong aims to better position itself within market parameters, thus enhancing its credibility and operational viability.

Once the reverse split goes into effect, each existing group of 45 Class A ordinary shares will automatically convert into one single Class A ordinary share. This will similarly apply to the Class B ordinary shares, ensuring uniformity among shareholders. Interestingly, despite the split, shareholders' percentage ownership won't materially change, except for slight adjustments resulting from fractional shares.

The share price will be adjusted accordingly, and trading under the new consolidated structure will commence under the same symbol