The battery maker said the share consolidation is aimed at meeting Nasdaq's $0.10 minimum bid price rule after raising about $1.38 million in a low-priced unit offering.
Elong Power Holding Limited will implement a 45-for-1 reverse stock split at the opening of Nasdaq trading on Aug. 10, 2026, accelerating the timing of a move the company said is intended to preserve compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii), which requires listed issuers to keep a closing bid price above $0.10. The U.S.-listed Chinese new energy battery company will keep trading under the ticker ELPW and receive a new CUSIP number, G3016G137. The consolidation will automatically combine all issued and outstanding Class A and Class B ordinary shares on a 45-to-1 basis. Elong Power said the move should sharply reduce its share count from about 23 million to roughly 510,000, while proportionally increasing par value from $0.0128 to $0.576 per share for both classes. The company said the reverse split is designed to affect shareholders uniformly and should not materially change proportional ownership, aside from the treatment of fractional shares. No fractional shares will be issued; holders entitled to a fraction will instead receive one whole ordinary share of the corresponding class, while shares held in brokerage accounts will be adjusted automatically. The step follows shareholder authorization granted at a special meeting on Jan. 6, 2026, allowing the board to carry out one or more consolidations over two years with a cumulative ratio of up to 4,000-to-1. The board approved the specific 45-for-1 plan on July 31, 2026. The timing also comes a day after Elong Power disclosed a small capital raise. On Aug. 5, the company said it sold about 11.466 million units at $0.12 each, generating about $1.38 million before expenses. Each unit included one Class A ordinary share and one common warrant (right to buy shares at a set price) to purchase one Class A ordinary share at an initial exercise price of $0.12 for three years from issuance. Elong Power said the proceeds would support working capital, general corporate purposes, product iteration and development, and capacity expansion. The company, incorporated in the Cayman Islands and led by Chairwoman and Chief Executive Officer Ms. Liu Xiaodan, focuses on lithium-ion battery energy storage systems for electric vehicles, construction machinery and energy storage applications. Whether the post-split stock can stay above the $0.10 threshold after Aug. 10 may determine whether it remains listed on the Nasdaq capital market.