Elong Power Sets March 12 1-for-80 Reverse Split, Cuts Shares to 0.79 Million
Elong Power will implement a 1-for-80 reverse split of its Class A and B ordinary shares at the Nasdaq open on March 12, 2026 to maintain compliance with minimum bid price rules. Post-split outstanding shares will shrink from approximately 63 million to about 0.79 million without issuing fractional shares.
1. Reverse Split Implementation
On March 5, the board approved a 1-for-80 reverse split of Class A and Class B ordinary shares to take effect at the Nasdaq open on March 12, 2026. Post-split shares will continue trading under the same symbol but will carry a new CUSIP number.
2. Compliance Objective
The reverse split is designed to satisfy Nasdaq Listing Rule 5810(c)(3)(A)(iii), which mandates maintaining a closing bid price above $0.10 per share, thereby preserving the Company’s listing status.
3. Post-Split Share Count
Following the consolidation, total issued and outstanding common shares will decrease from about 63 million to roughly 0.79 million, with authorized shares reduced proportionally and no fractional shares distributed.