ELPW Stock Slumps 30% Pre-Market After Company Announces Second Reverse Split In Less Than Three Months Retail Finds It 'Shocking'

RunWithRugs · 2026-03-11T02:31:16+00:00

Elong Power plans a 1-for-80 reverse stock split to comply with Nasdaq's minimum bid price rule, reducing shares from 63 million to 0.8 million. Despite a 30% pre-market drop, retail sentiment on Stocktwits turned bullish.

RunWithRugs

2026-03-11 02:31:16

Abstract generation in progress

(MENAFN- AsiaNet News)

The company said the move is intended to help it maintain compliance with a Nasdaq listing rule requiring a minimum bid price above $0.10.

The total outstanding shares will be reduced to roughly 0.8 million from about 63 million shares.

Last month, Elong Power closed an underwritten public offering to raise $7.4 million.

Shares of Elong Power Holding (ELPW) slumped nearly 30% in pre-market trading on Friday, after the company announced it will implement a 1-for-80 reverse stock split, less than three months after its last consolidation.

ELPW shares will trade on an ex-reverse split basis from March 10, 2026, under the same ticker symbol. The company said the move is intended to help it maintain compliance with a Nasdaq listing rule requiring a minimum bid price above $0.10.

Following the consolidation, every 80 existing shares will be combined into one new share, reducing the total outstanding shares to roughly 0.8 million from about 63 million shares.

The reverse split was approved by shareholders at an extraordinary general meeting on Jan. 6, 2026.

Earlier, Elong Power announced a reverse stock split at a 1-for-16 ratio, which became effective on Dec. 26, 2025.

How Did Stocktwits Users React?

Retail sentiment on Stocktwits changed to ‘bullish’ from ‘neutral’ despite the premarket slump, while message volumes on the platform were ‘high.’

While one user called the update“shocking,” another user said that“delisting risk is still on the table.”

Last month, Elong Power closed an underwritten public offering of 2.4 million units priced at $3.16 each, with every unit consisting of one Class A ordinary share and one common warrant to purchase another share. The offering generated about $7.6 million in gross proceeds.

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