eLong Power Holding (ELPW) Stock Is Trending As Stock Surges 45% Overnight: Here's What You Should Know
eLong Power Holding Ltd. (NASDAQ:ELPW) shares are trending on Thursday night.
Shares of the Chinese company rose 45.13% in after-hours trading on Thursday to $5.21 after the company's 80-for-1 reverse stock split took effect.
The stock closed the regular session at $3.59, down 14.20%, according to Benzinga Pro data.
Why Was the Stock Split Approved?
According to a Securities and Exchange Commission filing, the board of directors approved the share consolidation on March 5 under shareholder authority granted at an extraordinary general meeting held in early January.
eLong Power Holding’s Class A ordinary shares began trading on the Nasdaq Global Market on a post-consolidation basis at market open on Thursday under the existing symbol ‘ELPW.’
The SEC filing, signed on Tuesday by CEO and Chai
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