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 Chairwoman Xiaodan Liu, states that the company’s total issued and outstanding common shares …
