eLong Power receives staff determination notices from Nasdaq

Elong Power (ELPW) Holding announced that the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market stating that, for the prior 30 consecutive business days, the closing market value of listed securities of the Company’s Class A ordinary shares, $0.00001 par value per share, had been below the minimum of $50 million required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A) and a notice from the Listing Qualifications Department of Nasdaq stating that, based on the closing bid price of the Ordinary Shares for the last 30 consecutive business days, the Company no longer met the $1.00 minimum bid price required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450. The noticed stated that the Company would be afforded 180 calendar days to regain compliance. In order to regain compliance, the closing MVLS of the Company’s securities must be at least $50 million for a minimum of ten consecutive business days and the closing bid price of the Ordinary Shares must be at least $1.00 for a minimum of ten consecutive business days, although the Staff may in its discretion require a longer period of no more than 20 business days. If the Company does not regain compliance within either of the 180-day periods, the securities will be subject to delisting.