Elong Power receives Nasdaq notice over delayed annual filing

BEIJING - Elong Power Holding Limited (NASDAQ:ELPW), a provider of high-power battery technologies with a market capitalization of $141.25 million, announced Monday it has received a notice from Nasdaq for failing to file its annual report for the fiscal year ended December 31, 2024. According to InvestingPro data, the company maintains a "GOOD" financial health score despite recent challenges.

The company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all periodic financial reports with the Securities and Exchange Commission. InvestingPro analysis reveals the stock has shown significant price volatility, with shares trading 83% below their 52-week high of $12.60.

Elong Power has 60 calendar days to submit a compliance plan to Nasdaq. If accepted, the company could receive an extension of up to 180 calendar days from the original due date, until October 17, 2025, to file its Form 20-F.

The notice does not immediately affect the listing of Elong Power’s ordinary shares, which continue to trade under the symbol ELPW. However, failure to regain compliance could result in delisting from Nasdaq.

The company stated it is "working diligently" on the Form 20-F and intends to file within the specified timeframe.

Elong Power develops and manufactures lithium-ion batteries for electric vehicles, construction machinery, and energy storage systems. The company’s product portfolio includes lithium manganese oxide and lithium iron phosphate batteries.

This information is based on a press release statement issued by the company.

In other recent news, Elong Power Holding Limited has entered into a strategic cooperation agreement with Indonesia’s Consumer Protection Agency (BPKN). This non-binding agreement involves a commitment to invest at least $1 billion in developing integrated solar-plus-storage off-grid power systems across Indonesia’s islands and rural areas. Elong Power will provide comprehensive solutions, including technical support and product solutions, to facilitate these projects. The agreement also aims to support the large-scale application of lithium battery energy storage systems and the electrification of Indonesia’s mining industry. Furthermore, Elong Power will assist BPKN in attracting Chinese new energy companies to invest in Indonesia, potentially accelerating the country’s new energy sector industrialization. While the agreement is a significant step in Elong Power’s global expansion strategy, the company has cautioned that it does not guarantee binding purchase orders. These developments highlight Elong Power’s ongoing efforts to expand its influence in the global energy market.

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