Corporate ActionJun 25, 2026, 04:17 PM
Elong Power Settles $33K Debt, Issues Shares to CEO-Controlled Entity
AI Summary
Elong Power Holding Limited settled an outstanding debt of $33,000 owed to its CEO, Ms. Xiaodan Liu, by issuing 33,881 Class B ordinary shares to Gracedan Co., Limited, an entity controlled by Ms. Liu. The shares were valued at $0.974 each. Concurrently, the company also sold an additional 66,119 Class B ordinary shares to Gracedan Co., Limited at the same price.
Key Highlights
- Elong Power borrowed $1,380,396 from CEO Ms. Xiaodan Liu in 2025 at 8% interest.
- Outstanding loan balance was $33,000 as of June 23, 2026.
- Company issued 33,881 Class B ordinary shares at $0.974/share to settle the $33,000 debt.
- Additionally, 66,119 Class B ordinary shares were sold at $0.974/share.
- All shares were issued to Gracedan Co., Limited, an entity controlled by Ms. Xiaodan Liu.
Price Impact
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