EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| EQUITY | 17. EQUITY
Ordinary shares
At the annual general meeting of shareholders of the Company held on January 6, 2026, the shareholders approved that the Company’s authorized share capital be increased from US$25,000,000 divided into 156,250,000,000 ordinary shares of a par value of US$ each, comprising 125,000,000,000 class A ordinary shares of a par value of US$ each and 31,250,000,000 class B ordinary shares of a par value of US$ each, to US$240,000,000 divided into 1,500,000,000,000 ordinary shares of a par value of US$ each, comprising 1,200,000,000,000 class A ordinary shares of a par value of US$ each and 300,000,000,000 class B ordinary shares of a par value of US$ each.
On December 2, 2025, the Company effected a 1-for-16 reverse stock split. The par value per share of the common stock was increased proportionally from $ to $. On March 12, 2026, the Company effected a 1-for-80 reverse stock split, resulting in a cumulative increase in par value per share to $.
The par value of the Class A ordinary shares and Class B ordinary shares was increased in proportion to the cumulative ratio of the share consolidation to $ per share and the number of authorized ordinary shares was adjusted in proportion to the cumulative ratio of the share consolidation to Class A ordinary shares of a par value of US$ each and Class B ordinary shares of a par value of US$ each.
As of June 30, 2026 and December 31, 2025, the Company had and Class A ordinary shares authorized, respectively, and and Class B ordinary shares authorized, respectively.
As of June 30, 2026 and December 31, 2025, the Company had and Class A ordinary shares issued, respectively, of which and were outstanding, respectively. The issued but not outstanding shares as of June 30, 2026 consist of forfeited Earnout Escrow Shares pending cancellation and shares registered on Form S-8 and classified as treasury stock reserved for future issuance under the Company’s share incentive plan. In July 2026, the forfeited Earnout Escrow Shares were formally canceled and are no longer outstanding or issuable.
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