PTHL News & Events

Pheton Holdings will change its corporate name to iTonic Holdings Ltd, and change its stock ticker symbol to "ITOC". The Company anticipates that the Corporate Events will be effective upon the commencement of trading on the Nasdaq Capital Market on January 16, 2026, at which time the Company's Class A ordinary shares will cease trading under the current ticker symbol "PTHL" and will begin trading under the new ticker symbol "ITOC" on the Nasdaq Capital Market. The corporate name change and stock ticker symbol change reflects the Company's new business strategy and its future development plans.

Pheton Holdings announced it received a letter from Nasdaq notifying the company that based on the closing bid price of the Class A ordinary shares of the company for the last 30 consecutive business days, the company no longer meets the continued listing requirement of Nasdaq under Nasdaq Listing Rules 5550(a)(2), to maintain a minimum bid price of $1 per share.

Pheton Holdings issued the following statements in response to recent market volatility and a third-party publication that has raised questions and concerns among shareholders. The company said, "Over the past few days, shares of Pheton have experienced an extraordinary and unexpected decline in its share price, which the Company believes may have been triggered by a speculative article published by The Bear Cave on July 29, 2025. The article asserts that Pheton's share price may have been influenced by false rumors of a potential acquisition by Gilead Sciences (GILD). Pheton's management team unequivocally and categorically denies any involvement in, or knowledge of, any form of stock price manipulation. At no point has the Company participated in, initiated, or sanctioned any rumor, communication, or activity regarding an acquisition by Gilead, or any other party. Pheton has had no contact with Gilead, and any statements or reports suggesting otherwise were and are entirely false and fabricated. Additionally, Pheton plans to engage with its market makers, Nasdaq, and relevant regulatory bodies for the purpose of holding responsible parties to the scheme accountable. We recognize the concern this incident has caused among our investors, and we are monitoring internal controls and communications to ensure that any further misinformation can be swiftly and effectively countered."

The Bear Cave believes the stock of Pheton Holdings (PTHL) is "being manipulated by overseas stock manipulation groups and is at risk of a near-term, severe stock collapse," adding that "overseas scammers have promoted Pheton stock on rumors" that Gilead Sciences (GILD) will soon acquire or partner with Pheton. However, these "unsubstantiated rumors match a familiar pattern in which overseas stock scammers promote tightly held U.S.-listed Chinese companies on the basis of spurious M&A rumors, only for them to later experience sudden intraday stock collapses, often falling 90% or more," Bear Cave's Edwin Dorsey tells readers of his substack blog.