Ezgo (EZGO) Shares Plunge 47.06% Intraday as Warrant Restructuring, Technical Selloff Drive 4-Day 44.04% Drop

The share price of Ezgo Technologies (EZGO) plummeted to its lowest level since April 2024 on August 28, 2025, with an intraday decline of 47.06%. The stock has now fallen 44.04% over four consecutive trading days, marking one of the most severe selloffs in its recent history. The sharp drop was driven by a combination of technical breakdowns, aggressive position unwinding by institutional investors, and heightened market uncertainty following the company’s strategic warrant restructuring.

Technical indicators confirmed the bearish trend, with the stock trading below key moving averages and triggering stop-loss cascades as it neared its 52-week low. The Relative Strength Index (RSI) hovered near neutral levels, while the Moving Average Convergence Divergence (MACD) signaled a deepening bearish momentum. Analysts highlighted the lack of fundamental catalysts to support a rebound, noting the absence of leveraged ETFs or options liquidity to stabilize trading activity. This environment forced traders to adopt short-term strategies, such as cash-secured puts, amid the heightened volatility.

A strategic move by the company to streamline its capital structure through a warrant exchange agreement failed to arrest the decline. Ezgo exchanged 5.38 million warrants for 1.25 million ordinary shares and pre-funded warrants exercisable at $0.04, aiming to limit ownership concentration and stabilize its equity. However, the market appeared indifferent to these efforts, as the stock continued to trade near critical support levels. The 45-day restriction on corporate actions post-exchange further underscored the company’s focus on capital structure optimization but did little to restore investor confidence.

Analyst ratings remained cautious, with mixed signals including a “Hold” rating at $0.50 and a “Neutral” AI-driven assessment. The stock’s valuation challenges—marked by a negative P/E ratio and consistent losses—compounded the downward pressure. Despite the company’s attempts to mitigate risks, the absence of clear support levels below $0.205 and a high probability of continued sideways trading between $0.209 and $0.522 over three months left the outlook bleak. Traders were advised to monitor regulatory updates or sector-specific catalysts for any potential reversal, though the immediate trajectory remained firmly bearish.