Business
Elong Power Holding Limited Announces Closing of US$7.6 Million Public Offering
Elong Power Holding Limited (Nasdaq: ELPW) ("Elong Power" or the "Company"), a provider of high power battery technologies for commercial and specialty alternative energy vehicles and energy storage systems, today announced the closing of its underwritten public offering (the "Offering") of 2,400,000 Units on a firm commitment basis, at a price of US$3.16 per Unit. Each Unit consists of one Class A ordinary share, par value of US$0.00016 per share (each a "Class A Ordinary Share"), of the Compan
About this update from Elong Power Holding Limited
[{"type":"text","content":"BEIJING, Feb. 3, 2026 /PRNewswire/ -- Elong Power Holding Limited (Nasdaq: ELPW) ("Elong Power" or the "Company"), a provider of high power battery technologies for commercial and specialty alternative energy vehicles and energy storage systems, today announced the closing of its underwritten public offering (the "Offering") of 2,400,000 Units on a firm commitment basis, at a price of US$3.16 per Unit. Each Unit consists of one Class A ordinary share, par value of US$0.00016 per share (each a "Class A Ordinary Share"), of the Company and one common warrant (each a "Common Warrant") to purchase one Class A Ordinary Share.","length":678,"tagName":"p"},{"type":"text","content":"Each Common Warrant will expire three years from the date of issuance, and is exercisable immediately on the date of issuance at an exercise price of US$3.16 per share, subject to adjustment on February 9, 2026 and February 13, 2026 to the price that is equal to 70% and 50%, respectively, of the initial exercise price of the Common Warrants, and the number of Class A Ordinary Shares underlying the Common Warrants will be proportionately increased. The Common Warrants may also be exercised on a zero cash exercise option pursuant to which the holder may exchange each Common Warrant for twice the number of Class A Ordinary Shares issuable on a cash exercise of such Common Warrant.","length":686,"tagName":"p"},{"type":"text","content":"The Company has granted the underwriter a 45-day option to purchase up to 360,000 additional Class A Ordinary Shares and/or 360,000 additional Common Warrants, at its respective public offering price less underwriting discounts and commissions, to cover any over-allotment. On February 2, 2026, the underwriter partially exercised such option with respect to 242,270 Common Warrants.","length":393,"tagName":"p"},{"type":"text","content":"The company received total gross proceeds of approximately US$7.6 million, before deducting underwriting discounts and other offering expenses. The Company intends to use the proceeds from the Offering for general corporate purposes and working capital.","length":253,"tagName":"p"},{"type":"text","content":"Maxim Group LLC acted as the exclusive underwriter. Ortoli Rosenstadt LLP acted as U.S. securities counsel to the Company, and Pryor Cas...