Business
Elong Power Holding Limited Announces Closing of US$6.0 Million Public Offering
Elong Power Holding Limited (Nasdaq: ELPW) ("Elong Power" or the "Company"), a comprehensive provider dedicated to the R&D, sales and scenario-oriented system solutions of lithium-ion battery energy storage systems, today announced the closing of its previously announced registered public offering conducted on a best-efforts basis.
About this update from Elong Power Holding Limited
[{"type":"text","content":"BEIJING, May 18, 2026 /PRNewswire/ -- Elong Power Holding Limited (Nasdaq: ELPW) ("Elong Power" or the "Company"), a comprehensive provider dedicated to the R&D, sales and scenario-oriented system solutions of lithium-ion battery energy storage systems, today announced the closing of its previously announced registered public offering conducted on a best-efforts basis.","length":395,"tagName":"p"},{"type":"text","content":"The Company issued an aggregate of 4,615,500 units (each, a "Unit") at an offering price of US$1.30 per Unit (the "Offering"). Each Unit consists of one Class A ordinary share of the Company (or pre-funded warrant in lieu thereof), with a par value of US$0.0128 per share, and one common warrant to purchase one Class A ordinary share of the Company (the "Common Warrant").","length":403,"tagName":"p"},{"type":"text","content":"Each Common Warrant is immediately exercisable upon issuance at an initial exercise price of US$1.30, which is equal to the public offering price per Unit. The warrant exercise price is subject to customary anti-dilution adjustments in connection with share splits, share combinations, dividend distributions, subsequent equity sale and other corporate restructurings. The warrants will expire on the third anniversary of the issuance date.","length":440,"tagName":"p"},{"type":"text","content":"The company received total gross proceeds of approximately US$6.0 million, prior to deducting placement agent fees, legal fees, administrative and other offering-related expenses. The Company intends to use the net proceeds from the Offering for working capital requirements, general corporate purposes, as well as further product iteration & development and production capacity expansion.","length":393,"tagName":"p"},{"type":"text","content":"Maxim Group LLC acted as the sole placement agent for the Offering. Ortoli Rosenstadt LLP acted as U.S. securities counsel to the Company, and Pryor Cashman LLP acted as U.S. securities counsel to the placement agent, in connection with the Offering.","length":250,"tagName":"p"},{"type":"text","content":"The Company's Registration Statement on Form F-1 (File No. 333-295783) was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on May 14, 2026. The Offering was made exclusi...