Elong Power Holding Limited Announces Pricing of US$6.0 Million Public Offering

About this update from Elong Power Holding Limited

BEIJING, May 15, 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 pricing of its registered offering of 4,615,500 units (each, a "Unit"), on a best efforts basis, 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"). The aggregate gross proceeds from the Offering are expected to be approximately US$6.0 million, prior to deducting placement agent fees, legal fees, administrative and other offering-related expenses. Each Common Warrant will be 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. The closing of the Offering is currently expected to take place on May 18, 2026, subject to the satisfaction of customary closing conditions set forth in the Securities Purchase Agreements and related transaction documents. 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. Maxim Group LLC is acting as the sole placement agent for the Offering. Ortoli Rosenstadt LLP is acting as U.S. securities counsel to the Company, and Pryor Cashman LLP is acting as U.S. securities counsel to the placement agent, in connection with the Offering. 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 is being made exclusively by means of a prospectus contained within the effective F-1 registration statement, copies of which...

View stock analysis, news, and events for Elong Power Holding Limited