Elong Power closes $6 million public offering of units

Elong Power Holding Limited (NASDAQ: ELPW) announced the completion of its registered public offering, raising approximately $6.0 million in gross proceeds before fees and expenses.

The Beijing-based lithium-ion battery energy storage systems provider issued 4,615,500 units at $1.30 per unit. Each unit includes one Class A ordinary share and one common warrant to purchase an additional Class A ordinary share at the same $1.30 exercise price.

The warrants become exercisable immediately upon issuance and expire three years from the issuance date. The exercise price includes standard anti-dilution adjustments for share splits, combinations, dividend distributions and other corporate restructurings.

Elong Power stated it intends to use the net proceeds for working capital requirements, general corporate purposes, product development and production capacity expansion. The company focuses on energy storage system solutions for residential, commercial and industrial applications, as well as grid-side energy storage in China.

Maxim Group LLC served as the sole placement agent for the offering. The Securities and Exchange Commission declared the company's Form F-1 registration statement effective on May 14, 2026.

The information is based on a press release statement from Elong Power.

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