Elong Power closes $7 million public offering on NASDAQ

Elong Power Holding Limited (NASDAQ: ELPW) completed its underwritten public offering of 21,700,000 units at $0.3231 per unit, raising approximately $7.0 million in gross proceeds before expenses, according to a company statement.

Each unit consists of one Class A ordinary share and one common warrant to purchase an additional Class A ordinary share. The warrants expire three years from issuance and are exercisable immediately at $0.3231 per share, with scheduled price adjustments to 70% and 50% of the initial exercise price on March 3, 2026 and March 6, 2026, respectively.

The underwriter partially exercised an over-allotment option on February 27, 2026, purchasing 3,255,000 additional common warrants. Maxim Group LLC served as the exclusive underwriter for the offering.

The company plans to use proceeds for general corporate purposes and working capital. The offering was conducted under a registration statement filed with the Securities and Exchange Commission that became effective on February 25, 2026.

Elong Power develops and manufactures lithium-ion batteries for electric vehicles, construction machinery, and energy storage systems. The Cayman Islands-based company is led by Chairwoman and CEO Xiaodan Liu.

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