Elong Power closes $7.6 million public offering

Elong Power Holding Limited (NASDAQ: ELPW) completed a $7.6 million public offering on February 3, 2026. The battery technology company sold 2.4 million units at $3.16 per unit through an underwritten offering.

Each unit consists of one Class A ordinary share and one warrant to purchase an additional Class A ordinary share. The warrants expire three years from issuance and are exercisable immediately at $3.16 per share, with adjustments scheduled for February 9 and February 13, 2026, reducing the exercise price to 70% and 50% of the initial price, respectively.

The underwriter, Maxim Group LLC, received a 45-day option to purchase up to 360,000 additional shares and warrants to cover over-allotments. On February 2, 2026, the underwriter partially exercised this option for 242,270 warrants.

Elong Power plans to use the proceeds for general corporate purposes and working capital. The company develops high-power lithium-ion batteries for electric vehicles, construction machinery, and energy storage systems.

The Securities and Exchange Commission declared the company's registration statement effective on January 29, 2026. Ortoli Rosenstadt LLP served as U.S. securities counsel to Elong Power, while Pryor Cashman LLP represented the underwriter.

The Cayman Islands-based company is led by Chairwoman and CEO Xiaodan Liu. Its product portfolio includes batteries utilizing lithium manganese oxide and lithium iron phosphate technologies for various power and energy storage applications.

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