Elong Power closes $1.38M public offering on Nasdaq

Elong Power Holding Limited (Nasdaq: ELPW) has closed a registered public offering conducted on a best-efforts basis, raising approximately $1.38 million in gross proceeds before deducting placement agent fees and other expenses, according to a press release.

The Beijing-based company issued 11,466,666 units at $0.12 per unit. Each unit consists of one Class A ordinary share, with a par value of $0.0128 per share, and one common warrant to purchase one additional Class A ordinary share at an exercise price of $0.12.

The warrants are immediately exercisable upon issuance and expire on the third anniversary of the issuance date. The exercise price is subject to customary anti-dilution adjustments for share splits, share combinations, dividend distributions, subsequent equity sales, and other corporate restructurings.

Elong Power said it intends to use the net proceeds for working capital, general corporate purposes, product development, and production capacity expansion.

Maxim Group LLC served as sole placement agent for the offering. The company's Form F-1 registration statement was declared effective by the U.S. Securities and Exchange Commission on July 28, 2026.

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