Elong Power prices $1.38M public offering at $0.12 per unit

Elong Power Holding Limited (Nasdaq: ELPW), a Beijing-based lithium-ion battery energy storage systems company, announced the pricing of a registered public offering of 11,466,666 units at $0.12 per unit, with expected gross proceeds of approximately $1.38 million before fees and expenses.

Each unit consists of one Class A ordinary share, or a pre-funded warrant in lieu thereof, with a par value of $0.0128 per share, along with one common warrant to purchase one additional Class A ordinary share. The common warrants are exercisable immediately upon issuance at $0.12 per share and will expire three years from the date of issuance. The warrant exercise price is subject to standard anti-dilution adjustments.

The offering is being conducted on a best-efforts basis, with closing expected on August 4, 2026, subject to customary closing conditions. The company stated it intends to use net proceeds for working capital, general corporate purposes, product development, and production capacity expansion.

Maxim Group LLC is serving as the sole placement agent. 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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