Elong Power prices $6 million public offering at $1.30 per unit

Elong Power Holding Limited (NASDAQ: ELPW) announced the pricing of its public offering of 4,615,500 units at $1.30 per unit, according to a company statement. The offering is expected to generate approximately $6.0 million in gross proceeds before deducting fees and expenses.

Each unit consists of one Class A ordinary share and one warrant to purchase an additional Class A ordinary share. The warrants are immediately exercisable at $1.30 per share and will expire three years after issuance. The warrant exercise price includes standard anti-dilution provisions for corporate actions such as stock splits and dividend distributions.

The offering is being conducted on a best efforts basis through Maxim Group LLC as the sole placement agent. The closing is scheduled for May 18, 2026, subject to customary closing conditions outlined in the securities purchase agreements.

Elong Power stated it intends to use the net proceeds for working capital, general corporate purposes, product development, and production capacity expansion. The company develops lithium-ion battery energy storage systems and provides scenario-oriented system solutions.

The Securities and Exchange Commission declared the company's Form F-1 registration statement effective on May 14, 2026. The offering is being made through a prospectus contained in the registration statement.

Beijing-based Elong Power focuses on energy storage solutions for residential, commercial, industrial, and grid-side applications. The company operates under a strategy it describes as "Asset-Light, R&D-Intensive, AI + Energy Storage, Global Scenario Layout."

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