Elong Power prices $6.6M public offering at $0.40 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 16,500,000 units at $0.40 per unit, with expected gross proceeds of approximately $6.6 million before fees and expenses.

Each unit consists of one Class A ordinary share, or a pre-funded warrant in lieu thereof, and one common warrant to purchase one Class A ordinary share at an exercise price of $0.40. 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.

The offering is being conducted on a best efforts basis, with closing expected on July 13, 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 sole placement agent. The company's Registration Statement on Form F-1 was declared effective by the U.S. Securities and Exchange Commission on July 9, 2026.

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