Elong Power prices $7 million public offering at $0.32 per unit

Elong Power Holding Limited (NASDAQ: ELPW) announced the pricing of its underwritten public offering of 21.7 million units at $0.3231 per unit. The battery technology company expects to receive approximately $7 million in gross proceeds before underwriting discounts and other expenses.

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 $0.3231 per share, with the exercise price adjusting to 70% on the second trading day and 50% on the fifth trading day following closing.

The offering is scheduled to close February 27, 2026, subject to customary closing conditions. Maxim Group LLC serves as the exclusive underwriter, with the company granting underwriters a 45-day option to purchase up to an additional 3.26 million Class A ordinary shares and 3.26 million warrants.

Elong Power plans to use proceeds for general corporate purposes and working capital, sales network expansion including hiring personnel and developing regional channels, and production capacity expansion with new equipment and manufacturing facility upgrades.

The Cayman Islands-based company develops high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity batteries for energy storage systems. The company's registration statement was declared effective by the Securities and Exchange Commission on February 25, 2026.

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