Elong Power prices $7.6 million public offering at $3.16 per unit

Elong Power Holding Limited (NASDAQ: ELPW) announced the pricing of its underwritten public offering of 2.4 million units at $3.16 per unit. The battery technology company expects gross proceeds of approximately $7.6 million before underwriting discounts and offering expenses.

Each unit consists of one Class A ordinary share and one common warrant to purchase one Class A ordinary share. The common warrants expire three years from issuance and are exercisable immediately at $3.16 per share. The exercise price will adjust to 70% of the initial price on the fourth trading day following closing and to 50% on the eighth trading day, with the number of underlying shares increased proportionately.

The offering is expected to close on February 3, 2026, subject to customary closing conditions. Maxim Group LLC serves as the exclusive underwriter. The company has granted underwriters a 45-day option to purchase up to an additional 360,000 Class A ordinary shares and 360,000 common 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 including new equipment and manufacturing facility upgrades.

The Securities and Exchange Commission declared the company's registration statement on Form F-1 effective on January 29, 2026. Beijing-based Elong Power develops high-power lithium-ion batteries for electric vehicles and construction machinery, as well as energy storage systems. The Cayman Islands company is led by Chairwoman and CEO Xiaodan Liu.

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