Elong Power closes $6.6M public offering on Nasdaq

Elong Power Holding Limited (Nasdaq: ELPW) has closed a registered public offering conducted on a best-efforts basis, raising approximately $6.6 million in gross proceeds before deducting placement agent fees and other expenses.

The Beijing-based lithium-ion battery energy storage company issued 16,500,000 units at $0.40 per unit. 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 and expire three years from the issuance date.

The company stated it intends to use net proceeds for working capital, general corporate purposes, product development, and production capacity expansion.

Maxim Group LLC served as the sole placement agent for the offering. The company's Form F-1 registration statement was declared effective by the U.S. Securities and Exchange Commission on July 9, 2026.

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