Elong Power files for best-efforts offering of 40M units

Elong Power Holding Limited (Nasdaq: ELPW) has announced the closing of a best-efforts public offering of 16,500,000 units, with each unit priced at US$0.40, generating US$6.6 million in gross proceeds. Each unit includes one Class A ordinary share and a common warrant exercisable at US$0.40 per share, with the warrant expiring three years from issuance. The offering was conducted under a registration statement declared effective.

Maxim Group LLC served as the sole placement agent for the offering, while legal counsel to the company. The company plans to use the net proceeds for working capital and product development.

This offering follows a similar public offering in February 2026, which raised approximately US$7.0 million. The company has also previously announced a May 2026 offering of 4,615,500 units at US$1.30 per unit, expected to raise US$6.0 million.

Elong Power, a Cayman Islands-based company, focuses on the development and sale of lithium-ion battery energy storage systems for commercial, industrial, and residential applications. The company is led by Ms. Xiaodan Liu, Chairwoman and CEO. The company’s strategy emphasizes R&D, AI integration, and expansion.

As with all offerings, the press release includes forward-looking statements subject to risks. Investors are encouraged to review the company’s filings with the SEC for additional details.