Elong Power Raises $6M by Issuing 4.6M Units with $1.30 Warrants
Elong Power issued 4,615,500 units at $1.30 per unit, raising approximately US$6.0 million in gross proceeds. Each unit comprises one Class A ordinary share and one warrant exercisable at $1.30 until May 2029, with anti-dilution protections in place.
1. Public Offering Details
Elong Power completed a registered public offering on a best-efforts basis, issuing 4,615,500 units at US$1.30 per unit to generate gross proceeds of approximately US$6.0 million before fees and expenses.
2. Warrant Structure
Each unit includes one common warrant exercisable immediately at US$1.30 per share, subject to customary anti-dilution adjustments, and set to expire three years from issuance in May 2029.
3. Use of Proceeds
The company plans to apply net proceeds toward working capital, general corporate purposes, further product iteration and development, and expansion of its production capacity.