Elong Power raises $7M with 21.7M-unit public offering
Elong Power Holding Limited has priced an underwritten public offering of 21.7 million units at US$0.3231 per unit to raise US$7.0 million in gross proceeds. Each unit includes one Class A ordinary share and one warrant exercisable at US$0.3231 with three-year expiry and downward price adjustment features.
1. Offering Pricing
Elong Power Holding Limited has placed 21.7 million Units at US$0.3231 each under a firm commitment basis, generating approximately US$7.0 million in gross proceeds before underwriting discounts and expenses. The company granted underwriters a 45-day option to purchase up to 3.255 million additional Class A ordinary shares and/or warrants at the same price less discounts.
2. Warrant Structure
Each Unit includes one common warrant exercisable immediately at US$0.3231 per share with a three-year term. The exercise price will adjust to 70% and 50% of the initial price on the second and fifth trading days post-closing, and warrants can convert via a zero exercise price option for double the shares upon exercise.
3. Use of Proceeds and Closing
Proceeds are earmarked for general corporate purposes, working capital, sales network expansion and manufacturing capacity upgrades. The transaction is expected to close on February 27, 2026, subject to customary conditions.