Elong Power Holding Limited Announces Pricing of US$7.6 Million Public Offering

Core Viewpoint - Elong Power Holding Limited has announced a public offering of 2,400,000 Units at a price of US$3.16 per Unit, aiming to raise approximately US$7.6 million for various corporate purposes [1][3]. Group 1: Offering Details - The offering consists of Units that include one Class A ordinary share or a pre-funded warrant to purchase one Class A ordinary share, along with a common warrant to purchase one Class A ordinary share [1]. - Each common warrant will expire three years from issuance and is exercisable immediately at an exercise price of US$3.16 per share, with potential adjustments to the exercise price [2]. - The offering is expected to close on February 3, 2026, subject to customary closing conditions [3]. Group 2: Use of Proceeds - The proceeds from the offering will be allocated for general corporate purposes and working capital [3]. - Funds will also be used for expanding the sales network, including hiring sales personnel and developing regional sales channels [3]. - Additionally, the company plans to invest in production and capacity expansion, including new equipment and upgrades to manufacturing facilities [3]. Group 3: Underwriting and Legal Aspects - The underwriters have a 45-day option to purchase up to an additional 360,000 Class A ordinary shares and/or common warrants at the public offering price [4]. - Maxin Group LLC is the exclusive underwriter, while Ortoli Rosenstadt LLP and Pryor Cashman LLP are acting as U.S. securities counsel for the company and the underwriter, respectively [4]. Group 4: Company Overview - Elong Power is focused on the research, development, manufacturing, sales, and service of high-power lithium-ion batteries for electric vehicles and energy storage systems [7]. - The company has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system development [8]. - Elong Power's product portfolio includes lithium manganese oxide and lithium iron phosphate batteries, catering to high-power and energy storage applications [8].