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

Core Viewpoint - Elong Power Holding Limited has successfully closed a public offering of 2,400,000 Units at a price of US$3.16 per Unit, raising approximately US$7.6 million for general corporate purposes and working capital [1][4]. Group 1: Offering Details - Each Unit in the offering consists of one Class A ordinary share and one Common Warrant to purchase an additional Class A ordinary share [1]. - The Common Warrants are exercisable immediately at an exercise price of US$3.16 per share, with adjustments to 70% and 50% of the initial price on specified dates [2]. - The underwriter has a 45-day option to purchase up to 360,000 additional Class A ordinary shares and/or Common Warrants to cover over-allotments, with partial exercise already executed for 242,270 Common Warrants [3]. Group 2: Financial Proceeds and Use - The total gross proceeds from the offering amount to approximately US$7.6 million before deducting underwriting discounts and expenses [4]. - The proceeds will be utilized for general corporate purposes and working capital [4]. Group 3: 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, and battery management systems, catering to high-power applications and energy storage needs [8].