Elong Power Holding Limited Announces Closing of US$7.0 Million Public Offering

Core Viewpoint - Elong Power Holding Limited has successfully closed a public offering, raising approximately US$7.0 million through the sale of 21,700,000 Units, each priced at US$0.3231, which includes Class A ordinary shares and common warrants [1] Group 1: Offering Details - The offering consisted of 21,700,000 Units, with each Unit comprising one Class A ordinary share and one common warrant [1] - Each common warrant is exercisable immediately at an exercise price of US$0.3231 per share, with adjustments set for March 3, 2026, and March 6, 2026, to 70% and 50% of the initial exercise price, respectively [1] - The underwriter has a 45-day option to purchase up to 3,255,000 additional Class A ordinary shares and/or common warrants to cover any over-allotment, which was partially exercised on February 27, 2026 [1] Group 2: Use of Proceeds - The proceeds from the offering, amounting to approximately US$7.0 million before deductions, will be used for general corporate purposes and working capital [1] Group 3: Company Overview - Elong Power is a provider of high power battery technologies for commercial and specialty alternative energy vehicles and energy storage systems [1] - The company focuses on the research, development, manufacturing, sales, and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity batteries for energy storage [1] - Elong Power's product portfolio includes lithium manganese oxide and lithium iron phosphate batteries, catering to high-power and energy storage applications [1]