Elong Power Holding Prices Registered Offering Of 4.6M Units At $1.30/Unit

Elong Power Holding Limited (NASDAQ:ELPW) ("Elong Power" or the "Company"), a comprehensive provider dedicated to the R&D, sales and scenario-oriented system solutions of lithium-ion battery energy storage systems, today announced the pricing of its registered offering of 4,615,500 units (each, a "Unit"), on a best efforts basis, at an offering price of US$1.30 per Unit (the "Offering").

Each Unit consists of one Class A ordinary share of the Company (or pre-funded warrant in lieu thereof), with a par value of US$0.0128 per share, and one common warrant to purchase one Class A ordinary share of the Company (the "Common Warrant"). The aggregate gross proceeds from the Offering are expected to be approximately US$6.0 million, prior to deducting placement agent fees, legal fees, administrative and other offering-related expenses.

Each Common Warrant will be immediately exercisable upon issuance at an initial exercise price of US$1.30, which is equal to the public offering price per Unit. The warrant exercise price is subject to customary anti-dilution adjustments in connection with share splits, share combinations, dividend distributions, subsequent equity sale and other corporate restructurings. The warrants will expire on the third anniversary of the issuance date.

The closing of the Offering is currently expected to take place on May 18, 2026, subject to the satisfaction of customary closing conditions set forth in the Securities Purchase Agreements and related transaction documents. The Company intends to use the net proceeds from the Offering for working capital requirements, general corporate purposes, as well as further product iteration & development and production capacity expansion.