Elong Power closes $1.38M public offering

Elong Power Holding Limited, a Cayman Islands-incorporated provider of lithium-ion battery energy storage systems, announced the closing of its registered public offering on a best-efforts basis. The company issued 11,466,666 units at $0.12 per unit, each consisting of one Class A ordinary share and one common warrant to purchase an additional Class A ordinary share. The warrants are immediately exercisable at $0.12 and expire three years from issuance. Gross proceeds totaled approximately $1.38 million before expenses. Net proceeds will be used for working capital, general corporate purposes, product iteration and development, and production capacity expansion. Maxim Group acted as sole placement agent, with Ortoli Rosenstadt LLP as company counsel and Pryor Cashman LLP as placement agent counsel. The offering was made under an effective Form F-1 registration statement declared effective by the SEC on July 28, 2026.