Elong Power secures $3.26M from warrant exercise agreement

Elong Power Holding Limited, a company listed on NASDAQ under the ticker ELPW, has reached an agreement with institutional investors. The agreement pertains to a warrant inducement deal where investors have chosen to exercise their right to purchase outstanding warrants. These warrants were originally issued on May 18, July 13, and August 4, 2026.

The exercise price for the warrants is $1.80 per share, and as a result, investors will purchase 1,808,803 Class A Ordinary Shares. The total gross proceeds anticipated from this transaction are around $3.26 million, after accounting for placement agent fees and offering expenses. The closing of these transactions is expected to take place on or around Friday, contingent upon all required closing conditions being met.

The shares that will be issued upon the exercise of these warrants are registered under a Form F-1 declaration approved by the Securities and Exchange Commission. In addition to this, Elong Power has also agreed to issue fresh warrants, allowing the purchase of 2,713,204 Class A Ordinary Shares at an exercise price of $2.50 per share.

These new warrants can be immediately exercised and will be valid for a period of three years from their issuance date. The company has committed to submitting a registration statement, within 30 days, detailing the resale of the shares that will be issued upon the exercise of these fresh warrants. This registration statement must be approved by the SEC within 45 days, or by no later than 90 days if the SEC conducts a full review.

Maxim Group LLC is serving as the financial advisor for this transaction. Elong Power specializes in the manufacturing and provision of lithium-ion battery energy storage systems. These systems cater to various applications including portable energy storage, residential energy storage, commercial and industrial energy storage, and utility-scale energy storage.