Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and electric vehicles, has announced the closing of its $7.6 million underwritten public offering.
Maxim Group served as the exclusive underwriter. Ortoli Rosenstadt acted as U.S. securities counsel to the company, while Pryor Cashman served as U.S. securities counsel to the underwriter in connection with the Offering.
The offering is based on 2,400,000 units on a firm commitment basis at a price of $3.16 per unit. Each unit comprises one Class A ordinary share, par value of $0.00016 per share, of the company and one common warrant to purchase one Class A Ordinary Share.
Each Common Warrant will expire three years from the date of issuance and is exercisable immediately on the date of issuance at an exercise price of $3.16 per share, of the initial exercise price of the common warrants, and the number of Class A ordinary shares underlying the common warrants will be proportionately increased.
The company received these total gross proceeds, before deducting underwriting discounts and other offering expenses, and it plans to use them for general corporate needs and working capital.
A registration statement on F-1 was filed with the U.S. Securities and Exchange Commission and was declared effective by the SEC on January 29, 2026.
According to Mercom’s Annual and Q4 2025 Funding and M&A for Energy Storage report, announced debt and public market financing for Energy Storage companies in 2025 decreased 30% YoY, with $11.4 billion in 44 deals compared to $16.2 billion in 32 deals in 2024. Despite raising less capital, deal activity increased 38% YoY.
In January 2025, Li-Cycle, a lithium-ion battery recycling company, announced the closing of its previously announced underwritten public offering, raising approximately $15 million in gross proceeds. The company plans to use the net proceeds from this offering for working capital and general corporate purposes. The offering consisted of 5,000,000 units and 10,000,000 pre-funded units.
