Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and electric vehicles, has announced the closing of its $6 million underwritten public offering, before deducting placement agent fees, legal fees, administrative costs, and other offering-related expenses.

Maxim Group acted as the sole placement agent for the offering. Ortoli Rosenstadt served as U.S. securities counsel to Elong Power, while Pryor Cashman served as U.S. securities counsel to the placement agent.

The company issued 4,615,500 units at $1.30 per unit. Each unit consisted of one Class A ordinary share, or a pre-funded warrant instead of a share, and one common warrant to purchase one Class A ordinary share, carrying a par value of $0.0128 per share.

Each common warrant became exercisable immediately upon issuance at an initial exercise price of $1.30 per share, equal to the public offering price per unit. The warrants will expire three years from the issuance date.

The company plans to use the net proceeds for working capital, general corporate purposes, further product iteration and development, and production capacity expansion.

The company said the warrant exercise price is subject to customary anti-dilution adjustments in connection with share splits, share combinations, dividend distributions, subsequent equity sales, and other corporate restructurings.

The company’s shares trade on Nasdaq under the ticker symbol ELPW.

In February 2026, the company completed a $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.

According to Mercom’s Q1 2026 Funding and M&A for Energy Storage report, announced debt and public market financing for the Energy Storage sector in Q1 2026 totaled $1.1 billion in 12 deals. Overall funding decreased 3% YoY compared to Q1 2025, when $1.13 billion was raised across 13 deals.

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 offer consisted of 5,000,000 units and 10,000,000 pre-funded units.