Elong Power Closes US$1.38 Million Public Offering

BEIJING – Elong Power Holding Limited (Nasdaq: ELPW) has announced the closing of its previously announced registered public offering, conducted on a best-efforts basis, raising gross proceeds of approximately US$1.38 million.

The company issued an aggregate of 11,466,666 units at an offering price of US$0.12 per unit. Each unit consists of one Class A ordinary share, with a par value of US$0.0128 per share, and one common warrant to purchase one Class A ordinary share.

Each common warrant is immediately exercisable upon issuance at an initial exercise price of US$0.12, equal to the public offering price per unit. The 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 warrants will expire on the third anniversary of the issuance date.

The gross proceeds figure is before the deduction of placement agent fees, legal fees, administrative and other offering-related expenses. Elong Power said it intends to use the net proceeds for working capital requirements, general corporate purposes, as well as further product iteration and development and production capacity expansion.

Maxim Group LLC acted as sole placement agent for the offering. Ortoli Rosenstadt LLP acted as U.S. securities counsel to the company, while Pryor Cashman LLP acted as U.S. securities counsel to the placement agent.

The company's Registration Statement on Form F-1 (File No. 333-297612) was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on July 28, 2026. The offering was made exclusively by means of a prospectus contained within the effective F-1 registration statement, copies of which may be obtained from Maxim Group LLC in New York or accessed through the SEC website.

Elong Power is an exempted company incorporated under the laws of the Cayman Islands. It focuses on lithium battery energy storage systems as its core business, with a strategic layout covering overseas residential and commercial and industrial (C&I) energy storage, as well as grid-side energy storage in China. The company is chaired and led by Ms Xiaodan Liu as Chief Executive Officer.

The announcement noted that the press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities.