eLong Power Shares Fall in Nasdaq Debut After SPAC Deal

Dow Jones03:30

By Josh Beckerman

Shares of eLong Power Holding fell on their first day of trading on Nasdaq after a merger with blank-check company TMT Acquisition.

The stock was recently down 6.8% at $2.05 Friday, with an intraday range of $1.75 to $2.36. On Thursday, TMT shares fell 66%.

China-based eLong Power provides battery technology for vehicles and energy-storage systems.

The company said July 1 that it received a contract valued at about $11 million for an energy storage system for intelligent charging robots. In June it reported an energy-storage-system contract worth about $66 million for a municipal project.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 22, 2024 14:30 ET (19:30 GMT)

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