Elong Power Launches Securities Offering of Over 10 Million Units

MT Newswires Live07-07

Elong Power (ELPW) launched a securities offering of up to about 10.2 million units at an assumed price of $0.985 per unit, conducted on a best-efforts basis, the company said in a regulatory filing Tuesday.

Each unit consists of one class A ordinary share and one common warrant to purchase an additional class A ordinary share.

The company is also offering pre-funded units for those whose ownership would own more than 4.99% or, at the election of the purchaser, 9.99% of the outstanding class A ordinary shares.

Each pre-funded unit consists of one pre-funded warrant and one common warrant. The pre-funded warrants are exercisable immediately.

Shares of Elong Power declined over 2% in pre-bell activity on Tuesday.

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