benzinga10d ago
Elong Power Holding Limited (NASDAQ:ELPW) stock fell Monday following the announcement of a public offering priced at $3.16 per unit, raising concerns among investors.The stock’s decline comes as the broader market is advancing, with the S&P 500 up 0.39% and the Nasdaq up 0.67%.ELPW’s $7.6 Million Public Offering DetailsThe company announced the pricing of its underwritten public offering of 2,400,000 units at $3.16 per unit. Gross proceeds from the offering are anticipated to be approximately $7.6 million, to be used for general corporate purposes, expanding the sales network, and enhancing production capacity.Each unit consists of one Class A ordinary share (or a pre-funded warrant in lieu thereof) and one common warrant to purchase an additional Class A ordinary share. The common warrants are exercisable immediately at an initial exercise price of $3.16 per share and will expire three years from issuance. The offering includes a 45-day option for underwriters to ...Full story available on Benzinga.com