New York, June 9, 2026, 15:09 (EDT)
- Elong Power shares surged 58.3% to $1.22 in afternoon deals, after hitting a session high of $2.72.
- Trading volume jumped past 123 million shares for the Nasdaq-listed battery-storage company, a sharp surge.
- The action followed a $6 million unit offering completed weeks earlier and a 1-for-80 reverse share split in March.
Shares of Elong Power Holding Limited jumped on the Nasdaq Tuesday, as the Chinese battery-storage name posted a steep rally. Trading was heavy. The low-priced stock had recently raised cash from investors.
The stock jumped 58.3% to $1.22 in afternoon action. Shares opened at $1.28, trading as low as 79 cents and as high as $2.72. Market data showed volume at roughly 123.1 million shares.
Timing is an issue here. Elong’s investor-relations site showed its most recent press releases as the May 15 pricing details and the May 18 closing for a $6 million public offering. There’s no June 9 company release among the latest.
The U.S. market session ran as usual. Nasdaq’s 2026 holiday calendar shows the next June market day off is Juneteenth, June 19. June 9 does not appear as a holiday.
Elong said May 18 it sold 4,615,500 units at $1.30 each. Each unit came with one Class A ordinary share, or a pre-funded warrant instead, plus a common warrant for another Class A share at $1.30. A warrant lets holders buy shares at a fixed price, raising the share count if exercised.
The company said it raised about $6 million in gross proceeds before fees and expenses. It plans to spend the money on working capital, corporate needs, product development and expanding capacity. Maxim Group was the sole placement agent.
Tuesday’s action came after Elong carried out a 1-for-80 reverse split in March. The split, or share consolidation, cut the share count and pushed up the price per share, though it doesn’t add any business value on its own. Elong said the reverse split became effective when trading opened on Nasdaq on March 12. The company said the move was to keep in line with a Nasdaq rule that needs a closing bid above 10 cents.
The annual report from the company outlines changes since the stock shift. Elong said in March it sold Elong Power International and other units to WAY (Hong Kong) Limited for $10,000, as it stepped out of unprofitable battery manufacturing and pivoted to a slimmer business, now focused on energy-storage systems.
Elong is still running lean. The company posted a net loss of $5.57 million for 2025 and negative operating cash flow of $2.66 million, according to its annual filing. Elong also ended the year with a $14.0 million working-capital deficit and a shareholders’ deficit of $22.74 million as of Dec. 31.
The stock move outpaced other battery and energy-storage stocks. Eos Energy dropped roughly 6.1%, Solid Power slid 5.9%, and Microvast slipped about 3.7% in afternoon trade, according to market data.
The setup isn’t all upside. Elong has cautioned that it may need more equity or debt funding. More equity would mean “substantial dilution,” so current shareholders might end up with less of the company if new shares hit the market. The company also said that if it can’t raise the money it needs on good terms, that could slow down its product work and put its finances under pressure.
The action is on the tape. Shares stayed under the $1.30 unit price from the May deal, despite Tuesday’s pop. Investors now have to square a sharp rally with the recent financing terms and the company’s ongoing cash requirements.
