India, July 10 -- Elong Power Holding Limited (ELPW) shares tumbled 45.33 percent to $0.3095, down $0.2565 on Friday from the previous close of $0.5660, after the company priced a registered offering of 16.5 million units at $0.40 per unit, raising expected gross proceeds of approximately $6.6 million.
The stock opened at $0.3318 and traded between $0.2765 and $0.3320 during the session on the Nasdaq. Trading volume surged to 67.06 million shares, compared with an average daily volume of 7.33 million shares.
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 at an exercise price of $0.40. The company said it intends to use the n...