eLong Power Holding Limited Completes Business Combination with TMT Acquisition Corp
eLong Power Holding (Nasdaq: ELPW), a provider of high power battery technologies for commercial and specialty alternative energy vehicles and energy storage systems, has completed its business combination with TMT Acquisition Corp. The combined company will begin trading on the Nasdaq Stock Market under the symbol 'ELPW' on November 22, 2024. This strategic move aims to provide eLong Power with access to U.S. public equity markets, accelerating business expansion and creating new growth opportunities in the EV and energy storage industry.
eLong Power Holding (Nasdaq: ELPW), un fornitore di tecnologie per batterie ad alta potenza per veicoli commerciali e specializzati a energia alternativa e sistemi di stoccaggio energetico, ha completato la sua fusione commerciale con TMT Acquisition Corp. La società combinata inizierà a essere quotata sul mercato azionario Nasdaq con il simbolo 'ELPW' a partire dal 22 novembre 2024. Questa mossa strategica mira a fornire a eLong Power accesso ai mercati azionari pubblici degli Stati Uniti, accelerando l'espansione del business e creando nuove opportunità di crescita nel settore dei veicoli elettrici e dello stoccaggio energetico.
eLong Power Holding (Nasdaq: ELPW), un proveedor de tecnologías de baterías de alta potencia para vehículos comerciales y especializados de energía alternativa y sistemas de almacenamiento de energía, ha completado su fusión empresarial con TMT Acquisition Corp. La empresa combinada comenzará a cotizar en el mercado de valores Nasdaq bajo el símbolo 'ELPW' el 22 de noviembre de 2024. Este movimiento estratégico tiene como objetivo proporcionar a eLong Power acceso a los mercados de capitales públicos de EE.UU., acelerando la expansión del negocio y creando nuevas oportunidades de crecimiento en la industria de vehículos eléctricos y almacenamiento de energía.
eLong Power Holding (Nasdaq: ELPW)는 상업용 및 특수 대체 에너지 차량 및 에너지 저장 시스템을 위한 고성능 배터리 기술 공급업체로 TMT Acquisition Corp와의 사업 결합을 완료했습니다. 통합된 회사는 2024년 11월 22일부터 'ELPW' 기호로 Nasdaq 주식 시장에서 거래를 시작할 것입니다. 이 전략적 움직임은 eLong Power가 미국 공공 자본 시장에 접근할 수 있도록 하여 사업 확장을 가속화하고 전기차 및 에너지 저장 산업에서 새로운 성장 기회를 창출하는 것을 목표로 합니다.
eLong Power Holding (Nasdaq: ELPW), un fournisseur de technologies de batteries haute puissance pour les véhicules commerciaux et spécialisés à énergie alternative et les systèmes de stockage d'énergie, a achevé sa combinaison d'affaires avec TMT Acquisition Corp. La société combinée commencera à être cotée sur le marché boursier Nasdaq sous le symbole 'ELPW' à partir du 22 novembre 2024. Ce mouvement stratégique vise à donner à eLong Power un accès aux marchés d'équité publique aux États-Unis, en accélérant l'expansion de l'entreprise et en créant de nouvelles opportunités de croissance dans l'industrie des véhicules électriques et du stockage d'énergie.
eLong Power Holding (Nasdaq: ELPW), ein Anbieter von Hochleistungs-Batterietechnologien für kommerzielle und spezialisierte alternative Energiefahrzeuge sowie Energiespeichersysteme, hat seine Geschäftskombination mit TMT Acquisition Corp abgeschlossen. Das kombinierte Unternehmen wird ab dem 22. November 2024 unter dem Symbol 'ELPW' an der Nasdaq-Börse gehandelt. Dieser strategische Schritt zielt darauf ab, eLong Power den Zugang zu den öffentlichen Aktienmärkten der USA zu ermöglichen, das Unternehmenswachstum zu beschleunigen und neue Wachstumschancen in der EV- und Energiespeicherindustrie zu schaffen.
- Gained access to U.S. public equity markets through Nasdaq listing
- Strategic positioning to expand business operations
- Enhanced ability to explore growth opportunities in EV and energy storage sectors
- None.
Insights
The SPAC merger completion for eLong Power marks a significant development in the EV battery technology sector. The listing on Nasdaq provides the company with important access to U.S. capital markets, enabling potential fundraising opportunities for expansion. The timing aligns with growing demand for EV battery solutions and energy storage systems.
The company's focus on high-power battery technologies for commercial and specialty vehicles positions it in a rapidly growing market segment. However, investors should note that like many SPAC mergers, the initial period may see significant price volatility. The success will largely depend on eLong Power's ability to execute its growth strategy and compete with established players in the U.S. market.
The Chinese company's U.S. listing also comes amid heightened scrutiny of Chinese firms in American markets, which could impact investor sentiment and regulatory compliance costs.
Shares of eLong Power Holding Limited are anticipated to begin trading on the Nasdaq Stock Market under the symbol “ELPW” on November 22, 2024
Ganzhou, China, Nov. 21, 2024 (GLOBE NEWSWIRE) -- eLong Power Holding Limited (“eLong Power” or the “Company”) (Nasdaq: ELPW), a provider of high power battery technologies for commercial and specialty alternative energy vehicles and energy storage systems, today announced the completion of its business combination with TMT Acquisition Corp (“TMTC”) (Nasdaq: TMTCU, TMTC, and TMTCR), a publicly traded special purpose acquisition company. The combined entity is expected to begin trading on the Nasdaq Stock Market under the symbol “ELPW” on November 22, 2024.
The business combination is expected to provide eLong Power with access to the U.S. public equity markets and thereby accelerate its business expansion and position eLong Power to explore additional growth and value creating opportunities.
Ms. Xiaodan Liu, eLong Power’s Chairwoman and CEO, commented: “We are thrilled to complete our business combination with TMTC, resulting in a pivotal milestone for eLong Power. We expect this strategic move to accelerate our growth and position us to meet the rising demand in the EV and energy storage industry with our innovative solutions. We believe being traded on Nasdaq is crucial for our growth and expansion plan to position eLong Power as a global player. We look forward to leveraging this opportunity to drive innovation and growth while delivering long-term values for our shareholders.”
Advisors
The Crone Law Group, P.C. acted as U.S. legal advisor to TMTC and Ogier Global acted as the Cayman Islands legal advisor to TMTC. Graubard Miller acted as U.S. legal advisor to eLong Power, Harneys acted as Cayman Islands legal advisor to eLong Power and Han Kun Law Offices acted as China legal advisor to eLong Power.
About eLong Power
eLong Power Holding Limited, a Cayman Islands exempted company, is committed to the research and development, manufacturing, sales and service of high-power lithium-ion batteries for electric vehicles and construction machinery, as well as large-capacity, long-cycle lithium-ion batteries for energy storage systems. eLong Power is led by Ms. Xiaodan Liu, eLong Power’s Chairwoman and CEO.
eLong Power has a comprehensive product and technology system that includes battery cells, modules, system integration, and battery management system development, based on high-power lithium-ion batteries and battery system products for long-cycle energy storage devices. eLong Power offers advanced energy applications and full life cycle services. Its product portfolio includes products utilizing lithium manganese oxide and lithium iron phosphate, among others, to meet the needs of high-power applications and energy storage applications in various scenarios.
Forward-looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the products offered by eLong Power and the markets in which it operates, and eLong Power’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: the effect of the transaction on eLong Power’s business relationships, performance, and business generally; risks that the business combination disrupts current plans or operations of eLong Power; the outcome of any legal proceedings that may be instituted against eLong Power related to the business combination agreement or the business combination; the ability of eLong Power to maintain the listing of its securities on Nasdaq; the fact that the price of eLong Power’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which eLong Power operates; variations in performance across competitors; changes in laws and regulations affecting eLong Power’s business and changes in its capital structure; the ability to implement business plans, meet forecasts and other expectations, and identify and realize additional opportunities provided by the business combination; its need for substantial additional funds; the parties’ dependence on third-party suppliers; risks relating to the results of research and development activities, market and other conditions; its ability to attract, integrate, and retain key personnel; risks related to its growth strategy; risks related to patent and intellectual property matters; and the ability to obtain, perform under and maintain financing and strategic agreements and relationships. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding eLong Power’s business are described in detail in eLong Power’s SEC filings which are available on the SEC’s website at www.sec.gov, including in eLong Power’s registration statement on Form F-4 (File No. 333-280512) and eLong Power’s subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and eLong Power expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
eLong Power Investor Contact:
Shilin Xun
Email: xunshilin@elongpower.com
TMTC Contact:
TMT Acquisition Corp
Email: dguo@tmtacquisitioncorp.com
Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
FAQ
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