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- Controlled Company (new) — The Supporting Shareholder will control 85.6% of voting power, making Elong a controlled company under Nasdaq rules and reducing governance protections for minority shareholders.
- Material Weakness (new) — The company disclosed three material weaknesses in internal controls over financial reporting for 2022 and 2021.
Elong Power Holding Ltd. (ELPW) goes public via SPAC merger with TMT Acquisition Corp; terms set in 424B3 filing
Filed October 2, 2024 · ~2 min read
Key Changes
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Elong Power Holding Ltd. is going public through a business combination with SPAC TMT Acquisition Corp, as detailed in a 424B3 filing.
The Offering verify on EDGAR → -
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The company reported a GAAP net loss of $7.4 million in 2023, an improvement from $9.8 million in 2022, but still a significant loss.
Management's Discussion and Analysis verify on EDGAR → -
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Revenue fell 52.9% to $3.2 million in 2023 from $6.8 million in 2022, driven by lower sales volume due to facility relocation and a major customer's product transformation.
Management's Discussion and Analysis verify on EDGAR →
4 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 2, 2026 · How we verify