On December 1,2023, Elong Power Holding Limited (Epeng Energy) and SPAC TMTC signed a merger agreement to be listed on NASDAQ through backdoor SPAC. On December 18,2023, Epeng Energy filed with China Securities Regulatory Commission through the domestic operating entity Yilong Energy (Ganzhou) Co., LTD. On June 17,2024, it obtained the filing notice of overseas issuance and listing issued by China Securities Regulatory Commission.

According to the final merger agreement signed by the two parties, the precombined valuation of Epeng Energy is $450 million, and according to the additional valuation obtained by its expected performance to achieve the target, the combined valuation of Epeng Energy is as high as $540 million. After the closing, SPAC shares were transferred to Class ElongPower A shares, and PIPE raised $7 million. Supporting shareholders are receive 9 million shares in the future. Upon completion of the merger transaction, the existing shareholders of Epeng Energy will receive most of the outstanding shares of the combined TMTC.

Founded in 2014, Epeng Energy's main business in China focuses on the research and development, production and market application of high-power power batteries and large-capacity energy storage systems. It has established a complete industrial system in Chinese mainland, set up a R & D and operation center in Beijing, established a cell production and PACK system integration industrial base in Ganzhou, Jiangxi, established an energy storage PACK system integration industrial base in Zibo, Shandong, and intends to establish an industrial base and an international sales center in Southeast Asia and Europe respectively.

Yilong Energy merged and listed through SPAC and quickly entered the international capital market. This strategic move will greatly improve the international visibility and market influence, which will not only bring it the attention and financial support of the international capital market, but also lay a solid foundation for its future technological innovation and global market expansion.

Compared with the traditional IPO process, SPAC listing can greatly shorten the listing time of companies. Since SPAC has completed the listing process of the SEC and the exchange, if the listing subject and the merger and acquisition process meet the relevant US laws and regulations, the regulatory requirements of the SEC and pass the filing of the CSRC, they can obtain the status of the listed company after completing De-SPAC with SPAC Shell Company.

Sme Overseas Listed Capital Group is jointly established and initiated by the United Business Association and the Wall Street Listing Financing Office and other well-known institutions and professionals. The group focuses on the United States listing, with rich SPAC listing experience, is committed to helping more small and medium-sized enterprises in Asia to enter the overseas capital market, looking forward to the cooperation with you!