The Crone Law Group, P.C. advised TMT Acquisition Corp on its $450 million business combination with eLong Power Holding Limited

Written By Bela Vanacore

Ganzhou, China, November 21, 2024 (GLOBE NEWSWIRE) – The Crone Law Group, P.C. acted as U.S. legal advisor to TMT Acquisition Corp (“TMT”) (Nasdaq: TMTCU, TMTC, and TMTCR), a publicly traded special purpose acquisition company that was acquired by eLong Power Holding Limited (“eLong”) (Nasdaq: ELPW). eLong Power is a provider of high-power battery technologies for commercial and specialty vehicles and energy storage systems. The de-SPAC transaction was valued at $450,000,000.

The business combination was effected through a share exchange and subsidiary merger. At the closing, all of TMT’s non-redeeming shareholders exchanged their TMT shares and publicly traded TMT Rights for eLong’s Class A ordinary shares and TMT was merged into eLong’s Cayman Islands subsidiary. TMT is now a subsidiary of eLong and will be delisting from Nasdaq.  As part of the transaction, $7,000,000 was raised through concurrent PIPE financing to fund the business combination and ongoing working capital needs of the combined company.

Bela Vanacore
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