Elauwit Connection, Inc. Announces Closing of the Underwriter's Partial Exercise of its Over-Allotment Option in Connection with its Initial Public Offering

Rhea-AI Summary

Elauwit Connection (NASDAQ: ELWT) closed the underwriter's partial exercise of its over-allotment option on November 24, 2025, selling an additional 68,989 shares at the IPO price of $9.00 per share (less underwriting discounts).

The over-allotment closing generated approximately $0.6 million of additional gross proceeds, bringing total IPO gross proceeds to about $15.6 million before underwriting discounts and offering expenses. Craig-Hallum Capital Group acted as sole bookrunner; counsel to the company and underwriters were named. The offering was made on a firm commitment basis and a final prospectus is available via the SEC.

Positive

• Additional capital of $0.6 million raised from over-allotment
• Sold 68,989 additional shares at the IPO price of $9.00

Negative

• Issued 68,989 extra shares, increasing share count and potential dilution
• Gross proceeds remain before underwriting discounts and offering expenses

Insights

Capital Markets Analyst

Elauwit closed a partial over-allotment, selling 68,989 shares at $9.00, raising an incremental $0.6 million.

Elauwit Connection, Inc. completed the underwriter’s partial exercise of its over-allotment tied to the IPO, increasing total gross proceeds by $0.6 million on top of the previously disclosed $15.0 million. The sale comprised 68,989 shares at the IPO price of $9.00 per share, before underwriting discounts and offering expenses, and the deal was run on a firm commitment basis with Craig-Hallum Capital Group LLC as sole bookrunner.

The business effect is straightforward: the company received modest additional cash with no new disclosed terms or contingencies. Key dependencies include final net proceeds after underwriting discounts and offering costs, plus how management plans to deploy the incremental funds. Watch for updated filings or statements showing net proceeds allocation and any changes to the company’s cash-runway; near-term updates are most likely within standard post-IPO reporting windows (Q4 2025 disclosures and subsequent SEC filings).

Columbia, South Carolina--(Newsfile Corp. - November 24, 2025) - Elauwit Connection, Inc. (NASDAQ: ELWT) ("Elauwit" or the "Company"), a national managed services provider delivering turnkey broadband and property-wide WiFi networks for multifamily and student housing communities, today announced that it closed the sale of an additional 68,989 shares of the Company's common stock, representing the partial exercise of the underwriter's over-allotment option granted in connection with the Company's initial public offering (the "IPO", and together with such over-allotment closing, the "Offering"), at the IPO price of $9.00 per share, less underwriting discounts. As a result, the Company has raised gross proceeds of $0.6 million in addition to the previously announced IPO gross proceeds of approximately $15.0 million, before deducting underwriting discounts and other offering expenses.

The Offering was conducted on a firm commitment basis. Craig-Hallum Capital Group LLC acted as the sole bookrunner for the Offering. Harter Secrest & Emery LLP acted as counsel to the Company, and Pryor Cashman LLP acted as counsel to the underwriters for the Offering.

A registration statement on Form S-1 (File No. 333-289964) relating to the Offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and became effective pursuant to Section 8(a) of the Securities Act of 1933, amended, on November 2, 2025. The Offering is being made only by means of a prospectus. Copies of the final prospectus related to the Offering may be obtained from Craig-Hallum Capital Group LLC, 323 N. Washington Ave., Suite 300, Minneapolis, MN 55401, Attn: Equity Capital Markets, or by telephone at (612) 334-6300, or by email at prospectus@chlm.com. In addition, a copy of the final prospectus can also be obtained via the SEC's website at www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Elauwit

Elauwit is a national managed services provider that designs, builds, and operates premium broadband and property-wide WiFi networks for multifamily and student housing communities. With a focus on service quality, reliability, and measurable asset value, Elauwit enables property owners to deliver always-on connectivity as a modern amenity and a source of recurring NOI growth.

For more information, visit www.elauwit.com

Contacts:
Elauwit Connection, Inc.
Katie Hayward, VP Marketing
+1-704-558-3099
sales-pr@elauwit.com

Investor Relations:
Matt Kreps, Darrow Associates
+1-214-597-8200
mkreps@darrowir.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275738

FAQ

How many additional shares did Elauwit (ELWT) sell on November 24, 2025?

Elauwit sold an additional 68,989 shares as the underwriter partially exercised the over-allotment.

How much additional capital did ELWT raise from the over-allotment option?

The company raised approximately $0.6 million in additional gross proceeds from the over-allotment closing.

What was the IPO share price for Elauwit (ELWT)?

The over-allotment shares were sold at the IPO price of $9.00 per share, less underwriting discounts.

What are Elauwit’s total IPO gross proceeds after the over-allotment?

Total IPO gross proceeds are approximately $15.6 million, before underwriting discounts and offering expenses.

Who acted as bookrunner for Elauwit’s IPO?

Craig-Hallum Capital Group acted as the sole bookrunner for the offering.