Dragonfly Energy Announces Pricing of $20.0 Million Underwritten Public Offering
20 June 2023 - 10:59PM
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy”
or the “Company”), an industry leader in energy storage and
producer of deep cycle lithium-ion storage batteries, today
announced the pricing of an underwritten public offering of
10,000,000 shares of common stock and investor warrants to purchase
up to an aggregate of 10,000,000 shares of common stock. Each share
of common stock is being sold together with one investor warrant to
purchase one share of common stock at a combined offering price of
$2.00. The investor warrants have an exercise price of $2.00 per
share, are immediately exercisable and will expire five years from
the date of issuance. The Company has granted the underwriters a
45-day option to purchase up to an additional 1,500,000 shares of
common stock, and/or investor warrants to purchase up to 1,500,000
shares of common stock, in any combinations thereof, at the public
offering price per security, less the underwriting discounts and
commission. The offering is expected to close on or about June 22,
2023, subject to customary closing conditions.
The aggregate gross proceeds from this offering
are expected to be approximately $20.0 million, before deducting
underwriting discounts and commissions and estimated offering
expenses payable by the Company and excluding the exercise of any
warrants.
The Company intends to use the net proceeds from
the offering for working capital and general corporate
purposes.
Roth Capital Partners is acting as lead
bookrunner and as representative of the underwriters for the
offering. Chardan is acting as an additional bookrunner for the
offering.
A registration statement on Form S-1 (File No.
333-272401) relating to these securities was filed with the
Securities and Exchange Commission (“SEC”) on June 5, 2023 and was
declared effective by the SEC on June 20, 2023. The offering is
being made only by means of a prospectus. Copies of the preliminary
prospectus and, when available, copies of the final prospectus
relating to the offering may be obtained on the SEC’s website at
http://www.sec.gov or by contacting the offices of Roth Capital
Partners, LLC, 888 San Clemente, Newport Beach, CA 92660 Attention:
Prospectus Department, by telephone at (800) 678-9147; or Chardan
Capital Markets, LLC, 17 State Street, Suite 2130, New York, New
York 10004, at (646) 465-9000, or by email at
prospectus@chardan.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any offer or sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Dragonfly EnergyDragonfly
Energy Holdings Corp. (Nasdaq: DFLI) headquartered in Reno, Nevada,
is a leading supplier of deep cycle lithium-ion batteries.
Dragonfly Energy’s research and development initiatives are
revolutionizing the energy storage industry through innovative
technologies and manufacturing processes. Today, Dragonfly Energy’s
non-toxic deep cycle lithium-ion batteries are displacing lead-acid
batteries across a wide range of end-markets, including RVs, marine
vessels, off-grid installations, and other storage applications.
Dragonfly Energy is also focused on delivering an energy storage
solution to enable a more sustainable and reliable smart grid
through the future deployment of its proprietary and patented
solid-state cell technology.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all statements that
are not historical statements of fact and statements regarding the
Company’s intent, belief or expectations, including, but not
limited to, the closing of the underwritten public offering, the
use of proceeds from the offering, the Company’s future results of
operations and financial position, planned products and services,
business strategy and plans, market size and growth opportunities,
competitive position and technological and market trends. Some of
these forward-looking statements can be identified by the use of
forward-looking words, including “may,” “should,” “expect,”
“intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,”
“plan,” “targets,” “projects,” “could,” “would,” “continue,”
“forecast” or the negatives of these terms or variations of them or
similar expressions.
These forward-looking statements are subject to
risks, uncertainties, and other factors (some of which are beyond
the Company’s control) which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include those set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2022 and in the Company’s
subsequent filings with the SEC available at www.sec.gov.
If any of these risks materialize or any of the
Company’s assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that the Company
presently does not know or that it currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. All
forward-looking statements contained in this press release speak
only as of the date they were made. Except to the extent required
by law, the Company undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
Investor Relations Sioban Hickie, ICR,
Inc.DragonflyIR@icrinc.com
Source: Dragonfly Energy Holdings Corp.
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