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Dragonfly is a battery technology company and a leading supplier of non-toxic deep cycle lithium-ion batteries to replace lead-acid batteries in a wide range of end markets including RVs, marine, off-grid equipment and other storage applications.
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In 2021, Dragonfly generated $78 million in revenue at a 3-year CAGR of 119%, generating an adjusted $9 million. EBITDA with 17 quarters of profitability.
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The transaction generated total committed capital of approximately $250 million. This includes (i) his $25 million equity stake, including his undisclosed strategic investment from THOR Industries (NYSE: THO), which was completed in July 2022; (ii) $75 million of senior collateral; Includes Term Loan Facility. Led by Energy Impact Partners, partly used to refinance existing debt of $45 million and pay transaction-related expenses; and (iii) after closing of the $150 million Chardin Equity Facility (ChEF) Availability.
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The transaction accelerates Dragonfly’s mission to create a more sustainable and reliable smart grid and increase market penetration for its existing business through the future deployment of its proprietary, patented solid-state battery technology. increase.
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Dragonfly Energy Holdings Corp. common stock will begin trading on the Nasdaq today at market open Oct. 10thunder the ticker “DFLI”.
RENO, NV, Oct. 10, 2022 (GLOBE NEWSWIRE) — Dragonfly Energy Corp., an industry leader in energy storage and manufacturer of deep cycle lithium-ion batteries, today announced its business integration with Chardan NexTech Acquisition 2. announced that it was completed. Corp (“CNTQ”) will be merged on October 7, 2022. The combined company will operate under the name Dragonfly Energy Holdings Corp. (“Dragonfly” and the “Company”).
At today’s open on October 10, 2022, Dragonfly’s common stock and warrants will trade on the Nasdaq Stock Exchange (“Nasdaq”) under the symbols “DFLI” and “DFLIW” respectively. The company will continue to be led by his Dr. Denis Phares, Chief Executive Officer, along with other members of his current Dragonfly management team.
The transaction was approved by CNTQ’s shareholders at a special meeting held on October 6, 2022 (the “Special Meeting”). More than 99.9% of the votes cast on the business combination proposal at the special general meeting were cast in favor of approving the business combination. CNTQ shareholders also voted in favor of all other proposals presented at the Extraordinary General Meeting.
Dragonfly CEO Dr. Denis Phares said: “Becoming a publicly traded company is an important and exciting step forward for us. Proceeds from this transaction and relationships with key partners will be used to advance the development and large-scale deployment of all-solid-state battery technology to ensure It will also help us grow our existing core business, while moving us closer to achieving affordable energy storage in the US.”
Jonas Grossman, Chief Executive Officer and Director of CNTQ, said: The Chardan team brings decades of his SPAC, direct investment, and cleantech investment banking expertise and looks forward to continuing our partnerships with leaders and innovators in this space. We are pleased to announce that Dragonfly is now a publicly traded company and smart to enable a clean and renewable future.He is poised to revolutionize energy storage. “
said Harry Giovani, managing partner at Energy Impact Partners Credit Group. “Dragonfly is excited to help scale and develop best-in-class disruptive energy storage technology.”
EIP Credit Group partner Tal Sheynfeld added: We are thrilled to welcome the company to his EIP family as the company’s visionary management team expands into different areas. “
Transaction overview
The transaction generated total committed capital of approximately $250 million. This includes (i) his $25 million equity stake, including his undisclosed strategic investment from THOR Industries (NYSE: THO), which was completed in July 2022; (ii) $75 million of senior collateral; Includes Term Loan Facility. Led by Energy Impact Partners, partly used to refinance existing debt of $45 million and pay transaction-related expenses; and (iii) after closing of the $150 million Chardin Equity Facility (ChEF) Availability.
Dragonfly will use the proceeds to commercialize a unique, patented solid-state battery technology that accelerates the market penetration of its existing business and dramatically reduces dependence on the power grid.
advisor
Stifel, Nicolaus & Company, Incorporated (“Stifel”) acted as financial advisors and O’Melveny & Myers, LLP and Parsons Beble & Latimer acted as legal advisors to Dragonfly.
Chardan Capital Markets LLC (“Chardan”) acted as financial advisor, Stifel and Chardan acted as joint offering agents, and Skadden, Arps, Slate, Meagher & Flom LLP and Brownstein Hyatt Farber Schreck, LLP acted as legal advisor to CNTQ I was. Chapman and Cutler LLP acted as advisor to Energy Impact Partners.
About dragonfly
Headquartered in Reno, Nevada, Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a leading supplier of deep cycle lithium-ion batteries. Dragonfly’s R&D initiative is revolutionizing the energy storage industry through innovative technology and manufacturing processes. Today, Dragonfly’s non-toxic deep cycle lithium-ion batteries are replacing lead-acid batteries in a wide range of end markets, including RVs, marine, off-grid installations and other storage applications. Dragonfly is also focused on providing energy storage solutions that enable a more sustainable and reliable smart grid through future deployments of our proprietary patented solid-state cell technology. For more information, please visit www.dragonflyenergy.com/investors.
Forward-Looking Statements
Litigation Reform Act of 1995. Forward-looking statements include all statements that are not statements of historical fact and statements regarding our intentions, beliefs or expectations. Planned products and services, business strategies and plans, market size and growth opportunities, competitive position, technology and market trends. Some of these forward-looking statements are known as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “project.” , and by the use of forward-looking words such as “believe”. , “anticipate,” “plan,” “goal,” “project,” “may,” “will,” “continue,” “predict,” or the negative of any of these terms, or Variations thereof or similar expressions.
These forward-looking statements are subject to risks, uncertainties and other factors, some of which are beyond our control, and actual results may vary depending on such forward-looking statements. It may differ materially from what is expressed or implied. Factors that may affect such forward-looking statements include, but are not limited to: our ability to recognize anticipated benefits from our recent business combination with Chardan NexTech Acquisition 2 Corp. and related transactions; Our ability to successfully penetrate the target market. growth of the available markets we intend to target; our ability to retain senior management team members and other key personnel; our ability to maintain relationships with key suppliers, including those in China; our ability to maintain relationships with key customers; The Company’s post-closing ability to access capital as and when required under his ChEF of $150 million. our ability to protect patents and other intellectual property; Our ability to successfully optimize solid state cells, produce commercially viable solid state cells in a timely or non-timely manner, and scale to mass production. our ability to achieve the expected benefits of customer engagements with THOR and THOR’s affiliated brands (including Keystone); Impact of the COVID-19 pandemic. This includes its mutations and variants and/or the Russian-Ukrainian conflict. our ability to generate revenue from future product sales and our ability to achieve and maintain profitability; Our ability to compete with other manufacturers in the industry and our ability to attract our target customers and successfully turn these customers into meaningful orders in the future. These and other risks and uncertainties are part of the “Risk Factors” and “Forward-Looking Statements” statements in our registration statement on Form S-4 relating to the business combination declared effective by the U.S. Securities and Exchanges. more fully described in the section entitled “Notes on Securities and Exchange Commission (“SEC”) on September 16, 2022, our current report on Form 8-K filed with the SEC on October 7, 2022, and our subsequent filings with the SEC .
If any of these risks materialize or any of our assumptions prove incorrect, actual results could differ materially from those implied by these forward-looking statements. I have. There may be additional risks that we are not currently aware of or that we currently do not believe to be material that could cause actual results to differ from those contained in the forward-looking statements. I have. All forward-looking statements contained in this press release speak only as of the date they are made. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances occurring after the date such statements were made.
Dragonfly contacts:
PR for investors
Shioban Hickey, ICR Corporation
DragonflyIR@icrinc.com
media
Zach Gorin, ICR, Inc.
DragonflyPR@icrinc.com
Source: Dragonfly Energy Holdings Co., Ltd.
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