Battery Maker Dragonfly Energy To Begin Trading On Nasdaq

Author: Shivani Kumaresan | October 10, 2022 08:19am

Lithium-ion storage batteries producer Dragonfly Energy Corp completed its business combination with Chardan NexTech Acquisition 2 Corp (NASDAQ:CNTQ) on October 7, 2022.
Dragonfly's common stock and warrants are expected to trade on the Nasdaq Stock Exchange under the symbols DFLI and DFLIW, respectively.
The transaction generated committed capital of about $250 million in gross proceeds.
Dragonfly intends to use the proceeds to accelerate the market penetration of its existing business and commercialize its proprietary and patented All-Solid-State-Battery technology.
The company will continue to be led by Denis Phares, Chief Executive Officer, along with the rest of the management team.
The transaction was approved by Chardan's shareholders at a special meeting held on October 6, 2022.
"The proceeds from this transaction and our relationships with key partners, bring us closer to making safe, affordable energy storage a reality by facilitating the development and large-scale deployment of our All-Solid-State-Battery technology, while also helping us grow our existing core business," said Dragonfly CEO Denis Phares.
In 2021, Dragonfly generated $78 million in revenue and $9 million in Adjusted EBITDA.
Photo Via Company