Dragonfly Energy closes $28.75 million stock offering

Dragonfly Energy Holdings Corp. (NASDAQ: DFLI) completed an underwritten public offering of 23 million shares of common stock at $1.25 per share, generating gross proceeds of approximately $28.75 million before fees and expenses.

The offering included the full exercise of underwriters' option to purchase an additional 3 million shares. Canaccord Genuity served as sole bookrunner, with Roth Capital Partners acting as co-manager.

The company plans to use net proceeds for working capital and general corporate purposes. This includes repaying $4 million under its term loan agreement, investing in revenue-driving initiatives, and funding development of battery technologies including dry electrode processes and solid-state batteries.

The offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission that became effective in November 2023.

Dragonfly Energy manufactures lithium batteries and operates the Battle Born Batteries brand. The Nevada-based company focuses on cell manufacturing, battery pack assembly, and system integration for energy storage, electric vehicles, and consumer electronics applications.

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