Dragonfly Energy Holdings (DFLI) Prices 10M Share Offering at $2/sh

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 [email protected].

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.

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