Dragonfly Energy Holdings (DFLI) Announces 1:9 Reverse Share Split

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI), maker of Battle Born Batteries^® and an industry leader in energy storage, today, announced today that it will effect a 1-for-9 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on Friday, November 22, 2024. Dragonfly Energy’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “DFLI” and under a new CUSIP number, 26145B 304.

As a result of the reverse stock split, every nine pre-split shares of common stock outstanding will become one share of common stock. The par value of Dragonfly Energy’s common stock will remain unchanged at $0.0001 per share after the reverse stock split. The reverse stock split will not change the authorized number of shares of Dragonfly Energy’s common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in Dragonfly Energy’s equity, except to the extent that the reverse stock split results in some stockholders owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Instead, in lieu of any fractional shares to which a stockholder of record would otherwise be entitled as a result of the reverse stock split, the Company will issue to such stockholder such additional fraction of a share as is necessary to increase such resulting fractional share to a full share of common stock. The reverse stock split will also apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under Dragonfly Energy’s equity incentive plans.

The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 63.2 million to approximately 7.0 million.

The Company’s stockholders approved the reverse stock split by a majority of the votes cast at the Company’s Annual Meeting of Stockholders held on November 12, 2024, to be effected in the discretion of the Company’s board of directors (the “Board”) at a ratio of not less than 1-for-5 and not more than 1-for-20 (the “Reverse Stock Split Proposal”). The Board approved the reverse stock split at a ratio of 1-for-9 on November 11, 2024, subject to stockholder approval of the Reverse Stock Split Proposal.

Equinity Trust Company, LLC is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.

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