- Lithium-ion storage batteries producer Dragonfly Energy Corp completed its business combination with Chardan NexTech Acquisition 2 Corp 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.
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