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RENO - Dragonfly Energy Holdings Corp. (Nasdaq:DFLI), a battery technology company with a market capitalization of $116.69 million, announced Monday the pricing of an underwritten public offering of 20 million shares of common stock at $1.25 per share, expected to generate approximately $25 million in gross proceeds. According to InvestingPro data, the company’s stock has seen a remarkable 188% surge in the past week.
The battery technology company has granted underwriters a 30-day option to purchase up to an additional 3 million shares at the same price. The offering is expected to close on or about October 7, subject to customary closing conditions.
Canaccord Genuity is serving as the sole bookrunner for the offering, with Roth Capital Partners acting as co-manager.
According to the company’s statement, Dragonfly Energy plans to use the net proceeds for working capital and general corporate purposes, including repaying $4 million under its term loan agreement. This debt reduction comes at a crucial time, as InvestingPro analysis indicates potential challenges with debt servicing. Funds will also support initiatives aimed at driving near-term revenue, with analysts forecasting 25% revenue growth for FY2025, and continued investment in next-generation battery technologies, specifically scaling the dry electrode process and its application to solid-state batteries.
The offering is being conducted pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission in November 2023.
Dragonfly Energy, which operates the Battle Born Batteries brand, specializes in lithium battery technology, including cell manufacturing, battery pack assembly, and system integration. While the company maintains a healthy gross profit margin of 25.56%, InvestingPro analysis reveals 14 additional key insights about the company’s performance and outlook, available in the comprehensive Pro Research Report. The company focuses on developing domestic lithium battery cell production using its patented dry electrode manufacturing process.
This announcement is based on information provided in a company press release statement.
In other recent news, Dragonfly Energy Holdings Corp. has been selected for first-round funding by Nevada Tech Hub, securing approximately $300,000. This funding will aid the company in modernizing its production systems and advancing ISO 9001 certification. Dragonfly Energy plans to utilize this non-dilutive capital to upgrade its battery manufacturing lines. Additionally, Ember Recreational Vehicles has standardized Dragonfly’s Battle Born Batteries in its 2026 Overland Series travel trailers. This new standard includes a "Max Solar Package" that offers significant off-grid power capabilities.
Moreover, Dragonfly Energy has been granted U.S. Patent No. 12,403,782 for its Wakespeed Charge Control technology. This patent covers technology that facilitates the transfer of power from towing vehicles to trailers, enhancing onboard battery charging. The innovation addresses limitations in traditional vehicle-to-trailer charging systems, expanding the company’s intellectual property portfolio in advanced power systems. These developments mark significant strides for Dragonfly Energy in both technological advancement and industry partnerships.
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