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RENO, NV - Dragonfly Energy Holdings Corp. (NASDAQ:DFLI), a manufacturer of miscellaneous electrical machinery and equipment with a market capitalization of $15.9 million, announced the appointment of Dr. Vickram Singh as its new Chief Operating Officer. Dr. Singh, previously serving as the Senior Vice President of Technology, assumed his new role on Monday. According to InvestingPro data, the company faces significant operational challenges, with revenue declining 34.1% in the last twelve months.
Dr. Singh, 31, has been with Dragonfly Energy Corp., a wholly-owned subsidiary of the company, since April 2020. His expertise in materials science and engineering, reinforced by a Ph.D. from the University of Nevada, Reno, and a postdoctoral fellowship at the Lawrence Livermore National Laboratory, has been instrumental in his rapid rise within the company. The appointment comes at a crucial time, as InvestingPro analysis reveals the company’s Financial Health score is currently rated as Weak, with 14 additional key insights available to subscribers.
Under the terms of the employment agreement effective February 1, 2025, Dr. Singh will receive an initial annual base salary of $350,000, with the potential for a discretionary annual bonus up to 65% of his base salary. Additionally, he is eligible for long-term incentive awards with a target value of $550,000, at the discretion of the company’s Compensation Committee.
The agreement includes a standard confidentiality obligation, non-competition, and non-solicitation covenants, with certain severance benefits outlined in the event of termination without cause or for good reason, as defined in the agreement. These benefits include cash severance, COBRA premium reimbursements, and vesting of equity awards under specific conditions.
This strategic move comes as Dragonfly Energy continues to solidify its leadership team and aims to enhance its operational capabilities, with the company currently maintaining a negative EBITDA of $20.39 million. The stock has experienced significant volatility, declining 57.78% over the past six months. Dr. Singh’s appointment is not tied to any familial relationships within the company’s leadership or any material interest in transactions requiring disclosure. Comprehensive analysis of DFLI’s performance metrics and future outlook is available through InvestingPro’s detailed research reports, part of its coverage of over 1,400 US equities.
The information reported is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Dragonfly Energy Holdings Corp. has been making strategic moves to navigate its financial situation. The energy storage solutions provider has amended its existing loan terms and issued new equity securities, according to a recent SEC filing. The company has also faced a potential delisting from The Nasdaq Stock Market due to not meeting the minimum Market Value of Listed Securities (MVLS) requirement, but has since regained compliance with Nasdaq’s minimum bid price requirement.
In addition, Dragonfly Energy executed a one-for-nine reverse stock split of its issued and outstanding common stock, a move that did not affect any shareholder’s percentage interest in the company, except for the rounding up of fractional shares to the nearest whole number. On the analyst front, Canaccord Genuity has adjusted its price target on shares of Dragonfly Energy, reducing it to $1.25 from the previous $1.50, while still recommending a Buy rating on the stock. These are the recent developments for Dragonfly Energy as the company continues to adjust its financial frameworks and explore available options to maintain its financial health.
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