Dragonfly Energy Announces Closing of $20.0 Million Underwritten Public Offering and Partial Exercise of Over-Allotment Option

RENO, Nev., June 22, 2023 (GLOBE NEWSWIRE) -- 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 closing of its previously announced 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 at a public offering price of $2.00 per share of common stock and accompanying warrant. The Company also simultaneously closed on the sale of an additional 1,405,000 shares of common stock and investor warrants to purchase up to an aggregate of 1,405,000 shares of common stock, which were sold pursuant to the partial exercise of the underwriters’ over-allotment option at the public offering price per security, less the underwriting discounts and commission.

The aggregate gross proceeds from this offering, including the partial over-allotment option, are approximately $22.8 million, before deducting underwriting discounts and commissions and 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 acted as lead bookrunner and as representative of the underwriters for the offering. Chardan acted 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 was made only by means of a prospectus. 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 [phone]; or Chardan Capital Markets, LLC, 17 State Street, Suite 2130, New York, New York 10004, at [phone], or by email at [e-mail].

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.