Dragonfly Energy Corp. SPAC merger finalized with shares on Nasdaq as of October 10 th
Jump to heading Dragonfly Energy Corp. SPAC merger finalized with shares on Nasdaq as of October 10th
Dragonfly Energy Corp., an industry leader in energy storage, announced October 7, 2022 it completed its business combination with Chardan NexTech Acquisition 2 Corp (CNTQ), now called Dragonfly Energy Holdings Corp.
Dragonfly's common stock and warrants are trading on the Stock Exchange as of October 10, 2022 using the tickers DFLI and DFLIW, respectively. Chief Executive Officer, Dr. Denis Phares and the rest of the current Dragonfly management team will continue to lead the company.
CNTQ's shareholders approved the transaction at a special meeting on October 6. Over 99.9% of the votes cast for merging were in favor of greenlighting the deal.
Dr. Phares, has stated they look forward to Dragonfly's new chapter in becoming a publicly traded company. The CEO also hopes the profits earned from this transaction will bring the company closer to realizing safe, affordable energy storage while also growing the existing business.
Jonas Grossman, CEO and Director of CNTQ says the combination with a tech company that delivers environmentally impactful solutions will benefit all stakeholders. The Chardan team has decades of experience in SPAC, direct investment, and investment banking expertise in Clean Technologies. Dragonfly board members look forward to continuing their collaborations with industry leaders as a public company and are confident in new smart energy storage enabling a clean, renewable future.
Harry Giovani, managing partner at Energy Impact Partners Credit Group, states they are excited to help Dragonfly in expanding and developing its best-in-class, disruptive energy storage technologies. EIP’s partner Tal Sheynfeld added that Dragonfly's products offer environmentally friendly energy storage solutions and as such EIP are delighted to welcome the company as its pioneering management team grows into new markets.
The transaction produced committed capital in the amount of $250 million in gross proceeds that consisted of private investments and equity, secure term loans and post transactional availability in Chardon, Thor Industries and PIE.
Dragonfly hopes to use this to expand its present company and commercialize its exclusive and patented All-Solid-State-Battery technology, which will significantly decrease dependency on the power grid.
Dragonfly is a leading manufacturer of deep cycle lithium-ion batteries Dragonfly's R&D endeavors are transforming the energy storage sector with novel technology and production techniques. Dragonfly's non-toxic deep cycle lithium-ion batteries are already replacing lead-acid batteries in a variety of applications, including RVs, marine boats, off-grid installations, and other storage applications. Dragonfly is also committed to providing an energy storage solution that will allow a more sustainable and dependable smart grid via the future deployment of the Company's unique and patented solid-state cell technology.
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(ENDI Corp. and its affiliated Registered Investment Advisors do not own a position in Dragonfly Energy Holdings Corp. as of October 14, 2022.)
Tags: blank-check companies; SPACs; merger; trader deals; IPO; stock market;
special purpose acquisitions; acquisitions companies; PIPE; public equity; financing; public investments; Clean Technology; stock sales; Dragonfly; lithium-ion battery; solid state cell technology; NASDAQ; renewable energy; environmentally friendly; smart energy; EIP; warrants
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