Dragonfly Energy completes SPAC listing to boost solid state battery biz
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Battery technology company Dragonfly Energy has completed a listing through a merger with a special purpose acquisition company (SPAC).
Dragonfly Energy, an industry leader in energy storage and producer of deep cycle lithium-ion storage batteries, completed its business combination with Chardan NexTech Acquisition 2 Corp.
The combined company will operate under the name Dragonfly Energy Holdings Corp, the company said in a statement.
The transaction generated a committed capital of $250 million in gross proceeds consisting of $25 million in equity, a $75 million senior secured term loan facility from Energy Impact Partners, and the post-closing availability of a $150 million Chardan Equity Facility, according to the company.
The transaction will accelerate Dragonfly's mission to create a more sustainable, reliable smart grid through the future deployment of its proprietary and patented All-Solid-State-Battery technology and increase market penetration of its existing business.
Dragonfly's common stock and warrants now trade on the Nasdaq Stock Exchange under the symbols "DFLI" and "DFLIW," respectively.
The company will continue to be led by Dr Denis Phares, Chief Executive Officer, alongside the rest of the current Dragonfly management team.
"Becoming a public company is an important and exciting step forward for us. 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 Phares.
Jonas Grossman, Chief Executive Officer and Director of CNTQ, added, "through the acquisition of Dragonfly, CNTQ achieved its intent to merge with a disruptive technology company that delivers environmentally impactful solutions benefiting all stakeholders".
"The Chardan team has multiple decades of SPAC, direct investment, and investment banking expertise in Clean Technologies, and we look forward to continuing our partnerships with leaders and innovators in the space. We are excited as Dragonfly becomes a public company and is poised to revolutionise smart energy storage to enable a clean, renewable future," Grossman added.
Dragonfly intends to use the proceeds to accelerate the market penetration of its existing business and commercialise its proprietary and patented All-Solid-State-Battery technology that will dramatically reduce reliance on the power grid.
