Dragonfly Energy Announces 1-For-10 Reverse Stock Split

Rhea-AI Summary

Dragonfly Energy (Nasdaq: DFLI) will effect a 1-for-10 reverse stock split effective at the commencement of trading on December 18, 2025. Every ten pre-split shares will become one post-split share; authorized shares and par value ($0.0001) remain unchanged. The split reduces shares outstanding from approximately 120.8 million to 12.1 million and will apply to outstanding warrants and options with a proportionate adjustment to exercise prices. Fractional shares will be paid in cash. The company said the reverse split is a technical step to maintain Nasdaq compliance; the Board approved the 1-for-10 ratio on December 2, 2025. Trading will continue under the ticker DFLI and a new CUSIP 26145B 403.

Positive

• Shares reduced ~90% from 120.8M to 12.1M
• Effective trading date Dec 18, 2025
• Warrants and options adjusted proportionately
• New CUSIP 26145B 403; ticker remains DFLI

Negative

• Reverse split intended to maintain Nasdaq compliance

Key Figures

Reverse split ratio 1-for-10 Common stock reverse split effective Dec 18, 2025

Pre-split shares 120.8 million Approximate common shares outstanding before reverse split

Post-split shares 12.1 million Approximate common shares outstanding after reverse split

Par value $0.0001 per share Par value of common stock remains unchanged post-split

Authorized range 1-for-2 to 1-for-50 Reverse split ratio range approved by stockholders Oct 15, 2025

Effective date December 18, 2025 Reverse stock split effective for trading at market open

Market Reality Check

$0.7101 Last Close

Volume Volume 7,498,700 is below the 20-day average of 13,163,570 (relative volume 0.57x). low

Technical Price at 0.7101 is trading above the 200-day MA of 0.64 despite recent weakness.

Peers on Argus 1 Up 1 Down

Sector peers show mixed, volatile moves: in the watchlist, EPOW is up 10.01% while XPON is down 5.56%, and several related electrical equipment names in the broader peer set show single‑digit declines. DFLI’s -10.47% move and reverse split news appear more stock‑specific than a uniform sector rotation.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 10	Rail partnership	Positive	+8.3%	Distribution deal with National Railway Supply and lithium battery standard approval.
Dec 08	Marine OEM expansion	Positive	+6.5%	World Cat expands use of Battle Born batteries as standard equipment.
Nov 28	Product launch	Positive	+2.4%	Launch of Battle Born industrial-grade Power Station 3000 and Pro 5000 units.
Nov 25	Product expansion	Positive	+14.0%	Broadened Battle Born product lineup and app updates for off-grid markets.
Nov 24	Trucking order	Positive	+4.9%	Werner Enterprises places first order for DualFlow Power Pack systems.

Pattern Detected

Recent news has focused on commercial wins and product expansion, each followed by positive price reactions, contrasting with the negative reaction to this structural reverse split announcement.

Recent Company History

Over the last month, Dragonfly Energy issued a series of commercially focused updates. Orders from Werner Enterprises, new product launches, and expanded Battle Born offerings on Nov 24–28 and Dec 8 all saw positive next‑day moves between roughly +2% and +14%. The Dec 10 railway distribution partnership also coincided with a gain of 8.28%. Against that backdrop of growth‑oriented catalysts drawing favorable reactions, the 1‑for‑10 reverse split on Dec 16 represents a more technical capital action rather than an operating milestone.

Market Pulse Summary

This announcement details a 1‑for‑10 reverse stock split that reduces outstanding common shares from about 120.8 million to 12.1 million without changing par value or authorized share count. It uniformly affects holders, with cash paid in lieu of fractional shares, and adjusts warrants and stock options proportionately. Recent filings describe capital raises and debt restructuring, while prior news highlighted commercial wins and product expansion. Investors may watch future operating updates and capital structure disclosures following this technical change.

Key Terms

reverse stock split financial

"it will effect a 1-for-10 reverse stock split of its outstanding common stock"

A reverse stock split is when a company reduces the number of its shares outstanding, making each share more valuable. For example, if you own 100 shares worth $1 each, a 1-for-10 reverse split would turn your 100 shares into 10 shares worth $10 each. Companies often do this to boost their stock price and appear more stable to investors.

cusip financial

"will continue to trade ... under a new CUSIP number, 26145B 403"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

par value financial

"The par value of Dragonfly Energy’s common stock will remain unchanged at $0.0001"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

warrants financial

"will also apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

stock options financial

"apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

equity incentive plans financial

"and under Dragonfly Energy’s equity incentive plans"

Equity incentive plans are company programs that pay employees, executives, or directors with company stock, stock options, or share units instead of or in addition to cash, aiming to align their interests with shareholders—like giving team members a stake in the house they help build. For investors this matters because such plans can motivate better company performance but also dilute existing ownership and increase reported compensation costs, so they affect future earnings, voting power, and share value.

AI-generated analysis. Not financial advice.

RENO, Nev., Dec. 16, 2025 (GLOBE NEWSWIRE) -- Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), an industry leader in energy storage and battery technology, today, announced today that it will effect a 1-for-10 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on Thursday, December 18, 2025. Dragonfly Energy’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “DFLI” and under a new CUSIP number, 26145B 403.

As a result of the reverse stock split, every ten pre-split shares of common stock outstanding will become one share of common stock. The par value of Dragonfly Energy’s common stock will remain unchanged at $0.0001 per share after the reverse stock split. The reverse stock split will not change the authorized number of shares of Dragonfly Energy’s common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in Dragonfly Energy’s equity, except to the extent that the reverse stock split results in some stockholders owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Instead, any fractional shares to which a stockholder of record would otherwise be entitled as a result of the reverse stock split, the Company will pay to such stockholders cash in lieu of such fractional shares. The reverse stock split will also apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options, with a proportionate adjustment to the exercise prices thereof, and under Dragonfly Energy’s equity incentive plans.

The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 120.8 million to approximately 12.1 million.

“This reverse stock split is a technical step to maintain Nasdaq compliance and position the Company for its next phase of growth,”‌ said Dr. Denis Phares, Chief Executive Officer of Dragonfly Energy. “Recent capital raises and debt restructuring have materially strengthened our balance sheet and improved liquidity. With a more durable financial foundation, Dragonfly is focused on scaling revenue, deepening strategic partnerships, and investing in differentiated battery technologies that support long-term value creation.”

The Company’s stockholders approved the reverse stock split by a majority of the votes cast at the Company’s Annual Meeting of Stockholders held on October 15, 2025, to be effected in the discretion of the Company’s board of directors (the “Board”) at a ratio of not less than 1-for-2 and not more than 1-for-50 (the “Reverse Stock Split Proposal”). The Board approved the reverse stock split at a ratio of 1-for-10 on December 2, 2025.

Equinity Trust Company, LLC is acting as the exchange agent and transfer agent for the reverse stock split. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with any procedural questions.

About Dragonfly Energy

Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit investors.dragonflyenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical statements of fact and statements regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding the Company’s reverse stock split, the Company’s future results of operations and financial position, planned products and services, business strategy and plans, market size and growth opportunities, competitive position and technological and market trends. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions.

These forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the Company’s control) which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Such factors include those set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company’s subsequent filings with the SEC available at www.sec.gov. If any of these risks materialize or any of the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Investor Relations
Eric Prouty
Szymon Serowiecki
AdvisIRy Partners
DragonflyIR@advisiry.com

Source: Dragonfly Energy Holdings Corp.

FAQ

When does Dragonfly Energy's 1-for-10 reverse stock split take effect for DFLI?

The reverse stock split is effective for trading at the start of trading on December 18, 2025.

How many DFLI shares will be outstanding after the 1-for-10 reverse split?

Shares outstanding will fall from approximately 120.8 million to 12.1 million after the reverse split.

Will Dragonfly Energy change its Nasdaq ticker or CUSIP after the split (DFLI)?

The ticker will remain DFLI; the company will use a new CUSIP, 26145B 403.

What happens to fractional DFLI shares after the 1-for-10 reverse split?

No fractional shares will be issued; holders entitled to fractions will receive cash in lieu of fractional shares.

How are Dragonfly Energy warrants and stock options affected by the reverse split (DFLI)?

Outstanding warrants and options will be adjusted proportionately to reflect the 1-for-10 reverse split, including exercise prices.

Did Dragonfly Energy’s board approve the 1-for-10 reverse split and when was approval given?

The Board approved a 1-for-10 ratio on December 2, 2025 under a prior stockholder-authorized range of 1-for-2 to 1-for-50.