Dragonfly Energy Announces Closing of $28.75 Million Underwritten Offering of Common Stock including Full Exercise of Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Dragonfly Energy (Nasdaq: DFLI) closed an underwritten offering of 23,000,000 shares (including full exercise of a 3,000,000‑share option) at $1.25 per share, generating gross proceeds of approximately $28.75 million on October 8, 2025. The company said net proceeds will fund working capital, repay $4.0 million of its term loan, and support near‑term revenue initiatives and scaling of dry electrode and solid‑state battery investments. The offering was conducted under an effective Form S‑3 shelf registration.

Positive

• Gross proceeds of $28.75 million
• Repayment of $4.0 million term loan
• Funding for scaling dry electrode and solid‑state battery work

Negative

• Issuance of 23,000,000 new shares may dilute shareholders
• Public offering price of $1.25 indicates low per‑share raise
• Net proceeds reduced by underwriting discounts and offering expenses

Insights

Capital Markets Strategist

Completed $28.75M equity raise; proceeds earmarked for working capital, a $4.0M loan repayment, and battery technology investment.

The company sold 23,000,000 shares at $1.25 each, including a full 3,000,000 share exercise of the underwriters' option, generating gross proceeds of $28.75 million. The transaction used an existing shelf registration and involved Canaccord Genuity as sole bookrunner and Roth Capital Partners as co-manager.

Net proceeds will fund working capital, repay $4.0 million of term debt, and support near-term revenue initiatives and scaling of the dry electrode process toward solid-state battery work. Watch execution on the stated technology scaling and the actual net cash after offering costs; expect clarity on these items within the next few quarters.

RENO, Nev., Oct. 08, 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 the closing of an underwritten offering of 23,000,000 shares of common stock, which includes the full exercise of the underwriters’ option to purchase an additional 3,000,000 shares of common stock, at a public offering price of $1.25 per share. The gross proceeds to the Company, before deducting underwriting discounts and commissions and estimated offering expenses, were approximately $28.75 million.

Canaccord Genuity acted as the sole bookrunner for the offering. Roth Capital Partners acted as co-manager for the offering.

Dragonfly Energy intends to use the net proceeds from the offering for working capital and other general corporate purposes, including the repayment of $4.0 million under its term loan agreement, continued investments in initiatives intended to drive near term revenue, and continued strategic investment in next generation battery technologies, including scaling the dry electrode process and its application to solid-state batteries.

The offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-275559) that was declared effective by the Securities and Exchange Commission (“SEC”) on November 24, 2023. A final prospectus supplement with the final terms of the offering was filed with the SEC and is available for free on the SEC’s website, located at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from Canaccord Genuity LLC, Attention: Syndication Department, One Post Office Square, Suite 3000, Boston, Massachusetts 02109, or by telephone at (617) 371-3900, or by email at prospectus@cgf.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.

About Dragonfly Energy

Dragonfly Energy Holdings Corp.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 about the anticipated use of proceeds from the offering. 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. Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “may,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offering, as well as risks and uncertainties associated with the Company’s business and finances in general, including the risks and uncertainties in the section captioned “Risk Factors” in the preliminary prospectus supplement related to the offering that will be filed with the SEC, the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Report on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

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

FAQ

How many shares did Dragonfly Energy (DFLI) sell in the October 8, 2025 offering?

Dragonfly sold 23,000,000 shares, including the full exercise of a 3,000,000‑share underwriter option.

What were the gross proceeds and price per share in Dragonfly Energy's (DFLI) offering?

The offering raised approximately $28.75 million gross at a public offering price of $1.25 per share.

How will Dragonfly Energy (DFLI) use the proceeds from the offering?

Proceeds are intended for working capital, repayment of $4.0 million under its term loan, revenue initiatives, and battery R&D scaling.

Which banks managed Dragonfly Energy's (DFLI) underwritten offering?

Canaccord Genuity acted as sole bookrunner and Roth Capital Partners served as co‑manager.

Was Dragonfly Energy's (DFLI) offering registered with the SEC?

Yes, the offering was made under a Form S‑3 shelf registration declared effective on November 24, 2023.

Where can investors find the final prospectus for Dragonfly Energy's (DFLI) offering?

The final prospectus supplement is available for free on the SEC website (www.sec.gov) and from Canaccord Genuity's syndication department.