Dragonfly Energy Announces Pricing of $25.0 Million Underwritten Offering of Common Stock

Rhea-AI Summary

Dragonfly Energy (Nasdaq: DFLI) priced an underwritten common-stock offering of 20,000,000 shares at $1.25 per share for gross proceeds of approximately $25.0 million, before underwriting discounts, commissions and expenses. The company granted underwriters a 30‑day option to buy up to an additional 3,000,000 shares at the public offering price.

The offering is expected to close on or about October 7, 2025. Net proceeds are planned for working capital and general corporate purposes, including the repayment of $4.0 million under the company’s term loan and continued investments in near‑term revenue initiatives and next‑generation battery technologies (scaling the dry electrode process and solid‑state battery applications).

Canaccord Genuity is sole bookrunner and Roth Capital Partners is co‑manager. The offering is made under a Form S‑3 shelf registration declared effective by the SEC on November 24, 2023.

Positive

• Gross proceeds of approximately $25.0 million
• $4.0 million planned term‑loan repayment to reduce debt
• Allocated funds for near‑term revenue initiatives
• Planned R&D investment to scale dry electrode and solid‑state battery work
• Underwriting support from Canaccord Genuity and Roth Capital

Negative

• Share issuance of 20,000,000 shares (capital dilution)
• Underwriter option for up to 3,000,000 additional shares (further dilution potential)
• Gross proceeds stated before underwriting discounts, commissions and offering expenses

Insights

Capital Markets Analyst

Equity raise provides near-term liquidity but dilutes shareholders; objectives include debt repayment and R&D investment.

Dragonfly Energy priced an underwritten common stock offering of 20,000,000 shares at $1.25 per share for gross proceeds of approximately $25.0 million, with a 30-day option for an additional 3,000,000 shares. The company intends to use net proceeds for working capital, to repay $4.0 million under its term loan, and to fund revenue-driving initiatives and next-generation battery development including scaling a dry electrode process and solid-state applications.

Key dependencies and risks include share dilution from the primary issuance and any exercise of the option, and the company's ability to convert the stated investments into material revenue or technical milestones. The financing reduces near-term leverage by repaying the term loan but does not guarantee improved operational cash flow; execution on stated initiatives will determine material impact.

Watch the closing around Oct 7, 2025, whether underwriters exercise the 30-day option, and subsequent disclosures on use of proceeds and R&D milestones; these items should clarify the financing's effect over the next several quarters.

RENO, Nev., Oct. 06, 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 pricing of an underwritten offering of 20,000,000 shares of common stock at a price to the public of $1.25 per share, for gross proceeds of approximately $25.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. All shares of common stock are being offered by Dragonfly Energy. In addition, Dragonfly Energy has granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of its common stock at the public offering price for the common stock, less underwriting discounts and commissions. The offering is expected to close on or about October 7, 2025, subject to the satisfaction of customary closing conditions.

Canaccord Genuity is acting as the sole bookrunner for the offering. Roth Capital Partners is acting 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 is being 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 preliminary prospectus supplement and accompanying prospectus relating to the offering has been filed with the SEC and a final prospectus supplement with the final terms of the offering will be filed with the SEC and will be 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, when available, 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 Company’s expectations regarding the satisfaction of customary closing conditions related to the offering and the anticipated use of proceeds therefrom. 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. There can be no assurances that we will be able to complete the offering on the anticipated terms, or at all. 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) offer and at what price?

Dragonfly Energy offered 20,000,000 shares at $1.25 per share.

What are the expected gross proceeds and when will the DFLI offering close?

Gross proceeds are approximately $25.0 million, and the offering is expected to close on or about October 7, 2025.

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

Proceeds will fund working capital, repay $4.0 million of a term loan, support near‑term revenue initiatives, and invest in dry electrode and solid‑state battery development.

Does Dragonfly Energy (DFLI) have an over-allotment option in this offering?

Yes — underwriters have a 30‑day option to buy up to an additional 3,000,000 shares at the public offering price.

Who are the underwriters for the DFLI common stock offering?

Canaccord Genuity is the sole bookrunner and Roth Capital Partners is co‑manager.

Under what registration was the DFLI offering made?

The offering is made under a Form S‑3 shelf registration declared effective by the SEC on November 24, 2023.