Dragonfly Energy to Acquire Battle Born Energy Storage for $15M

TL;DR

DFLI buying Battle Born Energy for $15M, closing Q3.

AI Summary

Dragonfly Energy Holdings Corp. announced on June 11, 2024, that it has entered into a definitive agreement to acquire all outstanding equity interests in Battle Born Energy Storage for an aggregate purchase price of $15 million. The acquisition is expected to close in the third quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition could significantly expand Dragonfly Energy's market presence and product offerings in the energy storage sector.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges and potential overpayment, which could impact Dragonfly Energy's financial performance.

Key Numbers

• $15.0M — Acquisition Price (Aggregate purchase price for Battle Born Energy Storage)

Key Players & Entities

• Dragonfly Energy Holdings Corp. (company) — Acquiring company
• Battle Born Energy Storage (company) — Target company
• $15 million (dollar_amount) — Aggregate purchase price
• third quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share DFLI The Nasdaq Global M
• $11.50 — or common stock at an exercise price of $11.50 per share, subject to adjustment DFLI
• $1.00 — mmon stock had closed below the minimum $1.00 per share requirement set forth in Nasd

Filing Documents

• form8-k.htm (8-K) — 44KB
• 0001493152-24-023482.txt ( ) — 263KB
• dfli-20240611.xsd (EX-101.SCH) — 4KB
• dfli-20240611_def.xml (EX-101.DEF) — 26KB
• dfli-20240611_lab.xml (EX-101.LAB) — 36KB
• dfli-20240611_pre.xml (EX-101.PRE) — 25KB
• form8-k_htm.xml (XML) — 6KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 11, 2024 DRAGONFLY ENERGY HOLDINGS CORP. (Exact name of registrant as specified in its charter) Nevada 001-40730 85-1873463 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 1190 Trademark Drive #108 Reno , Nevada 89521 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (775) 622-3448 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share DFLI The Nasdaq Global Market Redeemable warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment DFLIW The Nasdaq Capital Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 8.01 Other Events. As previously disclosed on a Current Report on Form 8-K filed by Dragonfly Energy Holdings Corp. (the " Company "), on December 12, 2023, the Company received a written notice from the Listing Qualifications Department (the " Staff ") of The Nasdaq Stock Market LLC (" Nasdaq ") notifying the Company that, for the 30 consecutive business days preceding the receipt of the notice, the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Market (the " Minimum Bid Price Requirement "). The Company was provided an initial period of 180 calendar days, or until June 10, 2024, to regain compliance with the Minimum Bid Price Requirement. Upon receipt on June 7, 2024 of both the Company's application to transfer from The Nasdaq Global Market to The Nasdaq Capital Market and written notification by the Company of its intent to regain compliance with the Minimum Bid Price Requirement, including by effecting a reverse stock split, if necessary, the Staff notified the Company in a letter dated June 11, 2024 (the " Second Nasdaq Notice "), that the Company is eligible for an additional 180 calendar day period, or until December 6, 2024, to regain compliance (the " Second Compliance Period "). If at any time during this period the bid price of the Company's common stock closes at or above $1.00 per share for a minimum of ten, and generally not more than 20, consecutive business days, the Staff will provide the Company with written confirmation of compliance and the matter will be closed. The Staff's determination was based, in part, on the Company meeting the applicable requirements for initial listing on The Nasdaq Capital Market except for the Minimum Bid Price Requirement. As of the opening of business on June 12, 2024, the Company's common stock will be transferred to The Nasdaq Capital Market, where it will continue to trade under the symbol "DFLI". The Company intends to continue actively monitoring the bid price for its shares of common stock between now and the expiration of the Second Compliance Period and will consider all available options to resolve the deficiency including a reverse stock split, if necessary. However, there can be no assurance that the Company will be able to regain or maintain compliance with the Nasdaq listing criteria or meet the continued listing requirements of The Nasdaq Capital Market. If the Company does not regain compliance with the Minimum Bid Price Requirement by the end of the Second Compliance Period, Nasdaq will notify the Company that its common stock is subject to delisting. At that time, the Company may appeal the Staff's delisting determination to a Nasdaq hearings panel. However, there ca

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View this 8-K filing on SEC EDGAR