CNTQ - Dragonfly Energy to go public via business combination with SPAC Chardan NexTech

Energy storage firm Dragonfly Energy is set to go public through business combination with SPAC Chardan NexTech Acquisition 2 Corp. (NASDAQ:CNTQ). The companies entered into a definitive agreement for a business combination that will value Dragonfly at an implied $500.1M pro forma enterprise value. The combined company will be renamed Dragonfly Energy upon closing of the deal and is likely to  be listed on the Nasdaq under the new ticker symbol "DFLI." All Dragonfly shareholders will roll 100% of their equity holdings into the new combined company. The transaction also includes an earn-out provision for up to an additional 40M shares. Proceeds from the transaction will be help drive the market penetration of Dragonfly's existing business and commercialize its proprietary and patented All-Solid-State-Battery technology. The business has track record of top line growth and has produced 17 quarters of profitability. In 2021, it generated revenue and adjusted EBITDA were $78M

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Dragonfly Energy to go public via business combination with SPAC Chardan NexTech