Dragonfly has entered into a definitive business combination agreement with Chardan NexTech Acquisition 2 Corp. (Nasdaq: CNTQ); upon closing, the combined company will be listed on the Nasdaq under the new ticker DFLI.
Dragonfly has a track record of top line growth and has produced 17 quarters of profitability. 2021 revenue and adjusted EBITDA were $78 million and $8.7 million, respectively, both representing an 80+% CAGR since 2018.
Pro forma enterprise value of the combined company is expected to be approximately $500 million. All Dragonfly shareholders will roll 100% of their equity holdings into the new combined company.
Funding to support the business combination includes $128 million cash from trust (assuming no redemptions), a $75 million senior secured term loan for which Energy Impact Partners is lead arranger and a $5 million equity investment from CNTQ’s Sponsor. The…
Dragonfly Energy, a Leading Energy Storage Company, to Publicly List on Nasdaq through Business Combination with Chardan NexTech Acquisition 2 Corp.
