Dragonfly energy strikes deal with Chardan NexTech Acquisition 2 Corp.
Battery maker Dragonfly Energy Corp. has agreed to go public in a transaction valuing it at $500 million, including debt, according to people familiar with the matter. The agreement with Chardan NexTech Acquisition 2 Corp. is being financed through $128 million in the SPAC’s trust plus $230 million in additional financing,
Chardan is the latest SPAC to find a target during a difficult time for blank-check deals. Top banks including Goldman Sachs Group Inc. and Bank of America Corp. have pulled back from helping SPACs find companies to buy, Bloomberg News previously reported.
Dragonfly, based in Reno, Nevada, makes lithium-ion storage batteries, primarily used in recreational vehicles, marine vessels and in residences off the power grid, according to its website. Its products are non-toxic, and replace lead acid batteries. In 2021, Dragonfly generated $78 million in revenue and almost $9 million in adjusted earnings before interest, taxes, depreciation and amortization.Read more