Dragonfly Energy Announces 1-For-9 Reverse Stock Split

Core Viewpoint - Dragonfly Energy Holdings Corp. announced a 1-for-9 reverse stock split of its common stock, effective November 22, 2024, to reduce the number of outstanding shares and potentially enhance the stock's marketability [1][4]. Summary by Sections Reverse Stock Split Details - The reverse stock split will convert every nine pre-split shares into one share, maintaining the par value at $0.0001 per share [2]. - The total number of shares will decrease from approximately 63.2 million to about 7.0 million [3]. - The reverse stock split will not change the authorized number of shares and will apply uniformly to all stockholders, with adjustments made for any fractional shares [2][4]. Approval and Implementation - The reverse stock split was approved by a majority of votes at the Annual Meeting of Stockholders on November 12, 2024, with the Board deciding on a 1-for-9 ratio [4]. - Equinity Trust Company, LLC will act as the exchange and transfer agent for the reverse stock split, and stockholders need not take any action if their shares are held in book-entry form or brokerage accounts [5]. Company Overview - Dragonfly Energy is a leader in lithium battery technology, specializing in cell manufacturing and battery pack assembly, with a focus on energy storage solutions [6]. - The company is known for its Battle Born Batteries® brand and has a significant presence in various applications, including energy storage systems and electric vehicles [6].