Dragonfly Energy launches $49M public offering and proposes debt restructuring

Dragonfly Energy Holdings Corp.

Offering of 36M shares at $1.35 and 5M pre-funded warrants at $1.3499, net proceeds ~$51.7M.
Proceeds to repay $45M of Term Loan, fund working capital, and invest in battery tech.
Restructuring: convert $25M debt to preferred convertible at $3.15, 8% cash + 2% PIK dividend.
Lenders forgive $5M; remaining $17M at 12% due Oct 2027; $5M liquidity covenant.
Non-binding; closing expected Oct 17, 2025; underwriter option for 6.15M additional shares.

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