Dragonfly Energy prices $55.4M offering; proposes restructuring of $92M term loan

Dragonfly Energy Holdings Corp.

Priced public offering of 36M shares at $1.35 and 5M pre-funded warrants at $1.3499 for gross $55.4M.
Net proceeds ~$51.7M; will prepay $45M of term loan debt and invest in dry electrode/solid-state battery tech.
Proposed debt restructuring: convert $25M to preferred stock (convertible at $3.15/sh), forgive $5M, remaining $17M at 12% with Oct 2027 maturity.
Lenders receive 8% cash dividend and 2% PIK on preferred; six-month lock on conversion; $5M liquidity covenant through Dec 2026.
Non-binding agreement in principle; closing subject to definitive documentation and closing conditions.

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