Dragonfly Energy restructures term loan: $45M prepaid, $25M exchanged for Series B preferred, $5M forgiven

Dragonfly Energy Holdings Corp.

Repaid $45M of term loan from Oct 17 equity offering; issued $25M of 8% cash + 2% PIK Series B preferred convertible at $3.15/share.
Lenders forgave $5M of principal; remaining $17M bears 12% fixed interest, matures Oct 2027.
Paid $0.9M fee ($450k cash + $450k added to principal); certain covenants waived through Dec 2026.
New monthly minimum liquidity covenant of $5.0M; lenders cannot convert preferred for 6 months.
If not redeemed by Oct 2027, holders can require redemption; 25% of net future equity proceeds used to redeem preferred.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Dragonfly Energy Holdings Corp. issued $25 million of shares of newly created Series B preferred stock of preferred stock to the Lenders for in exchange for $25 million outstanding principal amount of the loan.

Security: preferred stock
Shares: $25 million of shares of newly created Series B preferred stock
Purchaser: the Lenders
Consideration: in exchange for $25 million outstanding principal amount of the loan

Exact text from the filing

the Company has agreed to issue $25 million of shares of newly created Series B preferred stock of the Company (the “Preferred Stock”) in exchange for $25 million outstanding principal amount of the loan, which Preferred Stock will be issued following the filing of a certificate of designation for the Preferred Stock with the Secretary of State of the State of Nevada

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Dragonfly Energy Holdings Corp. filing history →

Source: SEC EDGAR

accession 0001493152-25-018691

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