Dragonfly Energy dives in debut after de-SPACing

Dragonfly Energy Holdings

10/10/2022 18:59

** Shares of battery maker Dragonfly Energy Corp  DFLI.O 
down 15.1% at $11.88 in Nasdaq debut after SPAC merger
    ** DFLI falls as much as 36% to $8.98 on the session. Public
listing comes as the Nasdaq  .IXIC  fell 1% amid U.S. export
curbs on China  .N 
    ** Dragonfly on Fri completed business combination with
special-purpose acquisition company (SPAC) Chardan NexTech
Acquisition 2 Corp
    ** Deal, originally announced in May, brings Dragonfly ~$250
mln in proceeds, including private strategic investment from
recreational vehicle maker Thor Industries  THO.N   urn:newsml:reuters.com:*:nGNXQsnf4
    ** Transaction provides Dragonfly $150 mln equity facility
backed by the SPAC's sponsor
    ** Stifel and Chardan Capital Markets acted as advisors to
Dragonfly
    ** Shares of the SPAC (former ticker "CNTQ") more than
doubled last Weds to $27.95. They closed at $14 on Fri
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))