Dragonfly Energy Holdings Corp. current report, Q2 FY2025

Business Context and Reporting Period

This Form 8-K Current Report from Dragonfly Energy Holdings Corp. (DFLI) covers events occurring on April 25, 2025, and April 28, 2025. The company, incorporated in Nevada and listed on the Nasdaq Capital Market, reported the results of a Special Meeting of Stockholders and the completion of a private placement financing.

Key Financial Metrics and Capital Structure

The filing details a significant capital raise through the issuance of Series A Convertible Preferred Stock. The company sold a total of 800 shares of Series A Preferred Stock at $10,000 per share, generating gross proceeds of $8,000,000.

  • Registered Direct Offering: 180 shares sold on February 27, 2025.
  • Private Placement (Initial Closing): 170 shares sold on February 27, 2025, plus warrants to purchase up to 4,000 additional shares.
  • Private Placement (Second Closing): 450 shares sold on April 28, 2025.
  • Conversion Terms: The Series A Preferred Stock issued in the Second Closing is convertible into Common Stock at a price of $0.594 per share, with a Floor Price of $0.10902.

The filing does not provide specific data on revenue, operating profit, cash flow, margins, or existing debt levels.

Material Changes and Corporate Actions

On April 25, 2025, the Company filed a Certificate of Amendment to its Articles of Incorporation, increasing the number of authorized Common Stock shares from 250,000,000 to 400,000,000. This change was approved by stockholders to facilitate future issuances related to warrants and convertible preferred stock.

Stockholders also approved the issuance of more than 20% of the Company's outstanding Common Stock underlying certain warrants and the Series A Convertible Preferred Stock to comply with Nasdaq Listing Rules 5635(b) and 5635(d).

Stockholder Voting Results

Proposal For Against Abstain Broker Non-Votes
1. Warrant Issuance Approval 3,865,285 394,756 13,414 1,288,227
2. Preferred Stock Issuance Approval 3,864,611 394,614 14,230 1,288,227
3. Increase Authorized Shares 4,695,723 853,394 12,565 N/A
4. Adjournment (Not Necessary) 5,283,724 231,785 46,173 N/A

Outlook, Risks, and Unusual Items

The Company is classified as an emerging growth company. The primary unusual item is the substantial dilution potential associated with the Series A Preferred Stock and warrants, which required specific stockholder approval under Nasdaq rules. The filing notes that the Second Closing shares were sold unregistered under Section 4(a)(2) and Rule 506 exemptions.

No specific forward-looking guidance, revenue projections, or management commentary regarding operational outlook is provided in this filing.

Investor Verification Checklist

  • Verify the exact conversion ratio and potential dilution impact of the 800 shares of Series A Preferred Stock and the 4,000 warrant shares on the current share count.
  • Confirm the use of the $8,000,000 in gross proceeds raised from the Registered Direct Offering and Private Placement.
  • Review the Certificate of Designation for the Series A Preferred Stock to understand specific liquidation preferences and voting rights.
  • Monitor future filings for the actual issuance of Common Stock upon conversion of the Preferred Stock and exercise of warrants.