Business
Chardan NexTech Acquisition 2 Corp. Announces Filing of Registration Statement on Form S-4 in Connection with its Proposed Business Combination with Dragonfly Energy
Reflects continued progress in the business combination process; transaction remains on schedule to be completed during the second half of 2022 Includes
About this update from Dragonfly Energy Holdings Corp
[{"type":"text","content":"Reflects continued progress in the business combination process; transaction remains on schedule to be completed during the second half of 2022\nIncludes Dragonfly's latest quarterly results for the first quarter of 2022, reflecting continued strong business performance\nRENO, Nev., June 21, 2022 /PRNewswire/ -- Chardan NexTech Acquisition 2 Corp. (\"CNTQ\") (Nasdaq: CNTQ), a publicly-traded special purpose acquisition company, and Dragonfly Energy Corp. (\"Dragonfly\"), a leader in energy storage and producer of deep cycle lithium-ion storage batteries, announced that CNTQ filed a registration statement on Form S-4 (the \"Registration Statement\") with the U.S. Securities and Exchange Commission (\"SEC\") on June 17, 2022.\nThe Registration Statement, which follows a May 16, 2022 Draft Registration Statement filing, contains a preliminary proxy statement/prospectus in connection with the previously announced business combination between CNTQ and Dragonfly. While the information within the Registration Statement is subject to change, it provides important information about Dragonfly and CNTQ, as well as the proposed business combination.\nOn May 16, 2022, CNTQ entered into a merger agreement with Dragonfly. The combined company is expected to be listed on the Nasdaq Exchange upon completion of the transaction, which is expected to occur in the second half of 2022, subject to approval by CNTQ's shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.\nIncluded in the Registration Statement are Dragonfly's financial results for the first quarter of 2022. For the period, Dragonfly generated $18.3 million of net sales, an increase of 17% compared to the first quarter of 2021. Dragonfly's full financial results and related disclosures can be found in the Registration Statement, which we encourage you to read.\nDragonfly has created state-of-the-art lithium-ion batteries, equipped with a proprietary battery management system, that are currently used in recreational vehicles (\"RVs\"), marine vessels, material handling, off-grid residences and solar applications. Dragonfly's integrated lithium-ion products replace environmentally toxic lead-acid batteries and provide safe, efficient, and affordable ™ brand and to original equipment manufacturers (\"OEMs\"), such as Keystone R...