Dragonfly gets commitment for $75 million term facility via Energy Impact

By William Gullotti

Buffalo, N.Y., May 16 – Dragonfly Energy Corp. received a commitment for a $75 million senior secured term loan with Energy Impact Partners as lead arranger, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds will be used, in part, to refinance approximately $45 million of outstanding debt ahead of a planned business combination with Chardan NexTech Acquisition 2 Corp. (CNTQ).

The intended business combination is further funded by cash on hand, a $150 million Chardan equity facility and a $5 million equity investment from CNTQ’s sponsor, Chardan NexTech Investments 2 LLC.

O’Melveny & Myers, LLP and Parsons Beble & Latimer are serving as counsel to Dragonfly. Skadden, Arps, Slate, Meagher & Flom LLP and Brownstein Hyatt Farber Schreck, LLP are serving as counsel to CNTQ. Chapman and Cutler LLP is serving as counsel to Energy Impact Partners.

Dragonfly Energy Corp. is a Reno, Nev.-based manufacturer of deep cycle lithium-ion batteries.

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