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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 12, 2023
DRAGONFLY
ENERGY HOLDINGS CORP.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-40730 |
|
85-1873463 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
1190 Trademark Drive, #108 |
|
|
Reno, Nevada |
|
89521 |
(Address of principal executive offices) |
|
(Zip Code) |
|
(775) 622 – 3448 |
|
|
(Registrant’s telephone number, including area code) |
|
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 |
|
DFLI |
|
The
Nasdaq Global Market |
Redeemable
warrants, exercisable for common stock at an exercise price of $11.50 per share, subject to adjustment |
|
DFLIW |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On
December 12, 2023, Dragonfly Energy Holdings Corp. (the “Company”) received a written notice (the “Notice”)
from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company is not
in compliance with the $1.00 Minimum Bid Price requirement set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq
Global Market (the “Bid Price Requirement”). The Notice does not result in the immediate delisting of the Company’s
common stock from The Nasdaq Global Market.
The
Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price
of the Company’s common stock for the 30 consecutive business days preceding the receipt of the Notice, the Company no longer meets
the Bid Price Requirement. The Notice indicated that the Company will be provided an initial period of 180 calendar days, or until June
10, 2024, to regain compliance with the Bid Price Requirement pursuant to Nasdaq Listing Rule 5810(c)(3)(A). If at any time during this
period the bid price of the Company’s common stock closes at or above $1.00 per share for a minimum of ten consecutive business
days, the Nasdaq staff (the “Staff”) will provide the Company with a written confirmation of compliance and the matter
will be closed.
Alternatively,
if the Company fails to regain compliance with Rule 5450(a)(1) prior to the expiration of the initial 180 calendar day period, the Company
may be eligible for a second 180 calendar day compliance period, provided the Company (i) transfers the listing of its common stock to
The Nasdaq Capital Market, (ii) meets the continued listing requirement for market value of publicly held shares and all other initial
listing standards for The Nasdaq Capital Market (except for the Bid Price Requirement) and (iii) provides written notice to Nasdaq of
its intention to cure this deficiency during the second compliance period by effecting a reverse stock split, if necessary. In the event
the Company fails to regain compliance with Rule 5450(a)(1) prior to the expiration of the initial 180 calendar day period, and if it
appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is not otherwise eligible, the Staff
will provide the Company with written notification that its common stock will be subject to delisting. At that time, the Company may
appeal the Staff’s delisting determination to a Nasdaq hearings panel. However, there can be no assurance that, if the Company
receives a delisting notice and appeals the delisting determination, that such an appeal would be successful.
The
Company intends to monitor the closing bid price of its common stock and is considering its options to regain compliance with the Bid
Price Requirement. The Company’s receipt of the Notice does not affect the Company’s business, operations or reporting requirements
with the Securities and Exchange Commission (the “SEC”).
Item
8.01 Other Events.
The
Company is including the below update to its risk factors, for the purpose of supplementing and updating the disclosure contained in
its Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on April 17, 2023, as amended by the Form
10-K/A on May 1, 2023, and its Quarterly Reports on Form 10-Q for the period ended March 31, 2023, filed with the SEC on May 15, 2023,
for the period ended June 30, 2023, filed with the SEC on August 21, 2023, and for the period ended September 30, 2023, filed with the
SEC on November 14, 2023.
The
Company is not currently in compliance with the continued listing requirements for The Nasdaq Global Market. If the Company does not
regain compliance and continue to meet the continued listing requirements, the Company’s common stock may be delisted, which could
affect the market price and liquidity for the Company’s common stock and reduce the Company’s ability to raise additional
capital.
On
December 12, 2023, the Company received a letter from the Listing Qualifications Staff of the Nasdaq Stock Market, LLC (“Nasdaq”)
indicating that, based upon the closing bid price of its common stock for the 30 consecutive business days preceding the date of the
Notice, the Company is not in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing
on the Nasdaq Global Market, as set forth in Nasdaq Listing Rule 5450(a)(1) (the
“Notice”). The Company was provided a compliance period of 180 calendar days from the date of the Notice, or until
June 10, 2024, to regain compliance with the minimum closing bid requirement, pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
The
Company will continue to monitor the closing bid price of its common stock and seek to regain compliance with all applicable Nasdaq requirements
within the allotted compliance periods and may, if appropriate, consider available options, including implementation of a reverse stock
split, to regain compliance with the minimum closing bid requirement. If the Company seeks to implement a reverse stock split in order
to remain listed on The Nasdaq Global Market, the announcement or implementation of such a reverse stock split could negatively affect
the price of its common stock. If the Company does not regain compliance within the allotted compliance periods, including any extensions
that may be granted by Nasdaq, Nasdaq will provide notice that its common stock will be subject to delisting. The Company would then
be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance
with the minimum bid price requirement during the 180-day compliance period or maintain compliance with the other Nasdaq listing requirements.
A delisting could substantially decrease trading in the Company’s common stock, adversely affect the market liquidity of the Company’s
common stock as a result of the loss of market efficiencies associated with Nasdaq and the loss of federal preemption of state securities
laws, adversely affect its ability to obtain financing on acceptable terms, if at all, and may result in the potential loss of confidence
by investors, suppliers, customers and employees and fewer business development opportunities. Additionally, the market price of the
Company’s common stock may decline further and stockholders may lose some or all of their investment.
Safe
Harbor for Forward-Looking Statements
Certain
statements contained in this communication may constitute forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, are statements
that could be deemed forward-looking statements, including statements containing the words “predicts,” “plans,”
“expects,” “anticipates,” “believes,” “goal,” “target,” “estimate,”
“potential,” “may,” “might,” “could,” “see,” “seek,” “forecast,”
and similar words. Forward-looking statements are based on the Company’s current plans and expectations and involve risks and uncertainties
which are, in many instances, beyond the Company’s control, and which could cause actual results to differ materially from those
included in or contemplated or implied by the forward-looking statements. Such risks and uncertainties include, among others, the Company’s
ability to regain compliance with the Bid Price Requirement, and the other risks, uncertainties and factors detailed in the Company’s
filings with the SEC, including in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed
with the SEC on April 17, 2023. As a result of such risks, uncertainties and factors, the Company’s actual results may differ materially
from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. The
Company is providing the information in this communication as of this date and assumes no obligations to update the information included
in this communication or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
DRAGONFLY ENERGY HOLDINGS, CORP.
|
|
|
|
Dated: December 15, 2023 |
By: |
/s/
Denis Phares |
|
|
Denis Phares |
|
|
Chief Executive Officer and Interim Chief Financial
Officer |
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|
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|
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Security Exchange Name |
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