Dragonfly Energy announces exchange of convertible preferred stock

Dragonfly Energy (DFLI) entered into a Settlement and Mutual Release Agreement with the holder of its Series A Convertible Preferred Stock, par value $0.0001 per share, eliminating all outstanding shares of the Series A Preferred Stock and associated common stock issuance obligations. Under the terms of the Agreement, Dragonfly Energy will issue 2,100,000 shares of the Company’s common stock, par value $0.0001 per share, in exchange for the surrender of all outstanding shares of Series A Preferred Stock. The transaction satisfies in full the Company’s obligations under the Series A Preferred Stock and related agreements.