Dragonfly Energy Holdings Corp. (DFLI) announced it has acquired substantially all operating assets associated with the Dakota Lithium® brand for a total purchase price of $4.0 million. The acquisition, effective July 31, 2026, expands Dragonfly's presence in the marine, outdoor recreation, and powersports markets. Concurrent with the transaction, the company amended its term loan agreement to provide additional financial flexibility.
Key Details
- Acquisition Terms: The $4.0 million purchase price consists of $1.0 million in cash and 1,500,000 shares of DFLI common stock valued at $2.00 per share ($3.0 million total). The shares are subject to a 12-month lock-up period.
- Strategic Rationale: The acquisition adds an established revenue base and is expected to be accretive to Adjusted EBITDA beginning in the fourth quarter of 2026. Dakota Lithium generated approximately $12 million in net revenue in 2025.
- Term Loan Amendment: Dragonfly amended its senior secured term loan, increasing the interest rate to 14.0% (from 12.0%) through December 31, 2026, with all interest payable-in-kind (PIK) during this period. The amendment also extends the start date for testing financial covenants to September 30, 2027, and modifies the minimum liquidity covenant.