08:03 AM EDT, 10/08/2025 (MT Newswires) -- Dragonfly Energy Holdings ( DFLI ) said Wednesday it has raised $28.75 million through an underwritten offering of 23 million shares at a public offering price of $1.25 per share.

The company, which works on lithium battery technologies, said this includes the full exercise of the underwriters' option to purchase an additional 3 million shares.

Dragonfly Energy ( DFLI ) added that it intends to use the net proceeds from the offering for working capital and other general corporate purposes, including the repayment of $4 million under its term loan agreement.

It added that the infusion will enable it to continue strategic investment in next-generation battery technologies, including scaling the dry electrode process and its application to solid-state batteries.