Why Dragonfly Energy Shares Are Falling Today

Dragonfly Energy Holdings Corp DFLI launched a new Certified Dealer Program for its Battle Born Batteries brand.

Dragonfly will launch the product with a select group of dealers vetted by the brand's internal technical team for top-tier installation and service of deep-cycle lithium-ion batteries.

Yesterday, the company raised gross proceeds of $20.0 million via a common stock offering.

The new Dealer program is designed to continue strengthening the customer experience with trusted dealers and installers across the U.S.

"We believe our new Certified Dealer Program will provide our customers with the same elevated service from installers that they've come to expect from our Battle Born Batteries brand while making the switch to lithium power as seamless as possible," Wade Seaburg, Chief Revenue Officer of Dragonfly Energy, said.

Dealers certified through the program are provided with marketing and educational materials.

"As the wide adoption of lithium comes into view, consumers are looking for trusted installers to help them make the transition," Seaburg added.

On June 15, the company said it would be awarded a new U.S. patent addressing the streamlined production of conventional Li-ion ion batteries and nonflammable solid-state lithium batteries in the U.S. The new patent enables Dragonfly Energy for increased production in a reduced time frame and at a lower cost.

Price Action: DFLI shares are trading lower by 46.2% to $1.50 in the premarket session on the last check Wednesday.