Dragonfly Energy Surges In Pre-Market Trading After Eliminating Series A Preferred Stock
Dragonfly Energy Holdings Corp. (NASDAQ:DFLI) shares witnessed a 33.55% surge in pre-market session, following the company’s decision to eliminate its Series A preferred stock.
Check out how DFLI stock is trading here.
What Happened: After the company announced the elimination of its Series A Convertible Preferred stock on Sunday, the stock of Dragonfly Energy Holdings Corp jumped by 56.76% to $0.27 in the regular-trading session on Monday.
Dragonfly Energy Holdings Corp, a Nevada-based lithium battery technology company, also eliminated its related obligations in exchange for 2.1 million common shares. This strategic decision was well-received by the market, leading to a substantial increase in the company’s stock value.
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Why It Matters: The elimination of the Series A preferred stock has been a significant development for Dragonfly Energy. This move has had a notable impact on the company’s stock since it was announced on Sunday.
Dragonfly Energy Holdings Corp’s stock value has been fluctuating in recent months. Earlier in May, the company’s first quarter earnings per share (EPS) of $(0.93) beat the $(1.48) estimate, but its sales of $13.36M missed the $14.35M estimate. This led to Canaccord Genuity (OTC:CCORF) lowering its price target for Dragonfly Energy Holdings Corp to $1.5, citing the company’s disappointing first quarter sales.
This development is also crucial for the company as it seeks to navigate the challenges posed by its lower-than-expected sales.
Price Action: According to Benzinga Pro data, DFLI soared 56.76%% to $0.27 on Monday, followed by an additional 33.55% gain in pre-market hours, reaching $0.36.
According to Benzinga Edge Stock Rankings, DFLI stock indicates a short-term uptick. Know how the stock fares on other parameters here.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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