Dragonfly Energy (NASDAQ:DFLI) stock is catching the interest of traders on Tuesday after the company’s shares went public yesterday.
DFLI stock went public following a special purpose acquisition company (SPAC) merger with Chardan NexTech Acquisition 2 Corp. The two reached their merger agreement on Oct. 7, which saw shares of CNTQ switch to the DFLI stock ticker on Monday.
Dr. Denis Phares, CEO of Dragonfly Energy, said the following in a news release:
We are excited to begin the next chapter of Dragonfly’s story. Becoming a public company is an important and exciting step forward for us. The proceeds from this transaction and our relationships with key partners, bring us closer to making safe, affordable energy storage a reality.
What Does Dragonfly Energy Do?
Dragonfly Energy is a battery developer with a focus on deep-cycle lithium-ion batteries. These are a non-toxic alternative to lead-acid batteries. The company notes that deep-cycle lithium-ion batteries are already replacing lead-acid batteries in several markets.
With the company’s stock recently going public, shares of DFLI are seeing heavy trading today. As of this writing, more than 223,000 shares have changed hands. That’s already above its daily average trading volume of 77,000 shares.
DFLI stock is up 17.2% as of Tuesday morning.
Investors searching for all of the hottest stock market news will want to keep reading!
InvestorPlace has all of that news ready to go in one place for traders. For Monday, that includes why shares of Vox Royalty (NASDAQ:VOXR), Laser Photonics (NASDAQ:LASE), and Ginkgo Bioworks (NYSE:DNA) are on the move. You can catch up on all of that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.