Chardan NexTech Acquisition 2 Corp. Increases Deposit Amount to Trust Account Related to Business Combination Extension

 Chardan NexTech Acquisition 2 Corp. announced that the Company has amended its Definitive Proxy Statement, filed July 22, 2022, to increase the amount from $100,000 to $200,000 that the Company’s insiders, their affiliates or designees will deposit into the Trust Account upon five days’ advance notice prior to August 13, 2022, in order to extend the date by which the Company must complete an initial business combination (which can be extended up to three times for an additional one month each time).

As previously announced on May 16, 2022, CNTQ has entered into a merger agreement, as amended on July 12, 2022, for a business combination transaction with Dragonfly Energy Corp. (“Dragonfly”). Dragonfly is a leader in energy storage and producer of deep cycle lithium-ion storage batteries. The transaction is currently expected to close in the second half of 2022.

Chardan NexTech Acquisition 2 Corp. is a blank check company led by its Chairman of the Board of Directors, Kerry Propper, its Chief Executive Officer and Director, Jonas Grossman, and its Chief Financial Officer and Director, Alex Weil. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. The Company has focused its search for a target business operating in disruptive technologies. To learn more, visit https://www.cnaq.com/.

Dragonfly Energy Corp., headquartered in Reno, Nevada, is a leading manufacturer of deep cycle lithium-ion batteries, which are sold direct-to-consumers under the Battle Born Batteries™ brand and to original equipment manufacturers, such as Keystone RV. Dragonfly’s battery products are designed and assembled in the USA, and the Company’s research and development initiatives are revolutionizing the energy storage industry through innovative technologies and manufacturing processes. Today, Dragonfly’s non-toxic deep cycle lithium-ion batteries are displacing lead-acid batteries across a wide range of end-markets, including RVs, marine vessels, off-grid installations, and other storage applications. Dragonfly is also focused on delivering an energy storage solution to enable a more sustainable and reliable smart grid through the future deployment of the Company’s proprietary and patented solid-state cell technology. To learn more, visit www.dragonflyenergy.com/investors.