SCHEDULE: CVI Investments, Heights Capital Disclose 0.2% Stake in Dragonfly Energy

CVI Investments and Heights Capital Management have filed an amended Schedule 13G, disclosing a 0.2% beneficial ownership stake in Dragonfly Energy Holdings Corp. through warrants.

Summary

• CVI Investments, Inc. and Heights Capital Management, Inc. (collectively, "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in Dragonfly Energy Holdings Corp.
• The Reporting Persons beneficially own an aggregate of 111,111 shares of common stock, representing 0.2% of the class.
• This ownership primarily consists of shares issuable upon the exercise of warrants.
• A restriction limits the exercise of these warrants such that the total beneficial ownership by a Reporting Person and its affiliates would not exceed 4.99%.
• Heights Capital Management, Inc. acts as the investment manager for CVI Investments, Inc. and may exercise shared voting and dispositive power over the reported shares.
• Dragonfly Energy Holdings Corp. had 61,741,974 shares outstanding as of September 10, 2025, according to its Definitive Proxy Statement on Schedule 14A.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership, providing transparency without inherently positive or negative implications for the company's operational or financial performance. The ownership percentage is small.

Positives

• Increased transparency regarding institutional ownership in Dragonfly Energy Holdings Corp.
• The investment by CVI Investments, Inc. and Heights Capital Management, Inc. indicates a degree of institutional interest in the company.

Negatives

• The disclosed ownership stake of 0.2% is relatively small, suggesting a limited impact on the company's control or strategic direction.
• The beneficial ownership is primarily through warrants, which may not yet be exercised, indicating a potential future dilution if exercised.

Risks

• The 4.99% beneficial ownership limitation on warrant exercise could restrict the Reporting Persons' ability to increase their stake significantly without further disclosures or changes in their investment strategy.
• Future exercise of warrants could lead to dilution for existing shareholders.

Future Outlook

The filing does not provide forward-looking statements or guidance from the issuer or the reporting persons regarding the issuer's future performance.

Industry Context

This filing is a routine disclosure of institutional ownership, common in the public markets. It reflects an investment firm's position in Dragonfly Energy Holdings Corp., a company operating in the energy sector, likely focused on battery or related technologies given its name. Such disclosures provide transparency on significant investor holdings but do not inherently indicate broader industry trends or competitive shifts.

Stakeholder Impact

• Shareholders: Provides transparency on institutional holdings, but the 0.2% stake is unlikely to significantly influence corporate decisions or share price. Potential for future dilution if warrants are exercised.

Key Dates

Keywords

Dragonfly Energy Holdings Corp., CVI Investments, Heights Capital Management, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Institutional Ownership, SEC Filing, 26145B304