Dragonfly Energy Stock Climbs After Battery Lawsuit Filing, But Cash Burn Clouds the Bounce
Dragonfly Energy Holdings Corp. shares rose 5.6% to $2.09 in midafternoon Nasdaq trading on Thursday, extending a volatile week after the battery maker disclosed a trade-libel lawsuit tied to its Battle Born Batteries brand. The stock traded between $1.97 and $2.13, on volume of about 358,000 shares, giving the Reno, Nevada-based company a market value of roughly $25.3 million. The move matters because the dispute goes straight at product reputation, customer trust and online reviews, a touchy mix for a small public battery company. It also lands while Dragonfly is trying to keep investor focus on original equipment manufacturer customers and heavy-duty trucking as the RV market remains soft.