On October 7, 2022 (Closing Date), Dragonfly Energy Holdings Corp. (Company) (f/k/a Chardan NexTech Acquisition 2 Corp. (Chardan)), consummated the previously announced merger (Closing) pursuant to the Business Combination Agreement, dated May 15, 2022, as amended by the Amendment to the Business Combination Agreement, dated July 12, 2022, by and among Chardan, Bronco Merger Sub Inc., a Nevada corporation and a wholly owned subsidiary of Chardan (Merger Sub), and Dragonfly Energy Corp., a Nevada corporation (Legacy Dragonfly).

Chardan's stockholders approved the Transactions (as defined below) at a special meeting of stockholders held on October 6, 2022 (the “ Special Meeting”). In connection with the Closing, Kerry Propper, Jonas Grossman, Alex Weil, Jonathan Biele, Roderick Hardamon, Jory Des Jardins, Hitesh Thakrar and Todd Thomson resigned as directors of Chardan, the size of the board of directors of Chardan (the “ Chardan Board”) was decreased from eight to seven, Dr. Denis Phares, Luisa Ingargiola, Brian Nelson, Jonathan Bellows, Rick Parod and Karina Edmonds were appointed to the board of directors of the Company (the “ Board”), and Perry Boyle continued as a director, in each case, as described in the Proxy Statement/Prospectus in the section entitled “Management of New Dragonfly After the Business Combination,” which is incorporated herein by reference.  On October 7, 2022, Rick Parod and Karina Edmonds were designated to serve as Class A Directors of the Board, with their terms expiring at the first annual meeting of the stockholders following the Closing. Brian Nelson and Jonathan Bellows were designated to serve as Class B Directors of the Board, with their terms expiring at the second annual meeting of the stockholders following the Closing.

Dr. Denis Phares, Luisa Ingargiola and Perry Boyle were designated to serve as Class C Directors of the Board with their terms expiring at the third annual meeting of the stockholders following the Closing.