RIYADH: Battery maker Dragonfly Energy Corp. is going public in a transaction with a blank-check company valuing it at $500 million, including its debts, Bloomberg reported quoting people familiar with the matter. According to these people, who wished to stay anonymous, the agreement with Chardan NexTech Acquisition 2 Corp. is being financed through $128 million in the special purpose acquisition, along with $230 million in additional financing. The sources added that the combined company will be called Dragonfly Energy, and will be listed on the Nasdaq exchange under the symbol DFLI. Dragonfly, based in Reno, Nevada, makes lithium-ion storage batteries, which are non-toxic and replace lead-acid batteries, according to its website. In 2021, the company generated $78 million in revenue. Chardan inked this deal with Dragonfly Energy at a time when several top banks including Goldman Sachs and Bank of America have decided to stop helping SPACs to find companies to buy.