Volcon, Inc. Announces Pricing of Public Offering with Expected Gross Proceeds of $12.0 Million
Austin, TX, February 5, 2025 – Volcon, Inc. (NASDAQ: VLCN), a pioneering all-electric, off-road powersports company, recently announced the pricing of a firm commitment underwritten public offering. The offering is expected to bring in gross proceeds of approximately $12.0 million to the Company, excluding underwriting fees and other offering expenses.
Details of the Offering
The offering comprises 6,000,000 Common Units, each consisting of:
- (i) One (1) share of Common Stock or Pre-Funded Warrant;
- (ii) One (1) Registered Common Warrant to purchase one (1) share of Common Stock per warrant.
Impact on Volcon, Inc.
The successful completion of this public offering will provide Volcon, Inc. with a significant financial boost. The funds will be used to:
- Support the commercialization and production ramp-up of its all-electric vehicles;
- Invest in research and development;
- Expand its sales, marketing, and distribution efforts;
- General corporate purposes.
Global Implications
Volcon’s public offering represents a significant milestone in the growing electric vehicle (EV) market, particularly in the off-road powersports sector. This move will:
- Encourage competition in the all-electric off-road vehicles market;
- Contribute to the reduction of greenhouse gas emissions from traditional internal combustion engine vehicles;
- Promote the adoption of renewable energy in the powersports industry;
- Encourage innovation and technological advancements in the EV sector.
Conclusion
Volcon, Inc.’s announcement of a $12.0 million public offering signifies the company’s commitment to its mission of revolutionizing the off-road powersports industry with all-electric vehicles. This financial boost will support the expansion of Volcon’s product offerings, research and development initiatives, and marketing efforts. Moreover, the offering’s global implications extend beyond Volcon, as it contributes to the growth and innovation of the electric vehicle market. As the world transitions towards more sustainable transportation solutions, the significance of Volcon’s offering cannot be overstated.
By choosing innovative technologies and sustainable practices, Volcon is set to lead the charge in the all-electric off-road powersports sector. The company’s commitment to reducing greenhouse gas emissions and promoting renewable energy is a step in the right direction towards a more sustainable future for the powersports industry.
