Volcon, Inc. Announces Concurrent Closing of $9.0 Million Securities Offerings

AUSTIN, Texas, May 24, 2023 (GLOBE NEWSWIRE) — Volcon Inc. (NASDAQ: VLCN), (“Volcon” or the “Company”), the first all-electric, off-road powersports company, today announced the concurrent closing of an underwritten public offering (the “Offering”) and a private placement.

Gross proceeds of the Offering to the Company were $4.5 million, before deducting underwriting discounts and other expenses. The Company intends to use the net proceeds from the Offering to fund expansion of its product line and for general corporate purposes.

Volcon is leading the charge in the off-road powersports industry with its innovative all-electric vehicles. By closing this significant round of funding, the Company is poised to accelerate its growth and bring clean energy solutions to the off-road market.

With increasing awareness of the importance of sustainability and reducing carbon emissions, Volcon’s focus on electric vehicles aligns perfectly with current trends and consumer preferences. The Company’s commitment to environmentally-friendly practices sets it apart in the industry and positions it for long-term success.

Investors in the Offering and private placement have shown confidence in Volcon’s vision and potential for growth. The influx of capital will enable the Company to continue developing cutting-edge products and expanding its reach in the market.

How This Will Affect You

If you are a consumer in the off-road powersports industry, Volcon’s advancements in electric vehicles could provide you with more sustainable and eco-friendly options for your recreational activities. As the Company expands its product line, you may have access to innovative off-road vehicles that offer both performance and environmental benefits.

How This Will Affect the World

Volcon’s focus on electric off-road powersports vehicles contributes to the global shift towards cleaner and more sustainable transportation solutions. By reducing reliance on gasoline-powered vehicles in the off-road industry, the Company is helping to mitigate carbon emissions and promote environmental stewardship on a larger scale.

Conclusion

The concurrent closing of $9.0 million in securities offerings represents a significant milestone for Volcon, Inc. With this additional funding, the Company is well-positioned to lead the way in the off-road powersports industry with its innovative, all-electric vehicles. As Volcon continues to grow and expand its product line, consumers can look forward to more sustainable options for their recreational adventures, while the world benefits from reduced carbon emissions and a cleaner environment.