Volcon Inc. (NASDAQ: VLCN), (“Volcon” or the “Company”), the first
all-electric, off-road powersports company, today announced that it
intends to offer its securities in a firm commitment underwritten
public offering (the “Offering”). The Company intends to use the
net proceeds from the Offering for general corporate purposes,
including working capital, operating expenses and capital
expenditures. The offering is expected to close on May 24, 2023,
subject to customary conditions.
Aegis Capital Corp. is acting as the sole book-running
manager for the Offering.
The Company signed a securities purchase and exchange agreement
(the “Agreement”) on May 19, 2023 to (1) issue an investor
approximately $5 million original principal amount of nine (9)
month convertible senior notes (the “New Notes”) and accompanying
warrants (the “New Warrants”) to purchase approximately 5.5 million
shares of common stock at an exercise price of $1.09 per share
expiring August 2027 (such transaction, the “Placement”); (2)
exchange senior convertible notes in principal amount of $27.2
million due February 24, 2024 for two senior convertible notes due
February 24, 2024 with initial conversion prices of $1.09 and the
Offering price (the “Exchange Notes”); and (3) exchange common
stock purchase warrants to purchase 9,057,971 shares of common
stock at an exercise price of $2.85 per share for warrants to
purchase 17,057,971 shares of common stock with an initial exercise
price of $1.09 per share (the “Exchange Warrants”).
The Placement has been priced at the market under Nasdaq rules,
and the conversion price of the New Notes and Exchange Notes and
exercise price of the New Warrants and Exchange Warrants will be
adjusted to the issuance price of the Offering subject to
shareholder approval.
The New Notes are the senior unsecured obligations of the
Company, bear no interest and have an original issue discount of
8.8%. The Placement is expected to close on May 24, 2023, subject
to customary closing conditions. Closing of the Placement is
contingent on closing of the Offering.
Aegis Capital Corp. is acting as the exclusive placement
agent for the Placement.
The Offering is being made pursuant to an effective shelf
registration statement on Form S-3 (No. 333-269644) previously
filed with the SEC and declared effective by the SEC on March 21,
2023. A preliminary prospectus supplement and accompanying
prospectus describing the terms of the proposed offering will be
filed with the SEC and will be available on the SEC’s website
located at http://www.sec.gov. Electronic copies of the preliminary
prospectus supplement and the accompanying prospectus may be
obtained, when available, by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by email at syndicate@aegiscap.com, or
by telephone at (212) 813-1010.
The securities described above in the Placement are being sold
in a private placement and have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration with the Securities and
Exchange Commission (the “SEC”) or an applicable exemption from
such registration requirements. The securities in the Placement
were offered only to accredited investors. Pursuant to a
registration rights agreement with the investors, the Company has
agreed to file one or more registration statements with the SEC
covering the resale of the common stock issuable upon conversion of
the New Notes and exercise of the Warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Volcon
Volcon Inc. is the first all-electric powersports company
producing high-quality off-road vehicles. Based in Round Rock,
Texas, Volcon joins many major electric vehicle manufacturers near
Austin, Texas, an area that is poised to become the electric
vehicle capital of the world.
Volcon was founded with the mission to enhance the outdoor
experience while reducing the industry’s environmental footprint so
that adventurers and workers alike can enjoy the outdoors and
preserve it for generations to come. Volcon produces all-electric,
off-road vehicles designed to elevate the adventure experience and
help people get things done at work and on the home front.
Volcon’s first product, the innovative Grunt, combines a fat
tire physique with high-torque electric power and a near-silent
drive train which started shipping in September of 2021. Future
models may include the Runt, which is a youth-sized version of the
groundbreaking Grunt, and an eBike, the Brat. The Stag and Project
X are expected to be Volcon’s venture into the rapidly expanding
world of UTVs and are expected in future years as the company
continues to expand.
Volcon Contacts
For Media: media@volcon.com
For Dealers: dealers@volcon.com
For Investors: investors@volcon.com
For Marketing: marketing@volcon.com
For more information on Volcon or to learn more about its
complete motorcycle and side-by-side line-up, visit:
www.volcon.com
Forward-Looking Statements
Some of the statements in this release are forward-looking
statements, which involve risks and uncertainties. Forward-looking
statements in this press release include, without limitation,
statements about the anticipated completion, timing and size of the
Offering and Placement and the anticipated use of net proceeds
therefrom. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable as of
the date made, expectations may prove to have been materially
different from the results expressed or implied by such
forward-looking statements. The Company has attempted to identify
forward-looking statements by terminology including “believes,”
“estimates,” “anticipates,” “expects,” “plans,” “projects,”
“intends,” “potential,” “may,” “could,” “might,” “will,” “should,”
“approximately” or other words that convey uncertainty of future
events or outcomes to identify these forward-looking statements.
These statements are only predictions and involve known and unknown
risks, uncertainties, and other factors. Any forward-looking
statements contained in this release speak only as of its date. The
Company undertakes no obligation to update any forward-looking
statements contained in this release to reflect events or
circumstances occurring after its date or to reflect the occurrence
of unanticipated events. More detailed information about the risks
and uncertainties affecting the Company is contained under the
heading “Risk Factors” in the Company’s Annual Report on Form 10-K
and subsequently filed Quarterly Reports on Form 10-Q filed with
the SEC, which are available on the SEC’s website, www.sec.gov.
SOURCE: Volcon ePowersports, Inc.
Volcon (NASDAQ:VLCN)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Volcon (NASDAQ:VLCN)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024