Volcon (VLCN) has released an update to notify the public and investors about corporate charter and bylaws modifications.
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On January 12, 2024, stockholders of a company approved a reverse stock split, giving the board discretion to choose a ratio from 1-for-2 to 1-for-45 and execute it before the one-year anniversary of their meeting. The board opted for a 1-for-45 reverse split, effective 11:59 p.m. Eastern Time on February 2, 2024, reducing outstanding common stock from approximately 52.5 million to 1.2 million shares. This adjustment will proportionally affect the exercise price and number of shares related to stock options and warrants, except for Series A and B warrants. The common stock began trading on the adjusted basis on February 5, 2024, under the same symbol “VLCN,” with a new CUSIP number.
For further insights into VLCN corporate activity, check out TipRanks’ Insiders Trading Activity page.
For a comprehensive understanding of the announcement, you can read the full document here.
