Volcon prices 6M units at $2.00 in underwritten public offering

Volcon (VLCN) announced the pricing of a firm commitment underwritten public offering with gross proceeds to the company expected to be approximately $12M, before deducting underwriting fees and other offering expenses payable by the company. The offering consists of 6,000,000 Common Units, each consisting of one share of Common Stock or Pre-Funded Warrant and one Registered Common Warrant to purchase one share of Common Stock per warrant at an exercise price of $2.00. The public offering price per Common Unit is $2.00. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis.The initial exercise price of each Common Warrant is $2.00 per share of Common Stock. The Common Warrants are exercisable immediately and expire 60 months after the initial issuance date. Aggregate gross proceeds to the Company are expected to be $12M. The transaction is expected to close on or about February 6, 2025, subject to the satisfaction of customary closing conditions. The company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital. As previously disclosed, the Company announced the sale of 1,831,558 shares of Common Stock pursuant to its At-The-Market Issuance Sales Agreement with Aegis for gross proceeds of approximately $9.47M. Assuming closing of the Offering and exercise of any Pre-Funded Warrants, the Company would have approximately 8,475,607 shares of Common Stock outstanding at completion of the Offering. Aegis Capital Corp. is acting as the sole book-running manager for the offering.