Volcon Announces Closing of $12 Million Registered Direct Offering Priced At-The-Market

Volcon Inc. (NASDAQ:VLCN), the first all-electric, off-road powersports company, announced the closing of its $12 million registered direct offering. The agreement involved the purchase and sale of 3,287,671 shares of common stock and/or pre-funded warrants at $3.65 per share. The offering closed on July 12, 2024.

Aegis Capital Corp. served as the exclusive placement agent, while ArentFox Schiff LLP acted as counsel for Volcon. Kaufman & Canoles, P.C. represented Aegis. A registration statement on Form S-3 was filed and approved by the SEC in March 2023, with the offering made solely through a prospectus.

Proceeds from this offering will be used to repay approximately $2.94 million in principal on notes issued in May 2024. Following the offering, Volcon has converted all Series A convertible preferred stock to common stock and has less than $40,000 in outstanding debt.