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 estimated expenses payable by the company. the offering consisted of 6,000,000 shares of common stock at a public offering price of $0.75 per share. the company intends to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses and capital expenditures.
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