Volcon, inc. announces pricing of $18.0 million underwritten public offering

Austin, tx / accesswire / november 16, 2023 / volcon, inc. (nasdaq:vlcn), ("volcon" or the "company"), the first all-electric, off-road powersports company, announced today the pricing of a firm commitment underwritten public offering with gross proceeds to the company expected to be approximately $18.0 million, before deducting underwriting discounts and other estimated expenses payable by the company. the offering consists of 42,857,142 common units or pre-funded units, each consisting of one share of common stock or one pre-funded warrant ("pre-funded warrant") to purchase one share of common stock, 0.35 of a warrant to purchase one share of common stock at an exercise price of $0.55 per share (or 130% of the price of each common unit sold in the offering) or pursuant to an alternative cashless exercise option, which warrant will expire on the five-year anniversary of the original issuance date (the "series a warrants") and 0.35 of a warrant to purchase one share of common stock at an exercise price of $0.84 per share (or 200% of the price of each common unit sold in the offering), which warrant will expire on the five-year anniversary of the original issuance date (the "series b warrants" and together with the serie s a warrants, the "warrants").
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