Volcon, Inc. Closes $12.0 Million Public Offering, Bolstering Growth and Expansion

Volcon, Inc. (NASDAQ: VLCN), the first all-electric, off-road powersports company, has announced the closing of a $12.0 million underwritten public offering. The offering consisted of 6,000,000 Common Units, each comprising one share of common stock, one pre-funded warrant, and one warrant to purchase one share of common stock. The public offering price per Common Unit was $2.00, with the pre-funded warrants being immediately exercisable and exercisable at any time until all of the pre-funded warrants are exercised in full. The initial exercise price of each warrant is $2.00 per share of common stock, with the warrants being exercisable immediately and expiring 60 months after the initial issuance date.

The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. This strategic move aligns with Volcon's long-term financial strategy and growth plans, as it aims to strengthen its financial position and support its ongoing operations and expansion initiatives.

Volcon's vehicle roadmap includes both motorcycles and UTVs, with plans to expand its product offerings in the North American market. The Company's first product, the innovative Grunt, has been shipping to customers since late 2021, combining a fat-tired physique with high-torque electric power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, improved suspension, and seat, began shipping to customers in October 2023. The Brat is Volcon's first foray into the wildly popular eBike market for both on-road and off-road riding and is currently being delivered to dealers across North America. In 2024, Volcon entered the rapidly expanding LUV and UTV market and shipped its first production MN1 unit in October 2024.



The closing of this $12.0 million public offering demonstrates Volcon's commitment to its growth and expansion plans. By securing additional funding, the Company can invest in research and development, marketing, and sales efforts to drive revenue growth and increase market share in the electric off-road powersports market. This strategic move also allows Volcon to maintain its competitive edge by investing in new technologies and features for its electric off-road powersports vehicles.



In conclusion, Volcon, Inc. has successfully closed a $12.0 million underwritten public offering, which will be used to support the Company's general corporate purposes, working capital, operating expenses, and capital expenditures. This strategic move aligns with Volcon's long-term financial strategy and growth plans, as it aims to strengthen its financial position and support its ongoing operations and expansion initiatives. By securing additional funding, Volcon can invest in research and development, marketing, and sales efforts to drive revenue growth and increase market share in the electric off-road powersports market.