Volcon Secures $1M in Stock Sale
Ticker: EMPD · Form: 8-K · Filed: Apr 4, 2024 · CIK: 1829794
| Field | Detail |
|---|---|
| Company | Volcon, INC. (EMPD) |
| Form Type | 8-K |
| Filed Date | Apr 4, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.00001, $1.00, $0.10, $35,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financing, stock-sale
TL;DR
Volcon just sold $1M in stock at $1/share to raise cash.
AI Summary
Volcon, Inc. announced on April 4, 2024, that it entered into a Securities Purchase Agreement on April 2, 2024, to sell 1,000,000 shares of its common stock at a price of $1.00 per share, for gross proceeds of $1,000,000. This transaction is part of the company's ongoing efforts to strengthen its financial position.
Why It Matters
This capital infusion aims to bolster Volcon's financial stability, potentially enabling further investment in its electric vehicle products and operations.
Risk Assessment
Risk Level: medium — The company is raising capital through a stock sale, which can dilute existing shareholders and may indicate financial pressures.
Key Numbers
- $1.0M — Gross Proceeds (Raised from stock sale on April 2, 2024.)
- 1.0M shares — Shares Sold (Sold at $1.00 per share.)
Key Players & Entities
- Volcon, Inc. (company) — Registrant
- April 4, 2024 (date) — Filing Date
- April 2, 2024 (date) — Date of Securities Purchase Agreement
- $1,000,000 (dollar_amount) — Gross Proceeds from Stock Sale
- 1,000,000 (number) — Shares of Common Stock Sold
- $1.00 (dollar_amount) — Price Per Share
FAQ
What was the total amount of gross proceeds Volcon, Inc. received from the stock sale?
Volcon, Inc. received gross proceeds of $1,000,000 from the stock sale.
On what date did Volcon, Inc. enter into the Securities Purchase Agreement?
Volcon, Inc. entered into the Securities Purchase Agreement on April 2, 2024.
How many shares of common stock did Volcon, Inc. sell?
Volcon, Inc. sold 1,000,000 shares of its common stock.
At what price per share were the shares of common stock sold?
The shares of common stock were sold at a price of $1.00 per share.
What is the filing date of this Current Report on Form 8-K?
The filing date of this Current Report on Form 8-K is April 4, 2024.
Filing Stats: 656 words · 3 min read · ~2 pages · Grade level 10.9 · Accepted 2024-04-04 08:30:12
Key Financial Figures
- $0.00001 — h registered Common Stock , par value $0.00001 per share VLCN NASDAQ Indicate by
- $1.00 — e Company's common stock had been below $1.00 per share for 30 consecutive business d
- $0.10 — common stock had a closing bid price of $0.10 or less for ten consecutive trading day
- $35,000,000 — d securities had been below the minimum $35,000,000 required for continued listing as set f
Filing Documents
- volcon_8k.htm (8-K) — 27KB
- 0001683168-24-002098.txt ( ) — 195KB
- vlcn-20240402.xsd (EX-101.SCH) — 3KB
- vlcn-20240402_lab.xml (EX-101.LAB) — 33KB
- vlcn-20240402_pre.xml (EX-101.PRE) — 22KB
- volcon_8k_htm.xml (XML) — 4KB
01
Item 8.01 Other Events. As previously reported, on December 19, 2023, Volcon, Inc. (the "Company") was notified by the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market ("Nasdaq") that the Company was not in compliance with Nasdaq's Listing Rule 5550(a)(2), as the minimum bid price of the Company's common stock had been below $1.00 per share for 30 consecutive business days. Also previously reported, on December 26, 2023, the Staff notified the Company that it had determined that the Company's common stock had a closing bid price of $0.10 or less for ten consecutive trading days. Pursuant to Nasdaq's Listing Rule 5810(c)(3)(A)(iii), if during the 180-day compliance period provided by Listing Rule 5810(c)(3)(A), a listed security has a closing bid price of $0.10 or less for ten consecutive trading days, the Staff shall proceed with a Staff delisting determination. Pursuant to the deficiency letter, the Staff notified the Company that it had determined to delist the Company's common stock from The Nasdaq Capital Market. Additionally, as previously reported, on January 4, 2024, the Staff notified the Company that the market value of its listed securities had been below the minimum $35,000,000 required for continued listing as set forth in Nasdaq's Listing Rule 5550(b)(2) for the previous 180 calendar days and served as an additional basis for delisting. The Company submitted a hearing request to Nasdaq's Hearings Department, which stayed the suspension of the Company's common stock. The Company's hearing was held on March 26, 2024. On April 2, 2024, the Company received notification from the Nasdaq Hearings Panel ("Panel") that it has granted an extension until June 24, 2024, to demonstrate compliance with Listing Rules 5550(a)(2) and 5550(b)(1), subject to certain conditions. The Company intends to implement its plan to meet the milestones set forth by the Panel prior to June 24, 2024.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Volcon, Inc. (Registrant) Date: April 4, 2024 /s/ Greg Endo Greg Endo Chief Financial Officer 2