Volcon Changes Fiscal Year End

TL;DR

Volcon just changed its fiscal year end to June 30th, starting June 5th. Expect reporting shifts.

AI Summary

Volcon, Inc. filed an 8-K on June 7, 2024, reporting a change in its fiscal year end from December 31 to June 30, effective June 5, 2024. This change will impact the timing of their financial reporting periods going forward.

Why It Matters

This change in fiscal year end will alter the reporting schedule for Volcon's financial statements, potentially affecting how investors analyze their performance over specific periods.

Risk Assessment

Risk Level: low — The filing primarily concerns administrative changes to the company's fiscal reporting periods, not operational or financial distress.

Key Numbers

• 1231 — Previous Fiscal Year End (The company previously ended its fiscal year on December 31st.)
• 0630 — New Fiscal Year End (The company has changed its fiscal year end to June 30th.)

Key Players & Entities

• Volcon, Inc. (company) — Registrant
• June 7, 2024 (date) — Filing Date
• June 5, 2024 (date) — Effective Date of Change
• December 31 (date) — Previous Fiscal Year End
• June 30 (date) — New Fiscal Year End

FAQ

Key Financial Figures

• $0.00001 — h registered Common Stock , par value $0.00001 per share VLCN NASDAQ Indicate by

Filing Documents

• volcon_8k.htm (8-K) — 50KB
• volcon_ex0301.htm (EX-3.1) — 6KB
• volcon_ex9901.htm (EX-99.1) — 11KB
• 0001683168-24-004033.txt ( ) — 246KB
• vlcn-20240605.xsd (EX-101.SCH) — 3KB
• vlcn-20240605_lab.xml (EX-101.LAB) — 33KB
• vlcn-20240605_pre.xml (EX-101.PRE) — 22KB
• volcon_8k_htm.xml (XML) — 4KB

03. Amendments to Articles of Incorporation

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. At the Company's annual meeting of stockholders held on May 28, 2024, the stockholders of the Company approved, among other items, an amendment to the Company's amended and restated certificate of incorporation (the "Amendment") to effect a reverse stock split at a ratio in the range of 1-for-10 to 1-for-100, with such ratio to be determined in the discretion of the Company's board of directors and with such reverse stock split to be effected at such time and date, if at all, as determined by the Company's board of directors in its sole discretion prior to the one-year anniversary of the annual meeting. Pursuant to such authority granted by the Company's stockholders, the Company's board of directors approved a one-for-one hundred (1:100) reverse stock split (the "Reverse Stock Split") of the Company's common stock and the filing of the Amendment to effectuate the Reverse Stock Split. The Amendment was filed with the Secretary of State of the State of Delaware and the Reverse Stock Split became effective in accordance with the terms of the Amendment at 11:59 p.m. Eastern Time on June 6, 2024 (the "Effective Time"). The Amendment provides that, at the Effective Time, every one-hundred shares of the Company's issued and outstanding common stock will automatically be combined into one issued and outstanding share of common stock, without any change in par value per share, which will remain $0.00001. As a result of the Reverse Stock Split, the number of shares of common stock outstanding will be reduced from approximately 33.3 million shares to approximately 0.3 million shares, and the number of authorized shares of common stock will remain at 250 million shares. As a result of the Reverse Stock Split, proportionate adjustments will be made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all outstanding stock options and certain w

01. Other Events

Item 8.01. Other Events. On June 5, 2024, the Company issued a press release to announce that it is filing a certificate of amendment to its articles of incorporation with the Secretary of to this report as Exhibit 99.1 and is incorporated by reference herein. The table below sets forth the impact of the Reverse Stock Split on the Company's net loss per common share – basic and diluted; weighted average common shares outstanding – basic and diluted; and shares issued and outstanding, for the years ended December 31, 2023 and 2022; and the three months ended March 31, 2024 and 2023. PRE SPLIT (1) POST SPLIT YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, 2023 2022 2023 2022 Net loss $ (45,071,210 ) $ (34,235,405 ) $ (45,071,210 ) $ (34,235,405 ) Net loss per common share - basic $ (234.37 ) $ (325.20 ) $ (23,437.97 ) $ (32,512.26 ) Net loss per common share - diluted $ (234.37 ) $ (325.20 ) $ (23,437.97 ) $ (32,512.26 ) Weighted average common shares outstanding - basic 192,312 105,275 1,923 1,053 Weighted average common shares outstanding - diluted 192,312 105,275 1,923 1,053 2 PRE SPLIT (1) POST SPLIT 3 MONTHS ENDED MARCH 31, 3 MONTHS ENDED MARCH 31, 2024 2023 2024 2023 Net loss $ (26,048,044 ) $ (7,299,469 ) $ (26,048,044 ) $ (7,299,469 ) Net loss per common share - basic $ (3.27 ) $ (66.94 ) $ (326.89 ) $ (6,696.76 ) Net loss per common share - diluted $ (3.27 ) $ (66.94 ) $ (326.89 ) $ (6,696.76 ) Weighted average common shares outstanding - basic 7,968,457 109,046 79,685 1,090 Weighted average common shares outstanding - diluted 7,968,457 109,046 79,685 1,090 (1) The pre-split amounts represent the amounts reported in the Company's Annual Report on Form 10-K or Quarterly Report on Form 10-Q for the respective periods.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 3.1 Amendment to Amended and Restated Certificate of Incorporation of Volcon, Inc. 99.1 Press release dated June 5, 2024 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document 3

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: June 7, 2024 /s/ Greg Endo Greg Endo Chief Financial Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR