Volcon Receives Nasdaq Delisting Warning

TL;DR

Nasdaq says Volcon's stock price is too low, giving them until Dec 9 to fix it or get booted.

AI Summary

Volcon, Inc. filed an 8-K on June 14, 2024, to report that it received a notice from the Nasdaq Stock Market on June 11, 2024, indicating that the company is not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company has until December 9, 2024, to regain compliance.

Why It Matters

This filing indicates Volcon, Inc. may be delisted from the Nasdaq Capital Market if it cannot meet the minimum bid price requirement, potentially impacting its stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — The company is at high risk of being delisted from the Nasdaq Capital Market due to failing to meet the minimum bid price requirement.

Key Numbers

• December 9, 2024 — Compliance Deadline (The date by which Volcon must regain compliance with Nasdaq's minimum bid price rule.)

Key Players & Entities

• Volcon, Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Listing Exchange
• June 11, 2024 (date) — Date of Notice
• December 9, 2024 (date) — Compliance Deadline

FAQ

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
• $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) — 26KB
• 0001683168-24-004242.txt ( ) — 195KB
• vlcn-20240611.xsd (EX-101.SCH) — 3KB
• vlcn-20240611_lab.xml (EX-101.LAB) — 33KB
• vlcn-20240611_pre.xml (EX-101.PRE) — 22KB
• volcon_8k_htm.xml (XML) — 4KB

01

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, 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, and 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). The Company presented its plan of compliance to the Nasdaq's Hearings Panel ("Panel") on March 26, 2024. On April 2, 2024, the Company received notification from the Panel that it granted an extension until June 24, 2024, to demonstrate compliance with the Listing Rules, subject to certain conditions. On June 11, 2024, the Company received a notice from the Staff that the Company no longer meets the minimum 500,000 publicly held shares requirement for Nasdaq and, as such, it no longer complies with Listing Rule 5550(a)(4). Furthermore, the notice indicates that this matter serves as an additional basis for delisting the Company's securities from Nasdaq, that the Panel will consider this matter in their decision regarding the Company's continued listing on Nasdaq, and that the Company should present its views with respect to this additional deficiency to the Panel in writing no later than June 18, 2024. The Company intends to submit a letter to the Panel setting forth its plan to address the deficiency. 2

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 14, 2024 /s/ Greg Endo Greg Endo Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR