Volcon Faces Delisting Concerns
Ticker: EMPD · Form: 8-K · Filed: Jul 18, 2024 · CIK: 1829794
| Field | Detail |
|---|---|
| Company | Volcon, INC. (EMPD) |
| Form Type | 8-K |
| Filed Date | Jul 18, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.00001, $1, $2.5 million, $15 million |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, compliance, exchange-listing
Related Tickers: VOLC
TL;DR
Volcon's on notice for delisting - big trouble ahead.
AI Summary
Volcon, Inc. filed an 8-K on July 17, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The company is based in Round Rock, TX, and its stock is listed under ticker VOlcon. This filing indicates potential issues with maintaining its listing on a stock exchange.
Why It Matters
This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the stock being delisted and significantly impact investor confidence and liquidity.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards indicates significant financial or operational challenges that could lead to the stock being removed from the exchange.
Key Players & Entities
- Volcon, Inc. (company) — Registrant
- July 17, 2024 (date) — Date of earliest event reported
- Round Rock, TX (location) — Principal executive offices location
- 001-40867 (other) — Commission File Number
FAQ
What specific listing rule or standard has Volcon, Inc. failed to satisfy?
The filing does not specify the exact rule or standard that Volcon, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is July 17, 2024.
Where are Volcon, Inc.'s principal executive offices located?
Volcon, Inc.'s principal executive offices are located at 3121 Eagles Nest Street, Suite 120, Round Rock, TX 78665.
What is Volcon, Inc.'s Commission File Number?
Volcon, Inc.'s Commission File Number is 001-40867.
What is the purpose of this Form 8-K filing for Volcon, Inc.?
The purpose of this Form 8-K filing is to report a notice of delisting or failure to satisfy a continued listing rule or standard.
Filing Stats: 762 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-07-18 08:30:12
Key Financial Figures
- $0.00001 — h registered Common Stock , par value $0.00001 per share VLCN NASDAQ Indicate by
- $1 — to have a minimum bid price of at least $1 per share. Since June 7, 2024, the Comp
- $2.5 million — quires stockholders' equity of at least $2.5 million. As of June 30, 2024, and taking into c
- $15 million — s shareholders' equity was in excess of $15 million. According to the letter, pursuant to
Filing Documents
- volcon_8k.htm (8-K) — 28KB
- 0001683168-24-004924.txt ( ) — 197KB
- vlcn-20240717.xsd (EX-101.SCH) — 3KB
- vlcn-20240717_lab.xml (EX-101.LAB) — 33KB
- vlcn-20240717_pre.xml (EX-101.PRE) — 22KB
- volcon_8k_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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 LLC ("Nasdaq") that the Company was not in compliance with certain continued listing requirements related to its bid price, shareholders' equity and publicly held shares. 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 continued listing requirements. On July 17, 2024, the Company received a letter from the Nasdaq Office of General Counsel confirming the decision of the Panel that the Company has demonstrated compliance with the requirements for continued listing on The Nasdaq Capital Market. Under Nasdaq Listing Rule 5550(a)(2), Nasdaq listed companies are required to have a minimum bid price of at least $1 per share. Since June 7, 2024, the Company's closing bid price has exceeded $1 per share. Under Nasdaq Listing Rule 5550(a)(4), Nasdaq listed companies are required to have at least 500,000 publicly held shares. As of the date of this filing, the Company has 4,311,782 shares of common stock outstanding. Under the equity standard for continued listing, Nasdaq Listing Rule 5550(b)(1) requires stockholders' equity of at least $2.5 million. As of June 30, 2024, and taking into consideration the Company's previously announced offering completed on July 12, 2024 and the application of the proceeds received, the Company's shareholders' equity was in excess of $15 million. According to the letter, pursuant to Nasdaq Listing Rule 5815(d)(4)(A), the Company will be subject to a Discretionary Panel Monitor for a period of one year from the date of the letter. If, within that one-year monitoring period, the
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: July 18, 2024 /s/ Greg Endo Greg Endo Chief Financial Officer 3