Volcon Acquires E-Ride Industries Assets

TL;DR

Volcon buying E-Ride assets, Q1 2025 close. Big move for EV powersports.

AI Summary

Volcon, Inc. announced on November 19, 2024, that it has entered into a definitive agreement to acquire certain assets of E-Ride Industries, LLC. The acquisition is expected to close in the first quarter of 2025 and is subject to customary closing conditions. This move is part of Volcon's strategy to expand its product offerings and market reach in the electric powersports industry.

Why It Matters

This acquisition could significantly expand Volcon's product line and market presence in the competitive electric powersports sector.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges and potential overpayment, which could impact Volcon's financial performance.

Key Players & Entities

• Volcon, Inc. (company) — Registrant
• E-Ride Industries, LLC (company) — Target of acquisition
• November 19, 2024 (date) — Date of agreement
• first quarter of 2025 (date) — Expected closing period

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) — 28KB
• 0001683168-24-008281.txt ( ) — 198KB
• vlcn-20241119.xsd (EX-101.SCH) — 3KB
• vlcn-20241119_lab.xml (EX-101.LAB) — 33KB
• vlcn-20241119_pre.xml (EX-101.PRE) — 24KB
• volcon_8k_htm.xml (XML) — 4KB

01. Other Events

Item 8.01. Other Events. On November 8, 2024, Volcon, Inc. (the "Company") completed a one-for-eight reverse stock split of its common stock. In connection with the approval of the reverse stock split, the Company agreed that no fractional shares will be issued in connection with the reverse stock split and that it would issue one full share of the post-reverse stock split common stock to any stockholder who would have been entitled to receive a fractional share as a result of the process. On November 19, 2024, the Company received notice from DTCC on behalf of the brokerage firms that hold the shares of Company common stock held in "street name" that in connection with the foregoing rounding of shares the Company would need to issue 188,950 shares of common stock. The Company does not believe the number of shares being requested is correct based on the historical number of shareholders of its common stock and is aware of similar occurrences in recent months for other companies completing a reverse stock split. As such, the Company has begun an inquiry into the calculations set forth in the request. During the pendency of this inquiry, the Company does not intend to issue any shares in connection with the fractional shares being requested. The Company may face potential liability for its failure to issue the shares of common stock if it is determined that it is required to issue such shares. 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: November 20, 2024 /s/ Greg Endo Greg Endo Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR