Volcon (VLCN) Prices 3.29M Share and Warrant Offering at $3.65/sh

Volcon Inc. (NASDAQ: VLCN) today announced that it has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 3,287,671 shares of common stock and/or pre-funded warrants to acquire common stock in a registered direct offering. The purchase price of each share is $3.65. The purchase price for the pre-funded warrants is identical to the purchase price for the shares, less the exercise price of $0.00001.

The aggregate gross proceeds to the Company are expected to be approximately $12 million. The transaction is expected to close on or about July 12, 2024, subject to the satisfaction of customary closing conditions.

Aegis Capital Corp. is acting as exclusive placement agent for the offering. ArentFox Schiff LLP is acting as counsel to the Company for the offering. Kaufman & Canoles, P.C. is acting as counsel to Aegis for the offering.

A registration statement on Form S-3 (File No. 333-269644) relating to the offering of the securities was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on March 21, 2023. The offering is being made only by means of a prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the proposed transaction may be obtained, when available, on the SEC's website, www.sec.gov or by contacting Aegis Capital Corp., 1345 Avenue of the Americas, 27th Floor, New York, NY 10105, by telephone at (212) 813-1010 or by email at [email protected]. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Proceeds from the offering will be used, in part, to repay approximately $2.94 million of principal on the notes issued on May 22, 2024. In addition, all previously issued Series A convertible preferred stock has been converted to common stock effective July 10, 2024, and as of such date, the Company had approximately 2.63 million shares of common stock outstanding. Upon completion of the proposed offering, the Company will have no convertible debt or preferred stock outstanding, and less than $40,000 in debt outstanding.

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