Volcon (VLCN) Announces 1-for-8 Reverse Stock Split

Volcon Inc. (NASDAQ: VLCN), ("Volcon" or the "Company"), the first all-electric, off-road powersports company, today announced that it filed an amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-8 reverse stock split of its common stock. The reverse stock split will take effect at 11:59 pm (Eastern Time) on November 8, 2024, and the Company's common stock will open for trading on The Nasdaq Capital Market on November 11, 2024 on a post-split basis, under the existing ticker symbol "VLCN" but with a new CUSIP number 92864V509.

As a result of the reverse stock split, every 8 shares of the Company's common stock issued and outstanding prior to the opening of trading on November 11, 2024 will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of $0.00001. No fractional shares will be issued as a result of the reverse stock split. Each stockholder of record who would otherwise be entitled to receive a fractional share will be entitled to the rounding up of the fractional share to the nearest whole number.

As a result of the reverse stock split, the number of shares of common stock outstanding will be reduced from approximately 4.49 million shares to approximately 0.56 million shares, and the number of authorized shares of common stock will remain at 250 million shares. In addition, the number of shares reserved for issuance under the Company's equity compensation plan immediately prior to the reverse stock split will be reduced proportionately.

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