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Volcon Inc. Announces Pricing of an Underwritten Public Offering
Volcon Inc., the first all-electric off-road powersports company, announced the pricing of an underwritten public offering of 6,666,667 shares of common stock, par value $0.00001 per share to be issued by the company at a price to the public of $3.0 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $20 million.
In addition, the company granted Aegis Capital Corp., the underwriter, a 45-day option to purchase up to 1 million additional shares of common stock solely to cover over-allotments, if any, which would increase the total gross proceeds of the offering to approximately $23 million if the over-allotment option is exercised in full.
The offering is expected to close on February 1, 2022, subject to the satisfaction of customary closing conditions.
- ◦Financing
