Volcon Stock Plummets After Raising $20M Via Equity Offering At 20% Discount

• Volcon Inc (NASDAQ:VLCN) has priced the underwritten public offering of 6.7 million shares to the public at $3 per share.
• The issue price represents a 20.6% discount to the company’s last closing price on January 27.
• The company expects gross proceeds from the offering to be about $20 million.
• The company also granted the underwriter Aegis Capital Corp. a 45-day option to purchase up to 1 million additional shares.
• The offering is expected to close on February 1, 2022.
• Price Action: VLCN shares are trading lower by 21.2% at $2.98 on the last check Friday.