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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13
OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): November 16, 2023 (November 15,
2023)
__________________________
Volcon, Inc.
(Exact Name of Registrant as Specified in its Charter)
__________________________
Delaware |
001-40867 |
84-4882689 |
(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification Number) |
3121
Eagles Nest Street, Suite 120
Round Rock, TX 78665
(Address of principal executive offices and zip
code)
(512) 400-4271
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-14(c)). |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.00001 per share |
|
VLCN |
|
NASDAQ |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 |
Entry into a Material Definitive Agreement. |
The information set forth in the second and third paragraphs of Item
8.01 is incorporated herein by reference.
On November 16, 2023, Volcon,
Inc. (the “Company”) issued a press release (the “Press Release”) announcing the pricing of a firm commitment
underwritten public offering (the “Offering”). A copy of the Press Release is attached as Exhibit 99.1 to this Report and
is incorporated herein by reference.
On November 15, 2023,
the Company entered into a waiver and modification agreement with the holders of all convertibles notes and associated warrants to
purchase 4,148,554 shares of common stock, which convertible notes and
warrants provided for the reduction of the conversion price and exercise price, respectively, upon the completion of an issuance at
a price per share that is lower than such conversion price and exercise price (the “Dilutive Issuance Provision”).
Pursuant to the waiver and modification agreement, the holders (i) waived the Dilutive Issuance Provision with respect to the
Offering described in the Press Release; and (ii) waived the affirmative covenant set forth in the convertible notes that required
that on or prior to December 31, 2023 the Company sell to customers not less than 250 Volcon Stag offroad vehicles.
On November 15, 2023, Adrian
James entered into a voting agreement pursuant to which he agreed to vote his shares of Company common stock in favor of the shareholder
approval required in connection with the Offering described in the Press Release.
The Company has established
a record date of November 17, 2023, with respect to a special meeting of the Company’s stockholders to be held in order to approve
certain matters related to the Offering.
Item 9.01. Exhibits.
(d) Exhibits
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 16, 2023 |
/s/ Greg Endo |
|
Greg Endo
Chief Financial Officer |
Exhibit 99.1
Volcon, Inc. Announces Pricing of
$18.0 Million Underwritten Public Offering
AUSTIN, TX / ACCESSWIRE / November 16, 2023 / Volcon, Inc. (NASDAQ:
VLCN), (“Volcon” or the “Company”), the first all-electric, off-road powersports company, announced today the
pricing of a firm commitment underwritten public offering with gross proceeds to the Company expected to be approximately $18.0 million,
before deducting underwriting discounts and other estimated expenses payable by the Company. The offering consists of 42,857,142 Common
Units or Pre-funded Units, each consisting of one share of common stock or one pre-funded warrant (“Pre-Funded Warrant”) to
purchase one share of common stock, 0.35 of a warrant to purchase one share of common stock at an exercise price of $0.55 per share (or
130% of the price of each Common Unit sold in the offering) or pursuant to an alternative cashless exercise option, which warrant will
expire on the five-year anniversary of the original issuance date (the “Series A Warrants”) and 0.35 of a warrant to purchase
one share of common stock at an exercise price of $0.84 per share (or 200% of the price of each Common Unit sold in the offering), which
warrant will expire on the five-year anniversary of the original issuance date (the “Series B Warrants” and together with
the Serie s A Warrants, the “Warrants”). The purchase price of each Common Unit is $0.42, and each Pre-Funded Unit is $0.41999
(which is equal to the public offering price per Common Unit to be sold in the offering minus $0.00001). The Pre-Funded Warrants will
be immediately exercisable and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. For each Pre-Funded
Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis. The Company intends to
use the net proceeds from this offering for general corporate purposes. The offering is subject to customary closing conditions, and there
can be no assurance as to whether or when the offering may be completed.
In addition, the Company has granted Aegis Capital Corp. a 45-day option
to purchase additional shares of Common Stock and/or Pre-Funded Warrants, representing up to 15% of the number of Common Stock and/or
Pre-Funded Warrants sold in the offering, and additional Warrants representing up to 15% of the Warrants sold in the offering solely to
cover over-allotments, if any.
Aegis Capital Corp. is acting as the sole book-running manager for
the Offering
The offering is being made pursuant to an effective registration statement
on Form S-1 (No. 333-274800) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective
by the SEC on November 15, 2023. A preliminary prospectus (the “Preliminary Prospectus”) describing the terms of the proposed
offering was filed with the SEC and is available on the SEC’s website located at www.sec.gov. A final prospectus (the “Final
Prospectus”) relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s
website located at www.sec.gov. Electronic copies of the Preliminary Prospectus and Final Prospectus, when available, may be obtained
by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email
at syndicate@aegiscap.com, or by telephone at (212) 813-1010. Before investing in this offering, interested parties should read in their
entirety the registration statement and the Preliminary Prospectus and the other documents that the Company has filed with the SEC that
are incorporated by reference in such registration statement and the Preliminary Prospectus, which provide more information about the
Company and the offering.
This press release shall not constitute an offer to sell or the 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.
About Volcon
Based in the Austin, Texas area, Volcon was founded as the first all-electric
power sports company producing high-quality and sustainable electric vehicles for the outdoor community. Volcon electric vehicles are
the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows
for a more immersive outdoor experience.
Volcon’s vehicle roadmap includes both motorcycles and UTVs.
Its first product, the innovative Grunt, began shipping to customers in late 2021 and combines a fat-tired physique with high-torque electric
power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, improved suspension,
and a seat, began shipping to customers in September 2023. Volcon will also offer the Runt LT, a fun-sized version of the groundbreaking
Grunt, better suited for small-statured riders, more compact properties and trails, or as a pit bike at race events, while still delivering
robust off-road capabilities. The Brat is Volcon’s first foray into the wildly popular eBike market for both on-road and off-road
riding and is currently being delivered to dealers across North America. Volcon is also currently delivering the Volcon Youth line of
dirt bikes for younger riders between the ages of 4 and 11. Volcon debuted the Stag in July 2022 and entered the rapidly-expanding UTV
market and previously announced that it expects to begin shipping the Stag to customers in the fourth quarter of 2023. The Stag empowers
the driver to explore the outdoors in a new and unique way that gas-powered UTVs cannot. The Stag offers the same thrilling performance
of a standard UTV without the noise (or pollution), allowing the driver to explore the outdoors with all their senses.
Volcon Contacts
For Media: media@volcon.com
For Dealers: dealers@volcon.com
For Investors: investors@volcon.com
For Marketing: marketing@volcon.com
For more information on Volcon or to learn more about its complete
motorcycle and side-by-side line-up, visit: www.volcon.com
Forward-Looking Statements
The information contained herein may
contain “forward-looking statements.” Forward-looking statements in this press release include, without limitation,
the timing of the closing of the offering, if at all, whether the Company can begin production of the Stag to meet expected deliveries
to customers beginning in the fourth quarter of 2023, and whether production of the Runt LT will occur. Forward-looking
statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,”
“estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these
terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but
are not limited to, statements contained in this press release relating to the closing of the offering. Forward-looking statements are
based on the Company’s current expectations and assumptions regarding its business, the economy, and other future conditions. In
this news release, such forward-looking statements include statements regarding the anticipated use of proceeds from the offering. Because
forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that
are difficult to predict, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of
the Preliminary Prospectus. The Company’s actual results may differ materially from those contemplated by the forward-looking statements.
They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying
on any of these forward-looking statements. Factors or events that could cause the Company’s actual results to differ may emerge
from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels
of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the
Company does not intend to update any of the forward-looking statements. References and links to websites have been provided as a convenience,
and the information contained on such websites is not incorporated by reference into this press release.
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