Volcon, Inc. Announces Pricing Of $18M Underwritten Public Offering
Portfolio Pulse from Benzinga Newsdesk
Volcon, Inc. (NASDAQ:VLCN) has announced the pricing of an $18 million underwritten public offering. The offering includes 42,857,142 Common Units or Pre-funded Units, each comprising a share of common stock or a pre-funded warrant, and associated warrants. The Common Units are priced at $0.42, and the Pre-Funded Units at $0.41999. The proceeds are intended for general corporate purposes. The offering is subject to closing conditions, and Aegis Capital Corp. has a 45-day option to purchase additional securities to cover over-allotments.
November 16, 2023 | 2:20 pm
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Volcon, Inc. has priced its underwritten public offering at $18 million, which may dilute current shareholders but provide capital for corporate purposes. The offering includes Common Units and Pre-Funded Units with associated warrants.
The announcement of a public offering typically leads to short-term downward pressure on a company's stock price due to the potential dilution of existing shares. However, the capital raised can be beneficial for the company's growth and development. The impact is scored as negative in the short term due to the immediate dilution concern.
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