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Volcon Raises $27.2M Via Debt Offering

Volcon Inc (NASDAQ:VLCN) has signed a securities purchase agreement to issue an investor $27.2 million of convertible senior notes due 2024.…
byShivani Kumaresan
August 22, 2022
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  • Volcon Inc (NASDAQ:VLCN) has signed a securities purchase agreement to issue an investor $27.2 million of convertible senior notes due 2024.
  • The agreement also includes accompanying warrants to purchase approximately 9.1 million shares of common stock with an initial exercise price of $2.85.
  • The initial conversion price will be $2.25 per share of common stock. Each of the Notes will include an original issue discount of 8.0%.
  • The notes are expected to mature on February 24, 2024.
  • Price Action: VLCN shares are trading lower by 22.31% at $1.88 on the last check Monday.
 
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