Pricing of Initial Public Offering announced by Volcon ePowersports, to support company’s growth.
Volcon, the US, Texas based company, are now pricing their IPO (Initial Public Offering), reaching yet another milestone after recently starting their deliveries from their factory facilities near Austin.
Check out their official press release blow.
Volcon ePowersports began the line of electric vehicle offering with the Grunt and Runt electric motorcycles, and has future plans for a four-wheeled, side-by-side Stag and Beast UTV models, expected to come in the second half of 2022 and late 2023, respectively.
After recent announcements, after they raised a total of $17.5 million in funding a few months ago, and put it to great use in expanding production lines, staff and supply chain to meet demand. Volcon’s first deliveries started a few weeks back, and now the company reaches a great milestone in going public with their IPO pricing.
The company offer the Grunt electric off-raod motorcycle, that saw great demand since its announcement. An off-road, all terrain bike, with 50hp, and a top speed of 60mph (97kmh) in 6 seconds. The Grunt carries a range of 75 miles, and 102Nm of torque, it’s a powerful ride.
The Runt is the youth bike model of the Grunt. This cool little model makes it a family fun off-road addition. With a lower top speed of 35 mph, and torque at 60Nm. The seat height of 27 inch (68cm) makes it a steady and fitting ride for youth.
Volcon already begun delivering their first bikes, with both models available for order as a pair or a single bike – the Grunt priced at $7995 and the Runt will set you back a total $2995 US. Volcon’s two-wheelers are meant to be all-electric, off-road fun and utility vehicles, for outdoor adventure and exploration. Carrying fat-tires, and absolutely none of the mandatory street legal components – the Grunt was made for pure off-roading fun.
Volcon’s also plans for expansion into the Latin American market with its partnership with Accelera International. As part of the companies cooperation, Accelera International has begun reach out and sales in Mexico, South America, and the Caribbean for distribution of Volcon products.
Official Press-Release By Volcon:
AUSTIN, Texas, Oct. 5, 2021 – Volcon, Inc. (the “Company”), the first all-electric, off-road powersports company, today announced the pricing of its initial public offering of 3,025,000 shares of common stock at a public offering price of $5.50. The gross proceeds of the offering are expected to be approximately $16.6 million before deducting underwriting discounts, commissions and offering expenses. The offering is expected to close on October 8, 2021, subject to satisfaction of customary closing conditions.
In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase up to 226,875 additional shares of common stock at the public offering price to cover over-allotments, if any. If this option is exercised in full, the gross proceeds of the offering would be approximately $17.9 million before deducting underwriting discounts, commissions and offering expenses. The common stock is expected to begin trading on The Nasdaq Capital Market on October 6, 2021, under the symbol “VLCN.”
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
A registration statement on Form S-1 relating to common stock being sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on October 5, 2021. The offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC’s website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010.
Source: Volcon
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