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VLCN News
VLCN Events
Volcon changes name to Empery Digital, reflects pivot to bitcoin treasury
Volcon (VLCN) announced it has changed its name to Empery Digital (EMPD) to align its branding with its new bitcoin ($BTC) treasury strategy. The company's shares will now trade on Nasdaq under the new ticker symbol "EMPD" as of July 31. The company stated its e-power-sports business will continue to operate under the brand name Empery Mobility, focused on an asset-light business model.
Volcon acquires additional 316.8 Bitcoin for $37.3M
Volcon announced updates to its bitcoin acquisition strategy and current holdings. Since its last update on July 25, the company has acquired an additional 316.8 BTC for a total purchase price of $37.3M. As of the time of this release, the company holds 3,500.18 BTC acquired for an aggregate purchase price of $412M, reflecting an average effective purchase price of $117,683 per BTC. The purchase price reflects the benefit of premiums received as part of the company's broader BTC acquisition strategy which incorporates derivative sales to reduce the cost basis of BTC acquired. The company sold additional short-term put contracts giving the company the option to potentially buy additional BTC at strike prices between $115,000 and $118,000 at various times in the near future.
Volcon prices 50.1M units at $10.00 in private placement
Volcon entered into securities purchase agreements with certain institutional and accredited investors in a private placement for the purchase and sale of 50,142,851 shares of common stock (or par value pre-funded warrants in lieu thereof) at a price of $10.00 per share, for expected aggregate gross proceeds of over $500,000,000, before deducting placement agent fees and other offering expenses. Empery Asset Management acted as lead investor, and the offering included participation by prominent crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital with strong participation from prominent traditional financial investors. The closing of the offering is expected to occur on or about July 21, 2025, subject to the satisfaction of customary closing conditions. The Company intends to promptly use at least 95% of the gross proceeds to acquire Bitcoin, which will serve as the Company's primary treasury reserve asset. To successfully execute this Bitcoin treasury strategy, the Company has entered into a Strategic Digital Assets Services Agreement with Gemini Nustar, an affiliate of Gemini Trust Company. The Company has added by appointment Ryan Lane, Ian Read, Rohan Chauhan and Matthew Homer to serve on the board of directors until elections are held at the Company's next shareholder meeting. Clear Street acted as lead placement agent and Aegis Capital acted as co-placement agent and exclusive financial advisor in connection with the Private Placement.
Volcon announces 1-for-8 reverse stock split
Volcon filed an amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Delaware to effect a 1-for-8 reverse stock split of its common stock. The reverse stock split will take effect at 11:59 pm on June 11, 2025, and the Company's common stock will open for trading on The Nasdaq Capital Market on June 12, 2025 on a post-split basis, under the existing ticker symbol "VLCN" but with a new CUSIP number 92864V608. As a result of the reverse stock split, every 8 shares of the Company's common stock issued and outstanding prior to the opening of trading on June 12, 2025 will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of $0.00001. No fractional shares will be issued if, as a result of the reverse stock split, a stockholder would become entitled to a fractional share because the number of shares of common stock they hold before the reverse stock split is not evenly divisible by the split ratio. Instead, the stockholder will be entitled to receive a cash payment in lieu of a fractional share. As a result of the reverse stock split, the number of shares of common stock outstanding will be reduced from approximately 4.3 million shares to approximately 0.54 million shares, and the number of authorized shares of common stock will remain at 250 million shares.
Volcon announces launch of floor plan financing, retail financing program
Volcon ePowersports announced the launch of a new floor plan financing and retail financing program provided by Dealer Direct Financial, a department of First Community Bank. This initiative will enable Volcon's network of dealers to finance their inventory purchases, providing them with enhanced access to the Company's electric off-road vehicles. The floor plan will provide flexible financial solutions designed to support inventory acquisition and drive sales of Volcon's products. By facilitating dealer access to affordable financing, Volcon aims to expand its market presence and ensure that customers nationwide can experience the next generation of off-road adventure with the Company's electric vehicles.
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