Volcon Stock Plummets After Raising $20M Via Equity Offering At 20% Discount

by Shivani Kumaresan, Benzinga Staff Writer

January 28, 2022 11:40 AM | 1 min read |

Volcon Inc VLCN has priced the underwritten public offering of 6.7 million shares to the public at $3 per share.
The issue price represents a 20.6% discount to the company’s last closing price on January 27.
The company expects gross proceeds from the offering to be about $20 million.
The company also granted the underwriter Aegis Capital Corp. a 45-day option to purchase up to 1 million additional shares.
The offering is expected to close on February 1, 2022.
Price Action: VLCN shares are trading lower by 21.2% at $2.98 on the last check Friday.

Posted In: News Penny Stocks Offerings Movers Trading Ideas Briefs why it's moving

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.