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

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.

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