Volcon Raises $27.2M Via Debt Offering

Volcon Inc 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.