Why Volcon Shares Are Diving

Volcon Inc VLCN shares are trading lower by 31.7% to $0.44 Friday morning after the company announced pricing of its underwritten public offering.

The underwritten public offering is is expected to bring gross proceeds of $700,000. The offering consists of 1,400,000 shares of common stock at a price to the public of $0.50 per share.

Volcon intends to use the net proceeds from the offering for general corporate purposes, including working capital, investor relations activities, operating expenses and capital expenditures.

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According to data from Benzinga Pro, VLCN has a 52-week high of $2.60 and a 52-week low of $0.42.