Volcon Inc. changed its corporate name to Empery Digital Inc. and shifted its public-company focus to a Bitcoin treasury strategy, with its common stock trading on Nasdaq under EMPD after the change. News around the former VLCN symbol now centers on BTC acquisitions, custody and portfolio metrics, net asset value references, share repurchase activity, borrowing facilities, and equity financing capacity.
Company updates also reference the remaining mobility business and operational results, including disclosures tied to tariffs, quarterly financial reporting, and the transition from an all-electric off-road powersports issuer to a digital-asset treasury model.
Volcon Inc. (NASDAQ:VLCN) reported its third-quarter 2022 operational highlights and financial results, revealing a revenue of $0.3 million, down $2.1 million from Q2 2022. The net loss narrowed to $7.9 million compared to $9.9 million in Q2. Key developments include signing 144 dealers and over $100 million in pre-orders, along with launching the 2023 Brat eBike. The company raised $22.3 million through convertible notes and closed its manufacturing operations to outsource assembly, aiming to enhance cash flow.
Volcon Inc. (NASDAQ: VLCN) has been invited to showcase its electric vehicle (EV) lineup at the Texas A&M University RELLIS Campus BCDC grand opening. The BCDC is a state-of-the-art research and testing complex focused on advancing U.S. defense technology. Volcon aims to explore partnerships for military modernization and fleet electrification, highlighting the demand for tactical electric vehicles.
Volcon's flagship product, the Stag UTV, is set for delivery to U.S. Army locations in mid-2023, with other models like the Grunt and Brat already in production.
Volcon Inc. (NASDAQ: VLCN) has entered an exclusive co-branding and distribution agreement with Torrot Electric Europa, granting Volcon rights to sell youth motorcycles in the Americas. This three-year partnership aims to tap into the growing youth powersports market, enhancing revenue and profitability. The initial motorcycle range will accommodate riders aged 3 to 16, with deliveries expected to begin in December 2022. The collaboration leverages Torrot's 75 years of experience in motorcycle design and manufacturing, aligning both companies' visions for electric powersports expansion.
Volcon Inc. (NASDAQ: VLCN) has secured its first order from the U.S. Army for two Stag UTV vehicles, to be delivered in mid-2023. This order is part of a project managed by the U.S. Army Engineer Research and Development Center, focusing on disaster response missions. The Stag is an all-electric, all-wheel drive vehicle powered by General Motors technology, designed for rapid deployment in emergencies. This contract marks Volcon's entry into the federal government market, aligning with the Department of Defense's commitment to fleet electrification.
Volcon Inc. (NASDAQ: VLCN) has appointed Katie Hale as Chief Marketing Officer, who brings extensive experience from her previous roles in the outdoor sports marketing sector. Hale aims to enhance Volcon's marketing strategy, particularly following the recent launches of the Volcon Stag UTV and the Brat eBike. CEO Jordan Davis emphasized Hale's skills in digital marketing and brand awareness as essential for the company's growth trajectory. Volcon is focused on becoming a leading brand in the off-road powersports market while maintaining its commitment to sustainable outdoor experiences.
Volcon Inc. (NASDAQ: VLCN) has launched its first class 2 e-bike, the Volcon Brat, marking its entry into the e-bike market. Designed for both on and off-road adventures, the Brat features a unique exo-arch frame and a high-torque motor, achieving speeds up to 28 mph. It includes four ride modes, a range of over 70 miles, and charges in 6-7 hours. With a starting MSRP of $2,799, the Brat is set for delivery in November 2022. This move is seen as a strategic opportunity to attract e-bike enthusiasts amidst a competitive market.
Volcon Inc. (NASDAQ: VLCN) announced a manufacturing transition aimed at improving profitability and cash flow. The company will close its Round Rock, Texas facility, consolidating logistics to reduce costs. Volcon has partnered with GLV Ventures for contract manufacturing, which will enhance product margins by lowering materials, labor, and overhead costs. The plan includes reducing dependence on Chinese components, seeking North American suppliers to improve cash retention. Changes will lead to workforce reductions but are expected to position Volcon for long-term success and quicker profitability.
Aegis Capital Corp acted as the Exclusive Placement Agent for a $27.2 million Convertible Senior Notes Offering for Volcon, Inc. (NASDAQ: VLCN). This capital infusion will support Volcon's mission of developing and selling electric off-road powersport vehicles in the U.S. and Latin America, including electric motorcycles and utility vehicles. Volcon aims to enhance family off-road adventures while providing practical solutions for farming and private land applications.
Volcon Inc. (NASDAQ: VLCN) announced that Ted Turner Reserves has pre-ordered eight units of its Stag UTV for testing on over 1 million acres of land. The non-binding pre-orders will assess the potential for a larger electrification initiative across Ted Turner's fleet. CEO Jordan Davis highlighted the partnership's aim to enhance outdoor experiences while reducing environmental impacts. The Stag features a zero-emissions drivetrain, providing a sustainable transport option for guests and staff. This collaboration emphasizes Volcon's commitment to innovation in eco-friendly outdoor solutions.
Volcon Inc. (NASDAQ: VLCN) has successfully closed a $27.2 million offering of convertible senior notes due 2024, along with warrants to purchase approximately 9.1 million shares of common stock. The notes have an 8.0% original issue discount and will mature on February 24, 2024, unless converted earlier. The initial conversion price is set at $2.25 per share. The accompanying warrants are exercisable immediately with an exercise price of $2.85 and will expire in five years.