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 Q1 2022 financial results, achieving revenue of $1.2 million, marking an increase of $0.8 million compared to total revenue for FY 2021. The net loss was $8.6 million, significantly improved from $14.8 million in Q4 2021. The company signed 83 dealers by March 31, 2022, with expectations to exceed 100 by Q2. Direct dealer shipments commenced in May 2022, following successful direct-to-consumer sales. Volcon also raised over $18 million through a public offering in February.
Volcon Inc. announced the appointment of TROPICARS as its authorized exporter, expanding distribution to over 20 Caribbean markets. The partnership aims to enhance Volcon's brand presence and sales across territories like Jamaica, Aruba, and the Bahamas. TROPICARS, known for its distribution capabilities in the hospitality and power sports sectors, will assist in marketing and sales strategies tailored to regional demands. This collaboration is expected to boost Volcon's growth in the electric off-road vehicle market.
Volcon Inc. (NASDAQ: VLCN) reported its financial results for 2021, showcasing a significant operational milestone with the delivery of 75 motorcycles, generating $449K in total revenue. However, the company faced a net loss of $40.1 million, largely due to high development costs and inventory write-downs. CEO Jordan Davis highlighted the challenges of supply chain constraints but emphasized plans for expansion and improvement in manufacturing capacity. Volcon completed a follow-on public offering in February 2022, raising over $18 million to support its objectives.
Aegis Capital Corp. has successfully acted as the Sole Bookrunner for a $20 Million Underwritten Public Offering of Common Shares for Volcon, Inc. (NASDAQ: VLCN). Volcon is a pioneering all-electric powersports company based in Texas, creating high-quality off-road vehicles. The company aims to enhance outdoor experiences through innovative electric designs. Its first product, the Grunt, began shipping in September 2021, with future models like the Runt and UTVs in development. This offering will facilitate Volcon's growth and operational expansion.
Volcon Inc. (NASDAQ: VLCN) has successfully closed an underwritten public offering of 6,666,667 shares of common stock at $3.00 per share, generating approximately $20 million in gross proceeds. The underwriter, Aegis Capital Corp., has a 45-day option to purchase up to 1,000,000 additional shares, potentially increasing total proceeds to $23 million. The offering was made under an effective registration statement with the SEC, and a final prospectus is available for investors. Volcon focuses on producing all-electric, off-road vehicles and aims to enhance outdoor experiences.
Volcon Inc. (NASDAQ: VLCN) has priced an underwritten public offering of 6,666,667 shares of common stock at $3.00 per share, aiming to raise approximately $20.0 million before expenses. Aegis Capital Corp. is the sole book-running manager and has a 45-day option to purchase an additional 1,000,000 shares, potentially increasing gross proceeds to $23 million. The offering is expected to close on February 1, 2022, pending customary closing conditions, and is priced per an effective registration statement with the SEC.
Volcon Inc. (NASDAQ: VLCN), the first all-electric off-road powersports company, recently announced the signing of its 36th dealer and the addition of two industry veterans, Steven Christian and Johnny Hayes, to manage dealerships in the Southern and Northwest territories. With approximately 350 dealership applications in progress, Volcon anticipates significant growth in 2022. The company is focused on enhancing its brand and expanding its market presence as it prepares for key buying seasons.
Volcon Inc. (NASDAQ: VLCN) has appointed Stephanie Davis as Chief Operating Officer, effective January 11, 2022. With 25 years of experience in manufacturing and production from companies like Ingersoll-Rand and Bosch, Davis aims to enhance logistics and quality while implementing lean manufacturing principles. The company is ramping up production of its Grunt motorcycle, expecting to initiate direct-to-consumer shipments by Q1 2022. Volcon plans to expand its Liberty Hill, Texas facility to meet growing demand for its electric side-by-side vehicle, Stag.
Volcon Inc. (NASDAQ: VLCN) has commenced customer product deliveries to Latin America, starting with shipments to Guatemala and Paraguay. This marks a significant milestone in the company's international expansion. Following strong interest from distributors in the region, agreements were signed with multiple countries. A recent demo event in Mexico showcased the Grunt motorcycle, highlighting its features and eco-friendly design. Volcon plans to continue expanding in Latin America with new product introductions and demonstration events slated for 2022.
Volcon Inc. (NASDAQ: VLCN) has appointed Matthew Jennings as Vice President of Engineering, effective immediately. Jennings, a former Director of Electronic Hardware Engineering at Nikola, will lead engineering efforts as Volcon expands into new product categories, including four-wheeled vehicles set to launch next year. Additionally, the company has partnered with Synchrony Financial to offer consumer financing options at Volcon dealerships starting in 2022, enhancing accessibility for customers. This dual announcement aims to bolster Volcon's market position in the all-electric, off-road powersports industry.