Volcon, a pre-revenue manufacturer of all-electric off road powersport vehicles, filed on Friday with the SEC to raise up to $15 million.
The Round Rock, TX-based company plans to raise $15 million by offering 3 million shares at a price range of $4.50 to $5.50. At the midpoint of the proposed range, Volcon would command a fully diluted market value of $111 million.
Volcon is developing and building electric two and four-wheel motorcycles and utility terrain vehicles (UTVs), along with a complete line of upgrades and accessories. In October 2020, the company began building and testing prototypes for its future offerings with two off-road motorcycles: the Grunt and the Runt. Volcon is currently taking orders on its website for these initial offerings and expect to begin delivering the Grunt in the 3Q21 and the Runt in the 1Q22.
Volcon was founded in 2020 and plans to list on the Nasdaq under the symbol VLCN. The company filed confidentially on June 21, 2021. Aegis Capital Corp. is the sole bookrunner on the deal.
