Volcon Inc (VLCN)

[infamous]

this stinks.... As previously disclosed in the Form 8-K filed November 20, 2023, in November 2023, Volcon, Inc. (the “Company”) completed a firm commitment underwritten offering pursuant to which it issued, among other securities, certain series A warrants (the “Series A Warrants”) and certain series B warrants (the “Series B Warrants”). Upon the completion of the reverse split on February 2, 2024 and the application of the adjustment terms of the warrants, the Company had outstanding Series A Warrants exercisable into 11,939,865 shares of Company common stock (assuming exercise on an alternative cashless basis) and Series B Warrants exercisable for 7,137,082 shares of Company common stock at an exercise price of $1.8646 per share. In addition, as of the completion of the reverse split and the application of the adjustment terms thereof, the Company had convertible notes outstanding in aggregate principal amount of approximately $32.1 million with a conversion price of $1.8646 per share. As of March 1, 2024, the Company had issued an aggregate of approximately 11.62 million shares of Company common stock upon exercise of Series A Warrants (and Series A Warrants exercisable for approximately 320,000 shares of Company common stock remained outstanding), and had outstanding approximately 15.63 million shares of Company common stock, which includes the issuance of shares of Company common stock upon the conversion of approximately $7.4 million in principal amount of convertible notes.