Volcon, a pre-revenue manufacturer of all-electric off-road powersport vehicles, raised $17 million by offering 3.0 million shares at $5.50, the high end of the range of $4.50 to $5.50.
Founded in 2020, the company currently offers two off-road motorcycles, and had expected to begin making deliveries in the third quarter. It plans to expand its offerings with a UTV in 2022, followed by a high-performance long-range UTV in 2023. It is initially selling its vehicles DTC, and assembling them in Rock Rock, TX, with plans to expand into another manufacturing facility in 2022.
Volcon listed on the Nasdaq under the symbol VLCN. Aegis Capital Corp. acted as sole bookrunner on the deal.
The company finished its first day of trading at $10.86 for a gain of 97% from the offer price.
