Volcon (VLCN) said Wednesday it priced a public offering of 6 million common units at $2 apiece for expected gross proceeds of about $12 million.
Each unit consists of one common share or pre-funded warrant and one registered common warrant to purchase one share, the company said.
The company said it expects the offering to close on or about Feb. 6 and plans to use the net proceeds for general corporate purposes and working capital.
Volcon shares were down more than 44% in recent trading.
Price: 1.79, Change: -1.42, Percent Change: -44.22
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