11:50 AM EST, 02/06/2025 (MT Newswires) -- Volcon ( VLCN ) said Thursday it closed a public offering of 6 million common units at $2 apiece for 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 expects to use the net proceeds, along with its existing cash, for general corporate purposes and working capital.

Volcon ( VLCN ) shares were down 6.9% in recent trading.

Price: 1.70, Change: -0.13, Percent Change: -6.94