Volcon stock plunges to 52-week low at $3.18 amid steep decline

Published 03/02/2025, 15:36
Volcon stock plunges to 52-week low at $3.18 amid steep decline

Volcon Inc. (VLCN), an electric vehicle manufacturer with a market capitalization of just $1.88 million, has seen its stock price tumble to a 52-week low, reaching a price level of just $3.18. This latest price point marks a significant downturn for the company, which has experienced a staggering 1-year change of nearly -99.9%. The precipitous drop reflects investor concerns over the company’s performance, with InvestingPro data showing a weak overall financial health score of 1.26 out of 10. Despite revenue growth of 41.15% in the last twelve months, Volcon’s struggle to maintain its market position amidst a challenging economic landscape has led to this new low, raising questions about its ability to recover and regain investor confidence. According to InvestingPro analysis, the stock appears undervalued at current levels.

In other recent news, Volcon ePowersports has been actively advancing its business operations with a series of significant developments. The electric vehicle manufacturer has reported strong revenue growth of 41% in the last twelve months, primarily driven by the success of its Grunt EVO and Brat eBike, resulting in Q1 revenues of $1.03 million. However, the company also registered a substantial net loss of $26.0 million, largely due to a $19.8 million loss recognized for warrant liabilities.

Volcon recently announced the arrival of its latest model, the Volcon HF1, at Lithium Powersports, marking the expansion of its electric vehicle lineup. Additionally, the company has entered into a settlement agreement with GLV Ventures, terminating their existing supplier agreements and initiating a monthly termination fee. Concurrently, Volcon appointed Orn Olason as an independent member of its Board of Directors, strengthening the company’s leadership.

In terms of corporate restructuring, Volcon declared a 1-for-8 reverse stock split, reducing the number of outstanding shares. The company is also conducting an ongoing inquiry related to a recent reverse stock split, due to concerns over the accuracy of additional shares suggested by the Depository Trust & Clearing Corporation. Lastly, Volcon entered into an At-The-Market Issuance Sales Agreement with Aegis Capital Corp, allowing the sale of up to $100 million of its common stock. These are the recent developments in Volcon’s operations.

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