Intel stock spikes after report of possible US government stake
Volcon Inc. (VLCN) announced it has entered into securities purchase agreements for a private placement expected to generate over $500 million in gross proceeds. The company will issue 50,142,851 shares of common stock at $10.00 per share to institutional and accredited investors.
The electric off-road vehicle manufacturer stated it intends to use at least 95% of the gross proceeds to acquire Bitcoin as its primary treasury reserve asset. The closing is expected to occur on or about July 21, 2025.
Empery Asset Management served as lead investor in the offering, which included participation from crypto venture capital firms FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital, along with traditional financial investors.
Ryan Lane, co-founder and Managing Member of Empery Asset Management, has been appointed co-CEO and Chairman of the Board of Directors. The company added Lane, Ian Read, Rohan Chauhan and Matthew Homer to its board of directors until elections are held at the next shareholder meeting.
Volcon has entered into a Strategic Digital Assets Services Agreement with Gemini Nustar LLC, an affiliate of Gemini Trust Company, to execute the bitcoin treasury strategy. John Kim will continue as co-CEO, leading the company’s electric vehicle business transformation.
Clear Street LLC acted as lead placement agent and Aegis Capital Corp. served as co-placement agent and exclusive financial advisor for the private placement.
The securities are being offered in a private placement under exemptions from Securities Act registration requirements. The company has agreed to file a registration statement with the SEC for the resale of the shares.