Volcon Announces Reverse Stock Split

AUSTIN, TX / ACCESSWIRE / June 5, 2024 / Volcon Inc. (NASDAQ:VLCN), the first all-electric, off-road powersports company, has announced a 1-for-100 reverse stock split of its common stock. This move follows an amendment to its amended and restated certificate of incorporation filed with the Secretary of State of Delaware.

The reverse stock split will take effect at 11:59 pm (Eastern Time) on June 6, 2024. The company's common stock will begin trading on a post-split basis on June 7, 2024, under the existing ticker symbol "VLCN" but with a new CUSIP number 92864V400.

Consequently, every 100 shares of issued and outstanding common stock will be consolidated into one share, without altering the nominal par value per share of $0.00001. Fractional shares will not be issued; any fractional shares will be rounded up to the nearest whole number.

This reverse stock split will reduce the number of outstanding shares from approximately 33.3 million to around 0.33 million. The number of authorized shares remains at 250 million, and the shares reserved under the equity compensation plan will be proportionately reduced.