Volcon Inc VLCN shares are trading lower by 68% to $0.21 Thursday morning after the company announced it is raising approximately $18 million through a public offering.
Volcon is selling Common Units or Pre-funded Units, which consist of stock or pre-funded warrants, along with warrants at set prices and expiration dates. These funds will be used for general corporate purposes.
The offering's completion depends on standard conditions, with an option for additional shares to cover potential over-allotments.
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According to data from Benzinga Pro, VLCN has a 52-week high of $10.00 and a 52-week low of $0.20.
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