Volcon Inc.
VLCN,
is expected to begin its IPO on the Nasdaq some time after it opened on Wednesday after the all-electric powersports company’s IPO stood at $ 5.50 per share overnight, at the top of the expected range of between $ 4.50 and $ 5, $ 50 per share. The ticker symbol for the stock is “VLCN”. The company sold approximately 3.03 million shares on its IPO to raise $ 16.64 million. With 11.34 million shares outstanding after the IPO, the company is valued at approximately $ 62.36 million. Aegis Capital is the sole underwriter. The company recorded a net loss of $ 19.46 million without revenue for the six months ended June 30, following a loss of $ 1.37 million with no revenue for the period February 21, 2020 to December 31, 2020 its off-road motorcycles, the Grunt and the Runt, and expects to ship the Grunt in the third quarter of 2021 and the Runt in the first quarter of 2022. The company expects to offer the Volcon Stag UTV in 2022 and a wider range UTV, The Beast, in 2023. Volcon is going public at a time when the Renaissance IPO ETF is going public
Initial public offering,
is down 3.3% over the past three months while the S&P 500
SPX,
has increased by 0.1%.
Comments are closed.