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Velcan Holdings: Share Buyback Program
Globenewswire· 2025-01-13 07:35
Share Buyback Program Overview - The company launched a share buyback program on 15 January 2024, aiming to repurchase 300,000 shares, which concluded on 31 December 2024 [2] - Under this program, the company repurchased 92,892 shares for a total amount of €1,281,544 [2] - The program was authorized by the Shareholders' General Meeting on 29 June 2021 [2][6] New Share Buyback Program - The Board of Directors initiated a new share buyback program on 8 January 2025, with the aim of repurchasing shares for cancellation or to cover new grants of free shares [6][9] - The program is authorized under the same resolution from the Shareholders' General Meeting on 29 June 2021 [6] - The program will run until 31 December 2025 [12] Shareholding Details - As of 13 January 2025, the company held 777,709 of its own shares, representing 14.41% of the share capital [11] - The breakdown of these shares includes 557,709 for cancellation, 20,000 for delivery towards the exercise of securities, and 200,000 for employee and management option or free share plans [11] Program Execution Details - The company may acquire up to 300,000 shares, representing 5.56% of the current share capital, with a maximum allocation of €4,500,000 excluding acquisition costs [13] - Purchases will be made in the market or through block transactions over the counter, executed by an independent investment services provider [13] - The shares to be acquired are ordinary shares of the same class (ISIN FR0010245803) [13] Company Background - Velcan Holdings is an investment holding company founded in 2005, managing a global portfolio of participations and investments [13] - The company is listed on the unregulated Euro MTF Stock Market in Luxembourg (Ticker VLCN/ISIN FR0010245803) and has never performed a public offer under Directive 2003/71/CE [14]
Volcon MN1 Unit Arrives at Cycle Plaza Corpus Christi, Ready to Sell
Globenewswire· 2025-01-10 13:00
Core Insights - Volcon ePowersports has launched the Volcon MN1 at Cycle Plaza in Corpus Christi, Texas, marking the second dealership to showcase this electric vehicle [1][2] - The MN1 is part of Volcon's broader strategy to produce high-quality, sustainable electric vehicles for outdoor enthusiasts, emphasizing environmental benefits and a quieter operation compared to gas-powered units [2][3] Company Overview - Volcon, based in Austin, Texas, is recognized as the first all-electric power sports company, focusing on creating sustainable electric vehicles for the outdoor community [2] - The company’s product lineup includes motorcycles, UTVs, and eBikes, with the Grunt being its first product launched in late 2021, followed by the Grunt EVO in October 2023 and the Brat eBike currently being delivered across North America [3] Product Development - The MN1 and HF1 products are designed to provide a unique outdoor exploration experience, offering performance comparable to traditional LUV/UTV vehicles without the associated noise and pollution [3] - The MN1 was first shipped in October 2024, indicating the company's entry into the expanding LUV and UTV market [3]
Volcon Brat Passes Japanese Government Certification and is now available throughout Japan
Globenewswire· 2025-01-07 13:00
VLCN Brat Japan 1 VLCN Brat Japanese Certification VLCN Brat Japan 2 VLCN Brat Japanese Certification VLCN Brat Japan 3 VLCN Brat Japanese Certification AUSTIN, Texas, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Volcon ePowersports (NASDAQ: VLCN) is pleased to announce that the 250W Brat model has successfully obtained Japanese government certification, allowing sales to begin immediately across Japan. Certification for the 750W model is currently underway. To watch video, visit this link. For media inqui ...
Velcan Holdings: Share buyback program - weekly statement
Globenewswire· 2024-12-16 12:30
Luxembourg, 16 December 2024 SHARES REPURCHASE PROGRAMMEAuthorized by the shareholders’ meeting held on 29th June 2021Implemented upon the decision of the Board of Directors dated 2nd January 2024, DISCLOSURE OF PURCHASES EFFECTED FROM 9 DECEMBER 2024 TO 13 DECEMBER 2024 Market: Euro MTF, LuxembourgType of shares: ordinary shares ISIN FR0010245803 Trading date Number of shares purchasedPurchase price per share Total amount of purchases PurposeMarket09/12/202426514,8657 €<td style="width:115.27px;;border-top ...
Volcon CEO John Kim provides a UTV product roadmap update
GlobeNewswire News Room· 2024-10-21 11:30
Company Overview - Volcon ePowersports is the first all-electric power sports company, focusing on high-quality and sustainable electric vehicles for the outdoor community [1] - The company is based in Austin, Texas, and aims to provide environmentally friendly and near-silent operation vehicles for an immersive outdoor experience [1] Product Lineup - Volcon's vehicle roadmap includes motorcycles and UTVs, with the Grunt being the first product shipped in late 2021, featuring a fat-tired physique and high-torque electric power [2] - The Grunt EVO, an upgraded version of the original Grunt, began shipping in October 2023, featuring a belt drive and improved suspension [2] - The Brat is Volcon's entry into the eBike market, currently being delivered to dealers across North America [2] - In 2024, Volcon launched the MN1 unit in the LUV and UTV market, emphasizing a unique outdoor exploration experience without noise or pollution [2] Future Outlook - The company is focused on expanding its product offerings and enhancing the outdoor experience through electric vehicles, which provide thrilling performance comparable to gas-powered units [2]
Volcon CEO John Kim Shares Important Company Update
GlobeNewswire News Room· 2024-09-30 11:35
Company Overview - Volcon ePowersports is the first all-electric power sports company, focusing on high-quality and sustainable electric vehicles for the outdoor community [1] - The company is based in Austin, Texas, and aims to provide environmentally friendly and near-silent operation vehicles for an immersive outdoor experience [1] Product Roadmap - Volcon's vehicle lineup includes motorcycles and UTVs, with the Grunt being the first product launched in late 2021, featuring a fat-tired design and high-torque electric power [2] - The Grunt EVO, an upgraded version of the original Grunt, began shipping in October 2023, featuring a belt drive and improved suspension [2] - The Brat, Volcon's entry into the eBike market, is currently being delivered to dealers across North America [2] - The Stag, introduced in July 2022, is Volcon's first UTV, with its first production unit shipped in February 2024, offering a unique outdoor exploration experience without the noise and pollution of gas-powered UTVs [2] Communication and Updates - CEO John Kim released a video update discussing recent developments within the company, with further updates expected [1][4] - For media inquiries, the company provides specific contact emails for media, dealers, investors, and marketing [3]
Volcon(VLCN) - 2024 Q2 - Quarterly Results
2024-08-06 12:46
Financial Performance - The company's revenue for Q2 2024 was $0.9 million, a decrease from $1.0 million in Q1 2024 and consistent with Q4 2023 revenue[5]. - Operating expenses for Q2 2024 were $3.4 million, down from $3.7 million in Q1 2024 and $4.7 million in Q4 2023[7]. - The net loss for Q2 2024 was $0.6 million, significantly reduced from $26.0 million in Q1 2024 and $3.4 million in Q4 2023[9]. - Adjusted EBITDA for June 2024 was $(5,133,444) compared to $(4,135,683) for March 31, 2024, indicating a decline[16]. - Overall, the adjusted EBITDA reflects a worsening trend compared to the previous year, with a notable increase in losses[16]. Cost Management - Cost of goods sold for Q2 2024 included a $1.1 million charge for a settlement agreement with a vendor and a $0.4 million write-off for Stag tooling[6]. - The company has reduced headcount costs and streamlined product development to minimize cash requirements and inventory[5]. - Share-based compensation expense was $287,751, a decrease from $404,568 in the previous period[16]. - Interest expense decreased to $196,997 from $329,968, reflecting improved financial management[16]. - Depreciation and amortization expense increased to $99,517 from $75,405, indicating higher asset utilization[16]. Future Projections - The company anticipates completing Army Corp's orders by August 2024, delayed by one month due to manufacturing issues[2]. - Prototypes for the next generation Grunt and a new UTV model are expected by Q3 2024, with availability projected for Q1 2025[3][4]. - The company is focusing on reducing net losses and managing expenses more effectively moving forward[16]. Capital and Compliance - The company raised $12 million in July 2024 from an equity offering, improving its balance sheet and equity structure[1]. - The company regained Nasdaq compliance on July 17, 2024, and will be monitored for one year[1]. Other Financial Metrics - Loss from conversion and exchange of convertible notes was $1,647,608, which was not present in the previous period[16]. - Issuance costs were recorded at $1,444,547 in the previous period, with no new issuance costs reported for the current period[16]. - The gain/loss on change in fair value of derivative liabilities was $(5,111,291) compared to $(8,365,424) in the previous period, showing an improvement[16].
Why Is Volcon (VLCN) Stock Up 85% Today?
Investor Place· 2024-07-11 12:05
Group 1 - UBS Group AG has been actively trading shares of Volcon (NASDAQ: VLCN), with transactions occurring from July 5 to July 8 [1][5] - UBS purchased 108 shares of VLCN stock for a total of $488.82, with prices ranging from $4.3885 to $4.53 per share [2] - Following the trades, UBS's indirect holdings in VLCN decreased from 26,131 shares to 24,973 shares [5] Group 2 - The trading activity led to significant interest in VLCN stock, resulting in over 6 million shares traded on Thursday, compared to the average daily volume of approximately 1.1 million shares [6] - As of Thursday morning, VLCN stock has increased by 84.7% [7]
Volcon(VLCN) - 2024 Q1 - Quarterly Results
2024-05-07 20:30
Exhibit 99.1 Volcon ePowersports Reports First Quarter 2024 Operational and Financial Results AUSTIN, TX (May 7, 2024) - Volcon Inc. (NASDAQ: VLCN) ("Volcon'', the "Company" or "we"), the first all-electric, off-road powersports company, today reported its operational highlights and financial results for the quarter ended March 31, 2024 Company Highlights: As previously noted in our 2023 annual operational updates, Volcon presented its plan of compliance to the Nasdaq Hearing Panel on March 26, 2024 regardi ...
Volcon(VLCN) - 2024 Q1 - Quarterly Report
2024-05-07 20:29
[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's Q1 2024 net loss widened to $26.0 million, driven by non-cash charges, while stockholders' equity turned positive following debt conversion, though substantial doubt about its going concern status remains [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $3,571,048 | $7,983,346 | | Total current assets | $15,066,410 | $19,532,296 | | Total assets | $17,380,175 | $22,126,397 | | **Liabilities & Equity** | | | | Total current liabilities | $12,890,319 | $40,913,110 | | Convertible notes, net | $– | $30,149,579 | | Total liabilities | $13,592,983 | $41,757,418 | | Total stockholders' equity (deficit) | $3,787,192 | $(19,631,021) | - The company's financial position shifted significantly, with **total liabilities decreasing from $41.8 million to $13.6 million**, primarily due to the conversion of convertible notes[9](index=9&type=chunk) - This led to **stockholders' equity becoming positive at $3.8 million**, compared to a deficit of $19.6 million at the end of 2023[9](index=9&type=chunk) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statement of Operations (Unaudited) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Revenue | $1,033,548 | $1,170,458 | | Gross margin | $(588,032) | $(59,523) | | Total operating expenses | $3,656,303 | $5,465,812 | | Loss from operations | $(4,244,335) | $(5,525,335) | | Loss from derivative warrant liabilities | $(19,838,987) | $– | | Net loss | $(26,048,044) | $(7,299,469) | | Net loss per common share – basic & diluted | $(3.27) | $(66.94) | - The **net loss for Q1 2024 increased dramatically to $26.0 million** from $7.3 million in Q1 2023[12](index=12&type=chunk) - This was primarily due to a **non-cash loss of $19.8 million from derivative warrant liabilities** and a $1.6 million loss from the conversion and exchange of convertible notes[12](index=12&type=chunk) [Consolidated Statements of Stockholders Equity (Deficit)](index=7&type=section&id=Consolidated%20Statements%20of%20Stockholders%20Equity%20(Deficit)) - Stockholders' equity turned from a deficit of $19.6 million to a **positive $3.8 million**, mainly driven by the conversion of $24.7 million in convertible notes to preferred stock and other conversions to common stock, which offset the $26.0 million net loss[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statement of Cash Flows (Unaudited) | Cash Flow Activity | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(4,541,267) | $(6,476,651) | | Net cash used in investing activities | $(66,230) | $(244,619) | | Net cash provided by (used in) financing activities | $90,199 | $(44,438) | | **Net Change in Cash and Restricted Cash** | **$(4,517,298)** | **$(6,765,708)** | | Cash and Restricted Cash at End of Period | $3,676,048 | $4,772,134 | - The company experienced a **net decrease in cash and restricted cash of $4.5 million** during Q1 2024, ending the period with $3.7 million[18](index=18&type=chunk) - Non-cash transactions were significant, including the conversion of $7.4 million in convertible notes to common stock and the exchange of $24.7 million in notes for preferred stock[18](index=18&type=chunk) [Notes to the Financial Statements](index=11&type=section&id=Notes%20to%20the%20Financial%20Statements) - **Going Concern:** Management states that cash on hand as of March 31, 2024, is not sufficient to fund planned operations beyond one year, raising **substantial doubt about the company's ability to continue as a going concern**[25](index=25&type=chunk) - **Nasdaq Compliance:** The company is **not in compliance with Nasdaq's minimum bid price and market value rules** and has been granted an extension until June 24, 2024, to regain compliance[26](index=26&type=chunk)[27](index=27&type=chunk) - **Debt Restructuring:** In Q1 2024, the company converted approximately $7.4 million of convertible notes to common stock and exchanged the remaining **$24.7 million for Series A Convertible Preferred Stock**, eliminating all covenants from the notes[24](index=24&type=chunk)[96](index=96&type=chunk) - **Reverse Stock Split:** The company completed a **1-for-45 reverse stock split** on February 2, 2024, and all share and per-share amounts have been adjusted accordingly[36](index=36&type=chunk)[116](index=116&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a strategic shift to a dealer sales model, a Q1 2024 revenue of $1.0 million, and a critical liquidity situation with cash insufficient to fund operations beyond the near term Q1 2024 vs Q1 2023 Results of Operations | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Revenue | $1,033,548 | $1,170,458 | | Gross margin | $(588,032) | $(59,523) | | Loss from operations | $(4,244,335) | $(5,525,335) | | Net loss | $(26,048,044) | $(7,299,469) | - Q1 2024 revenue was primarily driven by sales of the **Brat E-Bike ($532,806)** and **Grunt EVO motorcycles ($329,617)**, along with the first Stag UTV sale[181](index=181&type=chunk) - The company's cash position is critical, as management anticipates that cash on hand **will not be sufficient to fund operations beyond the near term** and requires additional financing before Q3 2024[210](index=210&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Volcon, Inc, is not required to provide the information for this item - The company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is **not required to provide the information** required under this item[216](index=216&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) The company's CEO and CFO concluded that disclosure controls and procedures were not effective as of March 31, 2024, due to past filing delays and incomplete remediation efforts - Management concluded that the company's **disclosure controls and procedures were not effective** as of March 31, 2024, due to past failures in timely filing and a lack of remediated controls[219](index=219&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2024[220](index=220&type=chunk) [PART II — OTHER INFORMATION](index=44&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently involved in any material legal proceedings outside the ordinary course of business - The company is **not currently involved in any material legal proceedings**[222](index=222&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) The company faces substantial going concern doubts, Nasdaq delisting risk, and significant potential shareholder dilution from outstanding warrants and preferred stock - **Going Concern Risk:** Cash on hand is **not sufficient to fund operations into Q3 2024**, raising substantial doubt about the company's ability to continue as a going concern[224](index=224&type=chunk) - **Nasdaq Delisting Risk:** The company has until **June 24, 2024, to regain compliance** with Nasdaq's minimum bid price and shareholders' equity requirements to avoid delisting[225](index=225&type=chunk)[226](index=226&type=chunk) - **Dilution Risk:** Outstanding Series B warrants and Series A Preferred Stock have anti-dilution features that could **significantly increase the number of shares issuable** and dilute existing shareholders[230](index=230&type=chunk)[239](index=239&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None reported[241](index=241&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated any Rule 10b5-1 trading arrangement during the quarter ended March 31, 2024 - During the quarter, **no director or officer adopted or terminated** any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements[244](index=244&type=chunk) [Item 6. Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents and required certifications