Volcon raises over $500 million to pursue bitcoin treasury strategy

Volcon Inc. (NASDAQ: VLCN) closed a private placement raising over $500 million in gross proceeds to implement a bitcoin treasury strategy, according to a company statement. The electric vehicle manufacturer plans to allocate more than 95% of the funds to acquiring bitcoin.

The company currently holds 280.14 bitcoin on its balance sheet, including 235.83 bitcoin received instead of cash subscriptions in the private placement. Volcon has partnered with cryptocurrency platform Gemini for custody and execution services.

Participants in the funding round included crypto venture capital firms FalconX, Pantera, Borderless and Relayer Capital, along with traditional financial investors and company management.

Volcon plans to change its corporate name to Empery Digital Inc. and its ticker symbol to EMPD in the coming weeks. The company's power sports business will be renamed Empery Mobility.

The company appointed four new board members: Ryan Lane as co-CEO and chairman, Ian Read (former Pfizer CEO), Rohan Chauhan (Gemini director of strategy), and Matthew Homer (Gemini Trust board member). Lane, a founder at Empery Asset Management, will lead the treasury strategy.

Three new executives received stock option grants under Nasdaq inducement rules: Timothy Silver as chief operating officer (597,604 options), Brett Director as vice president legal (298,802 options), and Alyson Chung as cryptocurrency controller (149,401 options). The options have a $10 exercise price and ten-year term.

Clear Street LLC served as lead placement agent and Aegis Capital Corp. as co-placement agent for the transaction. The securities were sold through a private placement exemption under federal securities laws.

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