Volcon Completes Stock Sale To Fund Production and Delivery of Stag EV

The $18 million sale should help get Stags to customers and dealers.

Volcon recently completed a stock sale that netted the company $18 million, which should fund its operations through next year. Volcon

Volcon last week completed a deal that netted the company $18 million, which it expects will fund building, marketing, selling, and delivering the long-awaited all-electric Stag side-by-side through 2024. We’ve covered Volcon’s finances a lot lately, and this is the first piece of news that sounds like the company is starting to dig out. The sale was essentially a sale of a mixture of common stock in the company and warrants, or rights to purchase common stock in the future at a fixed price.

Along with a bunch of cost-cutting measures it enacted earlier this fall, Volcon expects the sale to keep the company solvent through the new year, when it expects Stag sales will take off.

In a news release, Volcon said the money will go toward purchasing parts to build the Stag, marketing and sales support to get the rigs to dealers and customers such as the US government, and investor and public relations campaigns. On the surface, the sale is great news for the company, which has been burning through cash this year to get the Stag launched.

On the flip side, the sale obligates a lot of shares to an investment company. Not only that, it looks like Volcon is having to pull out a lot of stops to get its rigs to market. On paper, the Stag promises to be a really cool machine. We just hope it’s around long enough for us to get our hands on one.

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