Volcon (NASDAQ: VLCN) shares surged almost 5% on Friday amid a major investment update. Empery Asset Management, LP has acquired a significant stake in the electric-powered sports vehicle company.
According to a recent filing with the Securities and Exchange Commission (SEC), Empery Asset Management, LP has secured a 9.99% stake in VOLCON. The investment comprises 500,000 shares of VLCN stock, with an additional 19,900,767 (19.90 million) shares available if the warrants are exercised and 21,080,129 (21.08 million) shares available upon converting notes.
It’s worth noting that there are some restrictions on the shares Empery Asset Management, LP owns. That includes a blocker on the warrant to prevent it from taking a greater than 4.99% stake in the company by exercising it.
Similarly, the convertible notes also come with a blocker, preventing the investment firm from holding more than a 9.99% stake in the company through the conversion of those notes.
The news sparked significant trading activity in VLCN stock on Friday. The traders had exchanged hands with 133,688,971 (133.68 million) shares compared to its average trading volume of 7.19 million.
In November, Volcon (NASDAQ: VLCN) named Doug Cline its newest Director of Sales for the United States. Doug has more than 15 years of hands-on experience in operations, strategy, and business development. His track record demonstrates a proven ability to fuel growth and implement successful sales strategies.
Jennifer Tacker is a staff writer at ABBO News. She holds a B.A. from the University of Waterloo and a B.Ed from Western University. Jennifer has been active in the stock market and crypto sector for a decade. She specializes in technical analysis and trading strategies.
