News Summary
Volcon, Inc. has made a significant mark in the electric powersports industry by successfully closing a public offering, raising around $12 million. The innovative company will establish a new manufacturing headquarters in Liberty Hill, TX, aiming to boost production and expand its all-electric product line, which includes adventure bikes and UTVs. With an ambitious vision for off-road electric vehicles, Volcon is set to enrich the local economy and cater to the growing demand for sustainability in outdoor adventures.
Exciting Developments in Liberty Hill: Volcon, Inc. Takes Charge in Electric Off-Road Adventure!
Liberty Hill, TX – In a thrilling milestone for the world of electric powersports, Volcon, Inc. has made headlines with their recent public offering that reaffirms their position as the very first all-electric, off-road powersports company. This innovative company has successfully closed a firm commitment underwritten public offering on February 6, 2025, raising a whopping approximately $12 million in gross proceeds!
Details of the Offering
So, what exactly went down during this public offering? Well, the offering price for each Common Unit was set at $2.00, while Pre-Funded Units were snagged at $1.99999 each. The total offering was for a colossal 6 million Common Units and every unit comes packed with some excellent perks. Each Common Unit consists of one share of Common Stock (or a Pre-Funded Warrant) and one Registered Common Warrant. The Common Warrants can be exercised right away, with an exercise price of $2.00, and they will remain valid for a full five years! For those with Pre-Funded Warrants, they’re available for immediate exercise until fully cashed in.
Moving Forward: New Headquarters on the Horizon
But the excitement doesn’t stop there! Volcon is gearing up to build a brand-new manufacturing headquarters on a stunning 53-acre property right in Liberty Hill, Central Texas. This expansive site is poised to include not just manufacturing units, but also a customer experience center, a dedicated research and development area, and a testing facility. The grand debut of the new headquarters is expected to happen in the delightful spring of 2025!
Currently, Volcon is operating from a temporary production facility in Round Rock, but leaders like CEO Andrew Leisner and COO Bruce Riggs are optimistic about the future. They anticipate that when manufacturing kicks off at the new headquarters, their team of dedicated employees will grow to over 100 strong.
The All-Electric Product Line-Up
So, what can you expect from Volcon? They’re all about fun, adventure, and sustainability with their current offerings. The company features three stellar products: the Grunt motorcycle, boasting a 100-mile range for around $6,000; the rugged Stag UTV available for $14,995; and the impressive Beast ATV costing $24,995.
The good news for thrill-seekers is that production of the Grunt motorcycle is set to roll out sometime between March and May 2025. These electric vehicles are tailored for low-speed adventures, cruising safely between 25-30 mph, which alleviates any concerns about battery life on your off-road escapades.
A Vision for the Future
Volcon isn’t stopping with just manufacturing. Oh no! The ambitious company plans to include an off-road demo testing track, RV site, zipline, and even a camping area at their Liberty Hill headquarters. This isn’t just about electric vehicles; it’s about creating a complete experience around them!
There’s a growing buzz around the electric vehicle transformation, especially in the off-road sector, as Volcon sets its sights on meeting customer needs. With Central Texas becoming a hotbed for electric vehicle expansion—especially after Tesla announced its own manufacturing facility—the local economy is thriving! This development is contributing positively to the availability of skilled vehicle engineering talent right in the vibrant city of Austin.
In summary, with its recent public offering, exciting product line, and ambitious expansion plans, Volcon, Inc. is truly charging into a bright future in the realm of electric powersports. Liberty Hill is certainly a place to watch as this all-electric adventure unfolds!
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