VLCN News & Events

Volcon (VLCN) announced it has changed its name to Empery Digital (EMPD) to align its branding with its new bitcoin ($BTC) treasury strategy. The company's shares will now trade on Nasdaq under the new ticker symbol "EMPD" as of July 31. The company stated its e-power-sports business will continue to operate under the brand name Empery Mobility, focused on an asset-light business model.

Volcon announced updates to its bitcoin acquisition strategy and current holdings. Since its last update on July 25, the company has acquired an additional 316.8 BTC for a total purchase price of $37.3M. As of the time of this release, the company holds 3,500.18 BTC acquired for an aggregate purchase price of $412M, reflecting an average effective purchase price of $117,683 per BTC. The purchase price reflects the benefit of premiums received as part of the company's broader BTC acquisition strategy which incorporates derivative sales to reduce the cost basis of BTC acquired. The company sold additional short-term put contracts giving the company the option to potentially buy additional BTC at strike prices between $115,000 and $118,000 at various times in the near future.

Volcon entered into securities purchase agreements with certain institutional and accredited investors in a private placement for the purchase and sale of 50,142,851 shares of common stock (or par value pre-funded warrants in lieu thereof) at a price of $10.00 per share, for expected aggregate gross proceeds of over $500,000,000, before deducting placement agent fees and other offering expenses. Empery Asset Management acted as lead investor, and the offering included participation by prominent crypto venture capital firms and infrastructure providers such as FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital with strong participation from prominent traditional financial investors. The closing of the offering is expected to occur on or about July 21, 2025, subject to the satisfaction of customary closing conditions. The Company intends to promptly use at least 95% of the gross proceeds to acquire Bitcoin, which will serve as the Company's primary treasury reserve asset. To successfully execute this Bitcoin treasury strategy, the Company has entered into a Strategic Digital Assets Services Agreement with Gemini Nustar, an affiliate of Gemini Trust Company. The Company has added by appointment Ryan Lane, Ian Read, Rohan Chauhan and Matthew Homer to serve on the board of directors until elections are held at the Company's next shareholder meeting. Clear Street acted as lead placement agent and Aegis Capital acted as co-placement agent and exclusive financial advisor in connection with the Private Placement.