Volcon Inc.’s stock VLCN, +134.22% is set to start trading on the Nasdaq some time after Wednesday’s open, after the all-electric powersports company’s initial public offering priced overnight at $5.50 a share, at the top of the expected range of between $4.50 and $5.50 a share. The stock’s ticker symbol is “VLCN.” The company sold about 3.03 million shares in the IPO to raise $16.64 million. With 11.34 million shares outstanding after the IPO, the pricing values the company at about $62.36 million. Aegis Capital is the lone underwriter. The company recorded a net loss of $19.46 million on no revenue during the six months ended June 30, after a loss of $1.37 million on no revenue during the period from Feb. 21, 2020 to Dec. 31. The company said it is currently taking orders for its off-road motorcycles, the Grunt and the Runt, and expects to start delivering the Grunt in the third quarter of 2021 and the Runt in the first quarter of 2022. The company expects to start offering the Volcon Stag UTV in 2022 and a longer range UTV, the Beast, in 2023. Volcon is going public at a time that the Renaissance IPO ETF IPO, +0.57% has declined 3.3% over the past three months while the S&P 500 SPX, -0.78% has inched up 0.1%.
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