Form 8-K Summary
Registrant: Volcon, Inc. The request metadata identifies Empery Digital Inc., but the filing text identifies Volcon, Inc. as the registrant.
Business Context and Reporting Period
This current report was filed January 5, 2024, regarding an event occurring January 4, 2024. Volcon’s common stock trades under the symbol VLCN on Nasdaq.
Material Listing Status Change
- Nasdaq notified Volcon on July 5, 2023 that the market value of its listed securities had been below the $35 million minimum required by Nasdaq Listing Rule 5550(b)(2) for 30 consecutive trading days.
- The company was given until January 2, 2024 to regain compliance but did not do so.
- On January 4, 2024, Nasdaq notified the company that the deficiency constituted an additional basis for delisting, in addition to previously disclosed share-price deficiencies.
- The notification did not immediately suspend or remove the common stock from the Nasdaq Capital Market.
- Volcon previously requested a hearing before Nasdaq’s Hearings Department. The hearing was scheduled for March 26, 2024, when the Nasdaq Hearings Panel was expected to consider the deficiencies and the company’s compliance plan.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, operating guidance, or other financial metrics.
Outlook, Risks, and Unusual Items
The principal disclosed risk is potential delisting from Nasdaq due to failure to satisfy the minimum market-value requirement and previously disclosed share-price requirements. The filing does not state the expected outcome of the hearing or provide details of the company’s compliance plan.
Important Facts to Verify
- Whether Volcon regained compliance with Nasdaq’s market-value and share-price requirements.
- The outcome of the March 26, 2024 Nasdaq hearing and any subsequent Nasdaq determination.
- Whether the common stock remained listed, was transferred to another Nasdaq market, or was delisted.
- The details and funding implications of Volcon’s plan of compliance.
- The company identity, because the supplied metadata names Empery Digital Inc., while the filing names Volcon, Inc.