Form 8-K Summary
Registrant and reporting date: The filing identifies the registrant as Volcon, Inc., not Empery Digital Inc. It was filed on January 4, 2024, under Item 3.01, “Notice of Delisting or Failure to Satisfy a Continued Listing Rule.” Volcon’s common stock traded under the symbol VLCN on Nasdaq.
Business Context and Reporting Period
The filing concerns Nasdaq’s determination to delist Volcon’s common stock because its closing bid price was $0.10 or less for ten consecutive trading days from December 11 through December 22, 2023.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating or financial metrics.
Material Changes and Listing Status
- On December 26, 2023, Nasdaq’s Listing Qualifications Department notified Volcon that it had determined to delist the company’s common stock from The Nasdaq Capital Market.
- The determination was based on Nasdaq Listing Rule 5810(c)(3)(A)(iii), which addresses a security trading at a closing bid price of $0.10 or less for ten consecutive trading days during the applicable compliance period.
- Volcon submitted a hearing request to Nasdaq’s Hearings Department.
- The hearing request stayed suspension of the common stock pending the hearing.
- The Nasdaq hearing was scheduled for March 26, 2024. The filing does not provide the eventual outcome.
Guidance, Risks, and Unusual Items
The principal disclosed risk is potential suspension and delisting from Nasdaq, which could adversely affect the stock’s liquidity, marketability, and trading price. No financial guidance or management forecast is provided.
Investor Verification Items
- Verify the correct issuer: the source filing names Volcon, Inc., while the request metadata identifies Empery Digital Inc.
- Confirm the outcome of the March 26, 2024 Nasdaq hearing and whether the stock remained listed.
- Review subsequent filings for any reverse stock split, compliance plan, trading suspension, or delisting notice.
- Assess the company’s financial condition separately, as this 8-K contains no financial statements or liquidity data.