Form 8-K Summary
Registrant: Volcon, Inc. The provided metadata identifies Empery Digital Inc., but the filing names Volcon, Inc. as the registrant. The report was filed December 27, 2023, concerning events on December 26, 2023.
Business Context and Reporting Period
This Current Report on Form 8-K addresses Volcon’s compliance with Nasdaq’s minimum bid price requirement under Listing Rule 5550(a)(2) and a subsequent Nasdaq delisting determination.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other financial statement metrics.
Material Changes
- On December 19, 2023, Nasdaq notified Volcon that its common stock had traded below the $1.00 minimum closing bid price for 30 consecutive business days.
- Volcon had been granted a 180-calendar-day compliance period, through June 17, 2024, to regain compliance.
- Nasdaq subsequently notified Volcon that its stock had a closing bid price of $0.10 or less for ten consecutive trading days, from December 11 through December 22, 2023.
- Under Nasdaq Listing Rule 5810(c)(3)(A)(iii), Nasdaq determined to delist Volcon’s common stock from The Nasdaq Capital Market.
Outlook, Risks, and Contingencies
Unless Volcon appeals the determination, trading was expected to be suspended at the opening of business on January 4, 2024. Volcon stated that it planned to timely request a hearing before Nasdaq’s Hearings Department. The hearing request would stay the suspension of the common stock while the appeal is considered.
The principal risk disclosed is potential delisting and suspension of trading if the Nasdaq appeal does not prevent or reverse the determination.
Investor Verification Items
- Verify the registrant’s identity, because the filing names Volcon, Inc., while the request metadata names Empery Digital Inc.
- Confirm whether Volcon submitted the planned Nasdaq hearing request and the resulting status of the delisting determination.
- Determine whether Nasdaq ultimately suspended or continued trading in the common stock after January 4, 2024.
- Review subsequent filings for any reverse stock split, recapitalization, financing, or other actions intended to restore Nasdaq compliance.