AUSTIN, TX – March 29, 2024 – (Motor Sports NewsWire) – Volcon Inc. (NASDAQ: VLCN) (“Volcon”, the “Company” or “we”), the first all-electric, off-road powersports company, today reported its operational highlights and financial results for the year ended December 31, 2023.
Company Highlights:
| ● | Completes hearing with Nasdaq |
| ● | John Kim appointed as Chief Executive Officer and President |
| ● | Delivered first Stag to the Army Corp. of Engineers on February 27, 2024 |
| ● | Continued delivery of the Grunt EVO (1,189 pre-orders, 180 units shipped) |
| ● | Discontinue sales of the Volcon Youth motorcycles |
| ● | 103 U.S. dealers and 9 international distributors covering 14 countries |
Volcon presented its plan of compliance to the Nasdaq Hearing Panel on March 26, 2024 regarding ongoing compliance with the bid price and equity compliance. Nasdaq is currently evaluating the Company’s plan and the timing of the decision is at the discretion of the Hearing Department. In the event that the Hearing Department does not agree with the Company’s plan or if the Hearing Committee provides the Company a stay from suspension and the Company is unsuccessful in carrying out its plan, the Company’s common stock would be delisted from Nasdaq and trading of the common stock could be conducted only in the over-the-counter market or on an electronic bulletin board established for unlisted securities such as the Pink Sheets or the OTC Bulletin Board.
John Kim, an independent board member of the Company since July 2021, agreed to assume the role of Chief Executive Officer and President effective February 4, 2024. Mr. Kim notes “I have a personal interest in off-road vehicles and personally own dune buggies and motorcycles. The opportunity to take the CEO role here at Volcon aligns my personal interest with the great products the Company has developed. I have taken the first couple of months to gain an understanding of where we are in product development and manufacturing of our products and have revamped the Company’s marketing strategy to align with industry and consumer interest in off-road electric vehicles. I look forward to the challenge of building Volcon to be a leader in off-road EV.”
The Company delivered its first Stag to the Army Corp of Engineers (Army Corp) on February 27, 2024 at its Fort Leonard Wood, Missouri facility. The Army Corp is testing the use of the Stag in humanitarian and military applications. Initial…
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