PANews July 17 news, according to investing reports, American electric vehicle company Volcon announced that it will adopt a Bitcoin financial strategy. It has reached a securities purchase agreement with certain institutions and accredited investors to privately purchase and sell 50,142,851 shares of common stock at a price of $10 per share, with expected total proceeds exceeding $500 million, net of placement agent fees and other issuance costs (private placement). Empery is the lead investor in this issuance, and participants include well-known crypto venture capital firms and infrastructure providers, such as FalcolnX, Pantera, Borderless, RK Capital, and Relayer Capital, as well as traditional financial investors. This issuance is expected to be completed around July 21, 2025, but is subject to customary closing conditions. The company plans to immediately use at least 95% of the total proceeds to acquire Bitcoin, which will serve as the company's primary financial reserve asset.
