Table
of Contents
As filed with the Securities and Exchange Commission
on July 30, 2025
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
Form S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
____________________
Volcon, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware
(State or other jurisdiction of incorporation or
organization)
|
84-4882689
(I.R.S. Employer Identification Number)
|
3121 Eagles Nest Street, Suite 120
Round Rock, TX 78665
Telephone: (512) 400-4271
(Address, including zip code, and telephone number,
including area code, of registrant’s principal executive offices)
____________________
Greg Endo
Chief Financial Officer
3121 Eagles Nest Street, Suite 120
Round Rock, TX 78665
Telephone: (512) 400-4271
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
____________________
Copies to:
Christopher J. Capuzzi
Michael R. Littenberg
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
Telephone: (212) 596-9575
Approximate date of commencement of proposed
sale to the public: From time to time after this registration statement becomes effective.
If the only securities being registered on this
Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 (the “Securities Act”),
other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒
If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this Form is a registration statement pursuant
to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box. ☒
If this Form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer |
☐ |
|
Accelerated filer |
☐ |
|
| Non-accelerated filer |
☒ |
|
Smaller reporting company |
☒ |
|
| |
|
|
Emerging growth company |
☒ |
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐
PROSPECTUS
Volcon, Inc.
Common Stock
____________________
We may from time to time offer
and sell shares of our common stock, par value 0.00001 per share (the “common stock”) in one or more offerings, in amounts,
at prices and on the terms determined at the time of the offering. We will specify in the accompanying prospectus supplement the terms
of the common stock to be offered and sold. We may sell shares of common stock directly to you, through underwriters, dealers or agents
we select, or through a combination of these methods. We will describe the plan of distribution for any particular offering of the common
stock in the applicable prospectus supplement.
This prospectus may not
be used to consummate a sale of any common stock unless it is accompanied by a prospectus supplement.
Our common stock is listed
on The Nasdaq Capital Market and is traded under the symbol “VLCN”. On July 25, 2025, the closing price of the common stock,
as reported on The Nasdaq Capital Market, was $13.40 per share.
Investing in our common
stock is highly speculative and involves a high degree of risk. You should purchase the common stock only if you can afford a complete
loss of your investment. You should carefully consider the risks and uncertainties described under the heading “Risk Factors”
beginning on page 5 of this prospectus before making a decision to purchase our common stock.
NEITHER THE SECURITIES
AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS
IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this prospectus is July 30, 2025.
TABLE OF CONTENTS
| |
Page |
| |
|
| ABOUT THIS PROSPECTUS |
1 |
| PROSPECTUS SUMMARY |
2 |
| OUR COMPANY |
3 |
| COMPANY INFORMATION |
4 |
| RISK FACTORS |
5 |
| FORWARD-LOOKING STATEMENTS |
6 |
| WHERE YOU CAN FIND MORE INFORMATION |
7 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE |
8 |
| USE OF PROCEEDS |
9 |
| DESCRIPTION OF COMMON STOCK |
10 |
| PLAN OF DISTRIBUTION |
13 |
| LEGAL MATTERS |
16 |
| EXPERTS |
17 |
| PART II |
II-1 |
| INFORMATION NOT REQUIRED IN PROSPECTUS |
II-1 |
| SIGNATURES |
S-1 |
| POWER OF ATTORNEY |
S-2 |
ABOUT THIS PROSPECTUS
This prospectus is part of
a registration statement that we filed with the Securities and Exchange Commission, or the “SEC”, utilizing a “shelf”
registration process. Under this shelf registration process, we may, from time to time, offer or sell the common stock as described in
this prospectus in one or more offerings.
We have provided to you in
this prospectus a general description of the common stock we may offer. Each time we sell common stock under this shelf registration process,
we will provide a prospectus supplement that will contain specific information about the terms of that offering. That prospectus supplement
may include additional risk factors or other special considerations applicable to the common stock being offered. We may also add, update
or change in the prospectus supplement any of the information contained in this prospectus. To the extent there is a conflict between
the information contained in this prospectus and the prospectus supplement, you should rely on the information in the prospectus supplement,
provided that if a statement in any document is inconsistent with a statement in another document having a later date - for example, a
document incorporated by reference in this prospectus or any prospectus supplement - the statement in the document having the later date
modifies or supersedes the earlier statement. You should read both this prospectus and the prospectus supplement together with the additional
information described under “Where You Can Find More Information.”
THIS PROSPECTUS MAY NOT
BE USED TO CONSUMMATE A SALE OF COMMON STOCK UNLESS IT IS ACCOMPANIED BY A PROSPECTUS SUPPLEMENT.
The registration statement
containing this prospectus, including the exhibits to the registration statement, provides additional information about us and the common
stock offered under this prospectus. The registration statement, including the exhibits, can be read at the SEC website or at the SEC
offices mentioned under the heading “Where You Can Find More Information.”
You should rely only on the
information incorporated by reference or provided in this prospectus and the accompanying prospectus supplement. We have not authorized
anyone to provide you with different information. We are not making an offer to sell or soliciting an offer to buy common stock in any
jurisdiction in which the offer or solicitation is not authorized or in which the person making the offer or solicitation is not qualified
to do so or to anyone to whom it is unlawful to make the offer or solicitation. You should not assume that the information in this prospectus
or the accompanying prospectus supplement is accurate as of any date other than the date on the front of the document.
Unless the context requires
otherwise, references to the “Company,” “we,” “our,” and “us,” refer to Volcon, Inc. and
its subsidiaries, except that such terms refer to only Volcon, Inc. and not its subsidiaries in the section entitled “Description of Common Stock.”
PROSPECTUS SUMMARY
This summary provides an
overview of selected information contained elsewhere or incorporated by reference in this prospectus and does not contain all of the information
you should consider before investing in our common stock. You should carefully read the prospectus, the information incorporated by reference
and the registration statement of which this prospectus is a part in their entirety before investing in our common stock, including the
information discussed under “Risk Factors” in this prospectus and the documents incorporated by reference and our financial
statements and notes thereto that are incorporated by reference in this prospectus. As used in this prospectus, unless the context otherwise
indicates, the terms “we,” “our,” “us,” the “Company,” or “Volcon” refer to
Volcon, Inc., a Delaware corporation.
OUR COMPANY
Digital Asset Treasury
Strategy
On July 17, 2025, the Company
announced its entry into securities purchase agreements with certain institutional and accredited investors in a private placement for
the purchase and sale of 50,142,851 shares of common stock (or pre-funded warrants in lieu thereof) at a price of $10.00 per
share, for expected aggregate gross proceeds of over $500,000,000, before deducting placement agent fees and other offering expenses (the
“Private Placements”). The Company has used the net proceeds from the Private Placements to purchase or otherwise acquire
Bitcoin and for the establishment of the Company’s cryptocurrency treasury operations. In connection with the announcement of the
Private Placements, the Company announced the launch of its digital asset treasury strategy, pursuant to which the Company plans to pursue
a number of strategic initiatives to acquire Bitcoin and other digital assets.
Electric Vehicles
Beginning in 2021, we began efforts to sell off-road powersports
vehicles beginning with an electric two-wheeled motorcycle that we discontinued in March 2025. In 2022 we introduced an E-Bike, the Brat,
and continue to sell this product. In late 2024 we began selling the HF1 utility terrain vehicle (“UTV”), the MN1 Adventurer
and MN1 Tradesman UTV, along with a line of upgrades and accessories.
Implications of Being an Emerging Growth Company
We qualify as an “emerging
growth company” as the term is used in The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and
therefore, we may take advantage of certain exemptions from various public company reporting requirements, including:
| · | a requirement to only have two years of audited financial statements and only two years of related selected
financial data and management’s discussion and analysis; |
| · | exemption from the auditor attestation requirement on the effectiveness of our internal controls over
financial reporting; |
| · | reduced disclosure obligations regarding executive compensation; and |
| · | exemptions from the requirements of holding a non-binding advisory stockholder vote on executive compensation
and any golden parachute payments. |
We may take advantage of these
provisions for up to five years or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging
growth company if we have more than $1.235 billion in annual revenues, have more than $700.0 million in market value of our capital stock
held by non-affiliates or issue more than $1.0 billion of non-convertible debt over a three-year period. We may choose to take advantage
of some, but not all, of the available benefits of the JOBS Act. We have taken advantage of some of the reduced reporting requirements
in this prospectus. Accordingly, the information contained herein may be different than the information you receive from other public
companies in which you hold stock. In addition, the JOBS Act provides that an emerging growth company can delay adopting new or revised
accounting standards until such time as those standards apply to private companies. We have elected to avail ourselves of this exemption
from new or revised accounting standards and, therefore, we will not be subject to the same new or revised accounting standards as other
public companies that are not emerging growth companies. Subsequent to December 31, 2026, we will no longer qualify as an emerging growth
company and will no longer be able to take advantage of these provisions.
COMPANY INFORMATION
We are a Delaware
corporation and were incorporated in February 2020. The Company completed its initial public offering in October 2021. Our principal
executive offices are located at 3121 Eagles Nest Street, Suite 120, Round Rock, TX 78665. Our website address is www.volcon.com. Our
phone number is (512) 400-4271. We make our periodic reports and other information filed with, or furnished to, the SEC available
free of charge through our website. The information on or accessible through our website is not part of and is not incorporated by
reference into this prospectus.
RISK FACTORS
Before making an investment decision, you should consider the “Risk
Factors” included under (i) Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as
filed with the SEC on March 31, 2025, as amended by Form 10-K/A filed with the SEC on April 29, 2025, as amended further by Form 10-K/A
filed with the SEC on April 30, 2025; (ii) our updates to those Risk Factors under Item 1A in our Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2025, as filed with the SEC on May 9, 2025; and (iii) the Risk Factors in Exhibit 99.3 to our Current
Report on Form 8-K, as filed with the SEC on July 17, 2025, all of which are incorporated by reference in this prospectus, as updated
by our future filings with the SEC. The market or trading price
of our common stock could decline due to any of these risks. In addition, please read “Forward-Looking Statements” in this
prospectus, where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated
by reference in this prospectus. Please note that additional risks not currently known to us or that we currently deem immaterial may
also impair our business and operations. The accompanying prospectus supplement may contain a discussion of additional risks applicable
to an investment in us and the common stock we are offering under that prospectus supplement.
FORWARD-LOOKING
STATEMENTS
Some of the information in
this prospectus, and the documents we incorporate by reference, contain forward-looking statements within the meaning of the federal securities
laws. You should not rely on forward-looking statements in this prospectus, and the documents we incorporate by reference. Forward-looking
statements typically are identified by use of terms such as “anticipate,” “believe,” “plan,” “expect,”
“future,” “intend,” “may,” “will,” “should,” “estimate,” “predict,”
“potential,” “continue,” and similar words, although some forward-looking statements are expressed differently.
This prospectus, and the documents we incorporate by reference, may also contain forward-looking statements attributed to third parties
relating to their estimates regarding the markets we may enter in the future. All forward-looking statements address matters that involve
risk and uncertainties, and there are many important risks, uncertainties and other factors that could cause our actual results to differ
materially from the forward-looking statements contained in this prospectus, and the documents we incorporate by reference.
You should also consider carefully
the statements under “Risk Factors” and other sections of this prospectus, and the documents we incorporate by reference,
which address additional facts that could cause our actual results to differ from those set forth in the forward-looking statements. We
caution investors not to place significant reliance on the forward-looking statements contained in this prospectus, and the documents
we incorporate by reference. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result
of new information, future developments or otherwise.
WHERE YOU CAN FIND
MORE INFORMATION
We file annual, quarterly
and other reports, proxy statements and other information with the SEC. Our SEC filings are available to the public at the SEC’s
website at http://www.sec.gov. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, including
any amendments to those reports, and other information that we file with or furnish to the SEC pursuant to Section 13(a) or 15(d) of the
Exchange Act can also be accessed free of charge on our website at https://ir.volcon.com/sec-filings. These filings will be available
as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Information contained on
our website is not part of this prospectus.
This prospectus is part of
the registration statement and does not contain all of the information included in the registration statement. Whenever a reference is
made in this prospectus to any of our contracts or other documents, the reference may not be complete and, for a copy of the contract
or document, you should refer to the exhibits that are a part of the registration statement.
INCORPORATION OF
CERTAIN INFORMATION BY REFERENCE
The SEC allows us to “incorporate
by reference” into this prospectus the information we file with it, which means that we can disclose important information to you
by referring you to those documents. Later information filed with the SEC will update and supersede this information.
The following documents are
incorporated by reference into this document:
| · | Our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March
31, 2025, as amended by Form 10-K/A filed with the SEC on April 29, 2025, as amended by Form 10-K/A filed with the SEC on April 30, 2025; |
| · | Our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on
May 9, 2025; |
| · | Our definitive proxy statement on Schedule 14A filed with the SEC on May 6, 2025; |
| · | Our Current Reports on Form 8-K filed with the SEC on February
4, 2025, February 5,
2025, February 6, 2025, February
27, 2025, March 18, 2025, April
30, 2025, May 16, 2025, May
30, 2025, June 12, 2025, July
17, 2025, July 22, 2025, July
25, 2025 and July 29, 2025; |
| · | The description of our common stock contained in our Registration Statement on Form 8-A, filed with the
SEC on October 1, 2021, and any other amendment or report filed for the purpose of updating such description; |
| · | An updated description of our capital stock is included in this prospectus under “Description of Common Stock” and “Description of Preferred Stock”. |
We also incorporate by
reference into this prospectus all documents (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and
exhibits filed on such form that are related to such items) that are filed by us with the SEC pursuant to Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus but prior to the termination of the offering. These
documents include periodic reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K, as well as proxy statements.
We will provide to each person,
including any beneficial owner, to whom this prospectus is delivered, upon written or oral request, at no cost to the requester, a copy
of any and all of the information that is incorporated by reference in this prospectus but not delivered with the prospectus, including
exhibits which are specifically incorporated by reference into such documents. You may request a copy of these filings, at no cost, by
contacting us at:
Volcon, Inc.
Attn: Chief Financial Officer
3121 Eagles Nest Street, Suite 120
Round Rock
TX 78665
Tel: (512) 400-4271
Email: greg@volcon.com.
Any statement contained herein
or in a document incorporated or deemed to be incorporated by reference into this document will be deemed to be modified or superseded
for purposes of the document to the extent that a statement contained in this document or any other subsequently filed document that is
deemed to be incorporated by reference into this document modifies or supersedes the statement.
USE OF PROCEEDS
We intend to use the net proceeds
from the sale of any common stock offered under this prospectus to acquire additional Bitcoin, and possibly other digital assets, and
for general corporate purposes, unless otherwise indicated in the applicable prospectus supplement. We have not determined the amount
of net proceeds to be used specifically for any particular purpose. As a result, management will retain broad discretion over the allocation
of the net proceeds of any offering.
DESCRIPTION OF
COMMON STOCK
Authorized Capital Stock
Our Second Amended and Restated
Certificate of Incorporation, as amended (the “amended and restated certificate of incorporation”), authorizes us to issue
255,000,000 shares of capital stock consisting of 250,000,000 shares of common stock, par value $0.00001 per share, and 5,000,000 shares
of preferred stock, par value $0.00001 per share.
As of July 25, 2025,
there were 47,381,894 shares of our common stock issued and outstanding. As of such date, there were no shares of our preferred stock
issued and outstanding.
Common Stock
Shares of our common stock
have the following rights, preferences and privileges:
Voting
Each holder of common stock
is entitled to one vote for each share of common stock held on all matters submitted to a vote of stockholders. Any action at a meeting
at which a quorum is present will be decided by a majority of the voting power present in person or represented by proxy, except in the
case of any election of directors, which will be decided by a plurality of votes cast. There is no cumulative voting.
Dividends
Holders of our common stock
are entitled to receive dividends when, as and if declared by our board of directors out of funds legally available for payment, subject
to the rights of holders, if any, of any class of stock having preference over the common stock. Any decision to pay dividends on our
common stock will be at the discretion of our board of directors. Our board of directors may or may not determine to declare dividends
in the future. The board’s determination to issue dividends will depend upon our profitability and financial condition, any contractual
restrictions, restrictions imposed by applicable law and the SEC, and other factors that our board of directors deems relevant.
Liquidation Rights
In the event of a voluntary
or involuntary liquidation, dissolution or winding up of the Company, the holders of our common stock will be entitled to share ratably
on the basis of the number of shares held in any of the assets available for distribution after we have paid in full, or provided for
payment of, all of our debts and after the holders of all outstanding series of any class of stock having preference over the common stock,
if any, have received their liquidation preferences in full.
Other
Our issued and outstanding
shares of common stock are fully paid and non-assessable. Holders of shares of our common stock are not entitled to preemptive rights.
Shares of our common stock are not convertible into shares of any other class of capital stock, nor are they subject to any redemption
or sinking fund provisions.
Certificate of Incorporation and Bylaw Provisions
Our amended and restated certificate
of incorporation and Second Amended and Restated Bylaws (the “bylaws”) include a number of anti-takeover provisions that may
have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with
our board of directors rather than pursue non-negotiated takeover attempts. These provisions include:
Advance Notice Requirements.
Our bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election
as directors or new business to be brought before meetings of stockholders. These procedures provide that notice of stockholder proposals
must be timely and given in writing to our Corporate Secretary. Generally, to be timely, notice must be received at our principal executive
offices not less than 90 calendar days nor more than 120 calendar days prior to the one-year anniversary of the preceding year’s
annual meeting. The notice must contain the information required by the bylaws, including information regarding the proposal and the proponent.
Special Meetings of Stockholders.
Our amended and restated certificate of incorporation provide that, subject to the special rights of the holders of one or more series
of preferred stock, special meetings of the stockholders may be called, for any purpose or purposes, at any time only by or at the direction
of the Board of Directors, the Chairperson of the Board of Directors, the Chief Executive Officer or President, and shall not be called
by any other person or persons.
No Written Consent of Stockholders.
Our amended and restated certificate of incorporation provides that any action required or permitted to be taken by stockholders must
be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing by such stockholders.
Amendment of Bylaws.
Our stockholders may adopt, amend or repeal any provisions of our bylaws by obtaining, in addition to any other vote required by the amended
and restated certificate of incorporation or applicable law, the affirmative vote of the holders of at least a majority of the voting
power of all the then-outstanding shares of voting stock of the company with the power to vote generally in an election of directors,
voting together as a single class.
Preferred Stock. Our
amended and restated certificate of incorporation authorizes our board of directors to create and issue rights entitling our stockholders
to purchase shares of our stock or other securities. The ability of our board to establish the rights and issue substantial amounts of
preferred stock without the need for stockholder approval may delay or deter a change in control of us.
Delaware Takeover Statute
We are subject to Section
203 of the DGCL which, subject to certain exceptions, prohibits a Delaware corporation from engaging in any “business combination”
(as defined below) with any interested stockholder for a period of three years following the date that such stockholder became an interested
stockholder, unless: (1) prior to such date, the board of directors of the corporation approved either the business combination or the
transaction that resulted in the stockholder becoming an interested stockholder; (2) on consummation of the transaction that resulted
in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation
outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding those shares owned
(x) by persons who are directors and also officers and (y) by employee stock plans in which employee participants do not have the right
to determine confidentially whether shares held subject to this plan will be tendered in a tender or exchange offer; or (3) on or subsequent
to such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders,
and not by written consent, by the affirmative vote of at least 66 2⁄3% of the outstanding voting stock that
is not owned by the interested stockholder.
Section 203 of the DGCL defines
generally “business combination” to include: (1) any merger or consolidation involving the corporation and the interested
stockholder; (2) any sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested
stockholder; (3) subject to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock
of the corporation to the interested stockholder; (4) any transaction involving the corporation that has the effect of increasing the
proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or (5) the
receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided
by or through the corporation. In general, Section 203 defines an “interested stockholder” as any entity or person beneficially
owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled
by such entity or person.
Quotation
Our common stock is listed
on The NASDAQ Capital Market and traded under the symbol “VLCN”.
Transfer Agent
The transfer agent for our
common stock is Computershare.
PLAN OF DISTRIBUTION
We may sell the common stock
covered by this prospectus in one or more of the following ways from time to time:
| · | to or through underwriters or dealers for resale to the purchasers; |
| · | through agents or dealers to the purchasers; or |
| · | through a combination of any of these methods of sale. |
In addition, we may enter
into derivative or other hedging transactions with third parties, or sell securities not covered by this prospectus to third parties in
privately negotiated transactions. The applicable prospectus supplement may indicate that third parties may sell common stock covered
by this prospectus and the prospectus supplement, including in short sale transactions, in connection with those derivatives. If so, the
third party may use common stock we pledge or that are borrowed from us or others to settle those sales or to close out any related open
borrowings of stock, and may use common stock received from us in settlement of those derivatives to close out any related open borrowings
of stock. The third party in those sale transactions will be an underwriter and, if applicable, will be identified in the prospectus supplement
(or a post-effective amendment thereto).
A prospectus supplement with
respect to each offering of common stock will include, to the extent applicable:
| · | the terms of the offering; |
| · | the name or names of any underwriters, dealers, remarketing firms, or agents and the terms of any agreement
with those parties, including the compensation, fees, or commissions received by, and the amount of common stock underwritten, purchased,
or remarketed by, each of them, if any; |
| · | the public offering price or purchase price of the common stock and an estimate of the net proceeds to
be received by us from any such sale, as applicable; |
| · | any underwriting discounts or agency fees and other items constituting underwriters’ or agents’
compensation; |
| · | the anticipated delivery date of the common stock, including any delayed delivery arrangements, and any
commissions we may pay for solicitation of any such delayed delivery contracts; |
| · | that the common stock are being solicited and offered directly to institutional investors or others; |
| · | any discounts or concessions to be allowed or reallowed or to be paid to agents or dealers; and |
| · | any securities exchange on which the common stock may be listed. |
Any offer and sale of the
common stock described in this prospectus by us, any underwriters, or other third parties described above may be effected from time to
time in one or more transactions, including, without limitation, privately negotiated transactions, either:
| · | at a fixed public offering price or prices, which may be changed; |
| · | at market prices prevailing at the time of sale; |
| · | at prices related to prevailing market prices at the time of sale; or |
Offerings of common stock
covered by this prospectus also may be made into an existing trading market for the common stock in transactions at other than a fixed
price, either:
| · | on or through the facilities of The Nasdaq Capital Market or any other securities exchange or quotation
or trading service on which the common stock may be listed, quoted, or traded at the time of sale; and/or |
| · | to or through a market maker otherwise than on The Nasdaq Capital Market or those other securities exchanges
or quotation or trading services. |
Those at-the-market
offerings, if any, will be conducted by underwriters acting as our principal or agent, who may also be third party sellers of common
stock as described above.
In addition, we may sell some
or all of the common stock covered by this prospectus through:
| · | purchases by a dealer, as principal, who may then resell such shares of common stock to the public for
its account at varying prices determined by the dealer at the time of resale or at a fixed price agreed to with us at the time of sale; |
| · | block trades in which a dealer will attempt to sell as agent, but may position or resell a portion of
the block as principal in order to facilitate the transaction; and/or |
| · | ordinary brokerage transactions and transactions in which a broker-dealer solicits purchasers. |
Any dealer may be deemed to
be an underwriter, as that term is defined in the Securities Act of 1933 of the common stock so offered and sold.
In connection with
offerings made through underwriters or agents, we may enter into agreements with those underwriters or agents pursuant to which they
receive our outstanding common stock in consideration for the common stock being offered to the public for cash. In connection with
these arrangements, the underwriters or agents also may sell common stock covered by this prospectus to hedge their positions in any
such outstanding common stock, including in short sale transactions. If so, the underwriters or agents may use the common stock
received from us under those arrangements to close out any related open borrowings of common stock.
We may loan or pledge common
stock to a financial institution or other third party that in turn may sell the loaned common stock or, in any event of default in the
case of a pledge, sell the pledged common stock using this prospectus and the applicable prospectus supplement. That financial institution
or third party may transfer its short position to investors in our common stock or in connection with a simultaneous offering of other
common stock covered by this prospectus.
We may solicit offers to purchase
the common stock covered by this prospectus directly from, and we may make sales of such common stock directly to, institutional investors
or others, who may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of such common stock.
The common stock may also
be offered and sold, if so indicated in a prospectus supplement, in connection with a remarketing upon their purchase, in accordance with
a redemption or repayment pursuant to their terms, or otherwise, by one or more remarketing firms acting as principals for their own accounts
or as agents for us.
If indicated in the applicable
prospectus supplement, we may sell the common stock through agents from time to time. We generally expect that any agent will be acting
on a “best efforts” basis for the period of its appointment.
If underwriters are used in
any sale of our common stock, the common stock may be either offered to the public through underwriting syndicates represented by managing
underwriters, or directly by underwriters. Unless otherwise stated in a prospectus supplement, the obligations of the underwriters to
purchase any common stock will be conditioned on customary closing conditions, and the underwriters will be obligated to purchase all
of offered common stock, if any are purchased.
Underwriters, dealers, agents,
and remarketing firms may at the time of any offering of common stock be entitled under agreements entered into with us to indemnification
by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments that
the underwriters, dealers, agents, and remarketing firms may be required to make. Underwriters, dealers, agents, and remarketing agents
may be customers of, engage in transactions with, or perform services in the ordinary course of business for us and/or our affiliates.
Any underwriters to whom common
stock covered by this prospectus are sold by us for public offering and sale, if any, may make a market in the common stock, but those
underwriters will not be obligated to do so and may discontinue any market making at any time without notice.
LEGAL MATTERS
Ropes & Gray LLP will pass upon the validity of the common stock
in respect of which this prospectus is being delivered. Additional legal matters may be passed on for us, or any underwriters, dealers
or agents, by counsel that we will name in the applicable prospectus supplement.
EXPERTS
The financial statements of Volcon, Inc. incorporated
in this prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2024 have been so incorporated in reliance
on the report (which contains an explanatory paragraph regarding the Company’s ability to continue as a going concern) of MaloneBailey,
LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
PART II
INFORMATION NOT
REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The following table sets forth
the estimated costs and expenses, other than the underwriting discounts and commissions, payable by the registrant in connection with
the offering of the common stock being registered. All the amounts shown are estimates.
These fees are calculated
based on the number of issuances and amount of common stock offered and accordingly cannot be estimated at this time. An estimate of the
aggregate expenses in connection with the issuance and distribution of the common stock being offered will be included in the applicable
prospectus supplement.
| SEC registration fee |
|
$ | * | |
| FINRA filing fee |
|
| * | |
| Printing fees and expenses |
|
| * | |
| Legal fees and expenses |
|
| * | |
| Accounting fees and expenses |
|
| * | |
| Miscellaneous fees and expenses |
|
| * | |
| Total |
|
$ | * | |
* Estimated expenses are not presently known.
The foregoing sets forth the general categories of expenses that we anticipate we will incur in connection with the offering of common
stock under this registration statement. An estimate of the aggregate expenses in connection with the issuance and distribution of the
common stock being offered will be included in the applicable prospectus supplement, information incorporated by reference or related
free writing prospectus.
Item 15. Indemnification of Directors and Officers
Pursuant to Section 145 of
the Delaware General Corporation Law (the “DGCL”), a corporation shall have the power to indemnify any person who was or is
a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than a derivative action by or in the right of such corporation) by reason of the fact that such
person is or was a director, officer, employee or agent of such corporation, or serving at the request of such corporation in such capacity
for another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments,
fines and amounts paid in settlement actually and reasonably incurred in connection with such action, suit or proceeding, if such person
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of such corporation, and,
with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
The DGCL also permits indemnification
by a corporation under similar circumstances for expenses (including attorneys’ fees) actually and reasonably incurred by such persons
in connection with the defense or settlement of a derivative action or suit, except that no indemnification shall be made in respect of
any claim, issue or matter as to which such person shall have been adjudged to be liable to such corporation unless the Delaware Court
of Chancery or the court in which such action or suit was brought shall determine upon application that such person is fairly and reasonably
entitled to indemnity for such expenses which such court shall deem proper.
To the extent a present or
former director or officer is successful in the defense of such an action, suit or proceeding referenced above, or in defense of any claim,
issue or matter therein, a corporation is required by the DGCL to indemnify such person for actual and reasonable expenses incurred in
connection therewith. Expenses (including attorneys’ fees) incurred by such persons in defending any action, suit or proceeding
may be paid in advance of the final disposition of such action, suit or proceeding upon in the case of a current officer or director,
receipt of an undertaking by or on behalf of such person to repay such amount if it is ultimately determined that such person is not entitled
to be so indemnified.
The DGCL provides that the
indemnification described above shall not be deemed exclusive of other indemnification that may be granted by a corporation pursuant to
its bylaws, disinterested directors’ vote, stockholders’ vote and agreement or otherwise.
Section 102(b)(7) of the DGCL
enables a corporation, in its certificate of incorporation or an amendment thereto, to eliminate or limit the personal liability of a
director to the corporation or its stockholders for monetary damages for violations of the directors’ fiduciary duty, except (i)
for any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law, (iii) pursuant to Section 174 of the DGCL (providing for
liability of directors for unlawful payment of dividends or unlawful stock purchases or redemptions) or (iv) for any transaction from
which a director derived an improper personal benefit. The Registrant’s amended and restated certificate of incorporation provides
for such limitations on liability for its directors.
The DGCL also provides corporations
with the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of such
corporation, or is or was serving at the request of such corporation in a similar capacity for another corporation, partnership, joint
venture, trust or other enterprise, against any liability asserted against him or her in any such capacity or arising out of his or her
status as such, whether or not the corporation would have the power to indemnify him or her against such liability as described above.
In connection with this offering, the Registrant will obtain liability insurance for its directors and officers. Such insurance would
be available to its directors and officers in accordance with its terms.
The Registrant’s bylaws
requires the Registrant to indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may
hereafter be amended, any person (a “covered person”) who was or is made or is threatened to be made a party or is otherwise
involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(a “proceeding”) by reason of the fact that he or she is or was a director, officer or member of a committee of the Registrant,
or, while a director or officer of the Registrant, is or was serving at the request of the Registrant as a director or officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise or non-profit entity, including service with respect
to employee benefit plans, against all liability and loss suffered and expenses (including attorneys’ fees), judgment, fines and
amounts paid in settlement actually and reasonably incurred by such person in connection with a proceeding.
In addition, under the Registrant’s
bylaws, in certain circumstances, the Registrant shall pay the expenses (including attorneys’ fees) incurred by a covered person
in defending a proceeding in advance of the final disposition of such proceeding; provided, however, that the Registrant shall not be
required to advance any expenses to a person against whom the Registrant directly brings an action, suit or proceeding alleging that such
person (1) committed an act or omission not in good faith or (2) committed an act of intentional misconduct or a knowing violation of
law. Additionally, an advancement of expenses incurred by a covered person shall be made only upon delivery to the Registrant of an undertaking,
by or on behalf of such covered person, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision
from which there is no further right to appeal or otherwise in accordance with Delaware law that such covered person is not entitled to
be indemnified for such expenses.
In addition, the Registrant
has entered into indemnification agreements with its directors and executive officers that provide for additional indemnification protections.
Item 16. Exhibits
Exhibit
Number |
|
Description |
| 1.1+ |
|
Form of Underwriting Agreement |
| 4.1 |
|
Form of common stock (incorporated by reference to Exhibit 4.1 of the Form S-1 file number 333-259468) |
| 5.1* |
|
Opinion of Ropes & Gray
LLP |
| 23.1* |
|
Consent of MaloneBailey LLP |
| 23.2* |
|
Consent of Ropes & Gray LLP (included in Exhibit 5.1) |
| 24.1 |
|
Power of Attorney (included on signature page) |
| 107* |
|
Filing Fee Table |
* Filed herewith
+ As applicable, to be filed by amendment
or by a report filed under the Securities Exchange Act of 1934, as amended, and incorporated herein by reference
Item 17. Undertakings
(a) The
undersigned registrant hereby undertakes:
(1) To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration
Fee” table in the effective registration statement; and
(iii) To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.
provided, however, that paragraphs (1)(i),
(1)(ii) and (1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form
of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
(2) That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(3) To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(4) That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i) Each
prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of this Registration Statement as of the date
the filed prospectus was deemed part of and included in this Registration Statement; and
(ii) Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule
430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by
section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date.
(5) That,
for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;
(iii) The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and
(iv) Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
SIGNATURES
Pursuant to the
requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Round Rock, Texas, on July 30, 2025.
| |
VOLCON, INC.
(Registrant)
|
|
| |
|
|
|
| |
By: |
/s/ Greg Endo |
|
| |
Name: |
Greg Endo |
|
| |
Title: |
Chief Financial Officer |
|
POWER OF ATTORNEY
KNOW ALL PERSONS BY
THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ryan Lane or Greg Endo, and each and either of
them, his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstituting, for him or her
and in his or her name, place, and stead, in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission
any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits
thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together
with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as
may be necessary or appropriate in connection therewith, (iii) act on and file any supplement to any prospectus included in this registration
statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933,
as amended, and (iv) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes
as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities
and on the dates indicated:
| SIGNATURE |
|
TITLE |
|
DATE |
| |
|
|
|
|
| /s/ John Kim |
|
Co-Chief Executive Officer and Director |
|
July 30, 2025 |
| John Kim |
|
|
|
|
| |
|
|
|
|
| /s/ Ryan Lane |
|
Co-Chief Executive Officer |
|
July 30, 2025 |
| Ryan Lane |
|
(Principal Executive Officer) |
|
|
| |
|
|
|
|
| /s/ Greg Endo |
|
Chief Financial Officer |
|
July 30, 2025 |
| Greg Endo |
|
(Principal Financial and Accounting Officer) |
|
|
| |
|
|
|
|
| /s/ Rohan Chauhan |
|
Director |
|
July 30, 2025 |
| Rohan Chauhan |
|
|
|
|
| |
|
|
|
|
| /s/ Jonathan P. Foster |
|
Director |
|
July 30, 2025 |
| Jonathan P. Foster |
|
|
|
|
| |
|
|
|
|
| /s/ Matthew Homer |
|
Director |
|
July 30, 2025 |
| Matthew Homer |
|
|
|
|
| |
|
|
|
|
| /s/ Orn Olason |
|
Director |
|
July 30, 2025 |
| Orn Olason |
|
|
|
|
| |
|
|
|
|
| /s/ Ian Read |
|
Director |
|
July 30, 2025 |
| Ian Read |
|
|
|
|
| |
|
|
|
|
| /s/ Adrian Solgaard |
|
Director |
|
July 30, 2025 |
| Adrian Solgaard |
|
|
|
|
| |
|
|
|
|
| /s/ Karin-Joyce Tjon |
|
Director |
|
July 30, 2025 |
| Karin-Joyce Tjon |
|
|
|
|
