Form 8-K - Current report
06 Décembre 2024 - 10:52PM
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2024-12-05
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 8-K
__________________________
CURRENT REPORT
Pursuant to Section 13
OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): December 6, 2024 (December 5,
2024)
__________________________
Volcon, Inc.
(Exact Name of Registrant as Specified in its Charter)
__________________________
Delaware |
001-40867 |
84-4882689 |
(State or Other Jurisdiction
of Incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification Number) |
3121
Eagles Nest Street, Suite 120
Round Rock, TX 78665
(Address of principal executive offices and zip
code)
(512) 400-4271
(Registrant’s telephone number, including
area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-14(c)). |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.00001 per share |
|
VLCN |
|
NASDAQ |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 13(a) of the Exchange Act.
Item 1.01. Entry into a Material Definitive Agreement.
On December 6, 2024, Volcon, Inc.
(the “Company”) entered into a Settlement Agreement and Mutual Release (“Agreement”) with GLV Ventures (“GLV”)
pursuant to which the Company and GLV agreed to terminate the Supplier Agreement dated March 11, 2022 for the development and engineering
of the Volcon Stag vehicle prototypes; the Supplier Agreement dated May 29, 2022 for the manufacturing of the Volcon Grunt EVO motorcycle;
and the Supplier Agreement dated August 11, 2022 for the manufacturing of the Volcon Stag vehicle (collectively, the “Supplier Agreements”).
Pursuant to the Agreement, among other items, the Company and GLV agreed to indemnify each other with respect to certain outstanding vendor
payables and the Company agreed to pay GLV a termination fee of $125,000 per month for a period of twenty-two months.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December
5, 2024, the Company’s Board of Directors agreed to appoint Orn Olason as an independent member of the Company’s Board of
Directors. Mr. Olason has not been appointed to any Board committees at this time. Mr. Olason will
participate in the Company’s standard compensation program for non-employee directors, which provides for an annual cash fee of
$50,000. Mr. Olason will also receive an option to purchase shares of Company common stock
valued at $100,000 using a Black-Scholes model calculation vesting over one year, subject to the approval by the Company’s shareholders
of an increase in the number of shares available for issuance under the Volcon 2021 Stock Plan.
SIGNATURES
Pursuant to the requirements of
the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
Volcon, Inc. |
|
(Registrant) |
|
|
Date: December 6, 2024 |
/s/ Greg Endo |
|
Greg Endo
Chief Financial Officer |
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