Volcon reduces warrant exercise price to $0.01/share, receives $346,500 cash from three holders

Empery Digital Inc.

Entered inducement letter with three warrant holders to lower exercise price from $1.369 to $0.01 per share.
Received aggregate cash payment of $346,500 in exchange for repricing 350,000 shares of common stock.
Warrant shares are registered under effective Form S-1 (File No. 333-272564) and will be issued without legends.
Shares deliverable via DTC within 1 business day of exercise; other warrant terms remain unchanged.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Empery Digital Inc. entered into Inducement Letter with three holders of the Company’s existing warrants valued at $346,500 (effective 2023-10-30).

Action: entry
Agreement: equity purchase
Counterparty: three holders of the Company’s existing warrants
Value: $346,500
Effective: 2023-10-30

Exact text from the filing

On October 30, 2023, in an effort for Volcon, Inc. (the “Company”) to raise cash, the Company entered into an inducement offer letter agreement (the “Inducement Letter”) with three holders (each, a “Holder”) of the Company’s existing warrants amended and restated on May 24, 2023 (the “Existing Warrants”).

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Source: SEC EDGAR

accession 0001683168-23-007474

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