Volcon, a US-based off-road electric bike and buggy manufacturer, has debuted on the Nasdaq stock exchange.
Valued at $16.6 million, Volcon issued some 3 million shares priced at $5.50. However, by the close of trading, shares were changing hands at almost double the initial valuation – marking a stark contrast from many recent automotive IPOs.
Volcon, which builds its lineup of bikes and buggies at a facility near Austin, TX. has recently shipped the first models of its Grunt electric motorbike to customers in North and Latin America.
“The entire team has worked exceptionally hard to bring the Grunt to market, spending nights and weekends devoted to delivering on a very demanding manufacturing timeline. I want to thank the entire team, from our engineers and technicians to our office staff, designers, and factory teams, for all their hard work. I’m humbled to be a part of this outstanding team and the work they’re doing,” says Jordan Davis, Chief Executive Officer of Volcon.
“There’s no doubt in our minds that our customers are going to love the Grunt when it arrives at their doorstep. We look forward to being a part of their journey from petrol power to electrification as they enjoy their bikes for years to come.”
The Grunt is Volcon’s first electric bike with fat tyres and a low seat height of 32-inches. The company claims that it’s “accessible to anyone who has ridden a bicycle, with no motorcycle experience required to enjoy.”
The kids can come too, with Volcon selling the Runt electric motorbike designed for children. Its Stag and Beast side-by-side UTV buggies are expected to come along in the second half of 2022 and late 2023, respectively.
The company launched in late 2020, debuting the Grunt and, unlike a lot of electric mobility startups, it’s managed to ship the models in a relatively quick time.
Keyword: Volcon Debuts on Nasdaq, Ships First Electric Electric Off-Road Bikes