Volcon acquires 3,183.37 Bitcoin for $375M, increases share repurchase program

Volcon (VLCN) announced that as the company holds 3,183.37 BTC acquired for an aggregate purchase price of $375M, reflecting an average purchase price of $117,697 per BTC. The company has also sold various short-term put contracts giving the company the opportunity to potentially buy additional BTC at $115,000, $116,000 and $117,000 while collecting option premium to reduce the cost of BTC. Additionally, the company announced that its board of directors has authorized an increase in the current stock repurchase program. Volcon is now authorized to repurchase up to $100M of the company’s outstanding shares of common stock, par value $0.00001, over the next 24 months. This repurchase program enables the company the flexibility to support the NAV per share and potentially add BTC per share at share prices below NAV.