Volcon : Material Agreement - Form 8-K

Item 1.01.

Entry into a Material Definitive Agreement.

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"). Pursuant to the Inducement Letter, in exchange for an aggregate cash payment of $346,500, the Company reduced the exercise price with respect to Existing Warrants exercisable into an aggregate of 350,000 shares of Common Stock from $1.369 per share to $0.01 per share. The resale of the shares of common stock underlying the Existing Warrants have been registered pursuant to an existing registration statement on Form S-1 (File No. 333-272564), declared effective by the Securities and Exchange Commission on June 27, 2023.

The form of Inducement Letter is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The description of the terms of the Inducement Letter are not intended to be complete and is qualified in its entirety by reference to such exhibit. The Inducement Letter contains customary representations, warranties and covenants by the Company which were made only for the purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.