Shares of nano-cap company Volcon Inc. (VLCN) gained over 50% on Thursday morning after the company announced it delivered its first electric UTV vehicle to the US Army Corps of Engineers.
VLCN is currently trading at $1.8440, up $0.6340 or 52.3967%, on a volume of 62.5 million shares, above average volume of 1.2 million, on the Nasdaq. The stock opened its trading at $1.8300 after closing Wednesday at $1.2100. The stock has traded between $0.8100 and $391.5000 in the past 52-week period.
The company said it successfully launched production of the Volcon Stag, which is the fastest-production electric UTV on the market.
In a statement on Wednesday, Volcon CEO John Kim said, "Also, I'm excited to announce that today we've delivered our first production vehicle to the US Army Corps of Engineers, where it will be evaluated for military and humanitarian aid purposes. This first vehicle is part of a larger order of units that will be delivered to them over the coming months for further testing."
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