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Shares of electric vehicle manufacturer Volcon, Inc. (NASDAQ:VLCN) soared over 70% in response to a series of buy-sell transactions by UBS Group AG (NYSE:UBS).
What Happened: As per a recent SEC filing, UBS Group, a significant shareholder in Volcon, engaged in buying and selling shares of the company, triggering a sharp rise in Volcon’s stock price. The stock was trading at $6.270 at the time of writing on Wednesday’s pre-market, a significant leap from Wednesday’s close of $3.650, as per Benzinga Pro data.
UBS Group bought 108 shares of Volcon’s common stock for $488.82, with individual share prices between $4.3885 and $4.53. Additionally, the group sold 1,265 shares for a total of $5470.96, with share prices ranging from $4.1 to $4.44. These transactions took place on July 5 and July 8.
Despite these transactions, UBS Group continues to be a significant shareholder in Volcon, holding shares indirectly through its wholly-owned subsidiaries, UBS Securities LLC and UBS Financial Services Inc.
Why It Matters: Volcon, based in Round Rock, Texas, operates in the motor vehicles and passenger car bodies sector, with a focus on manufacturing.
Earlier this year, Volcon’s stock experienced a significant jump after a massive dip of 100% in the previous year. The company’s CEO, John Kim, announced that Volcon had delivered its first production vehicle, the Volcon Stag, to the U.S. Army Corps of Engineers for evaluation for military and humanitarian aid purposes.
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Photo via Company
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
