Business
Empery Digital Announces Asset Transfer and Strategic Equity Partnership with Venom-EV
AUSTIN, Texas--(BUSINESS WIRE)-- Empery Digital Inc. (NASDAQ: EMPD) (the “Company” or “Empery Digital”) today announced it has entered into an agreement with
About this update from Empery Digital Inc.
[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nEmpery Digital Inc. (NASDAQ: EMPD) (the “Company” or “Empery Digital”) today announced it has entered into an agreement with Venom EV, LLC (“Venom”), to divest the Volcon brand in exchange for a non-dilutable 10% equity position in Venom’s reorganized Delaware corporation on a fully-diluted basis.\n\n\nEmpery Digital transferred all Volcon intellectual property, brand assets, trademarks, sales and distribution networks and engineering documentation associated with the Volcon brand other than its EBike, the Brat. The Company will have the right to appoint one director to Venom’s board and will continue to finance Venom’s inventory.\n\n\nThe agreement will reduce Empery Digital’s future product liability exposure by transferring ownership of Volcon’s four-wheel vehicle business to Venom. Following this divestiture, Empery Digital - through its Empery Mobility segment - will concentrate on its two-wheel business, including the launch of new products in European markets and homologation of the Brat in Japan.\n\n\n“Transferring the Volcon brand and related IP to Venom positions the platform for faster commercialization under an established owner,” said John Kim, Co-CEO of Empery Digital.\n\n\nEmpery Digital plans to expand its vehicle financing operations to generate positive cash flow by leveraging the spread between the Company’s cost of capital and interest income from vehicle financing. These initiatives reflect Empery Digital’s continued commitment to disciplined capital deployment and operating efficiency with the goal of generating income to increase bitcoin per share.\n\n\nFollow us on X: @EMPD_BTC\n\n\nAbout Empery Digital Inc.\n\n\nBuilt on Principles, Powered by Blockchain\n\n\nEmpery Digital empowers progress by unlocking the transformative potential of digital asset management through blockchain. The Company employs a bitcoin treasury strategy focused on aggregating bitcoin and maximizing bitcoin per share while working to build a future where blockchain is the foundation of growth through transparency, efficiency, and accountability. As a company they apply themselves relentlessly by making disciplined decisions that drive long-term value for shareholders. For them, Bitcoin is not just another crypto format and blockchain isn’t just another tool, they’re fundamental drivers of progress...