Empery Digital Inc.

Empery Digital Inc. was formed on February 21, 2020, and focuses on a digital asset treasury strategy. The company was initially named Frog ePowersports, Inc., then Volcon, Inc. on October 1, 2020, before becoming Empery Digital Inc. on July 30, 2025. In connection with this name change, its Nasdaq ticker symbol changed from VLCN to EMPD. On July 17, 2025, Empery Digital entered into securities purchase agreements with institutional and accredited investors for private placements. These involved the purchase and sale of 44,414,189 shares of common stock and pre-funded warrants to purchase up to an aggregate of 5,728,662 shares of common stock, each with an exercise price of $0.00001, at a price of $10.00 per share. The aggregate gross proceeds from these private placements were approximately $501.0 million, including a payment of $28.0 million in Bitcoin. The private placements closed on July 21, 2025. The company used the net proceeds of $452.0 million (excluding the $28.0 million of Bitcoin received) to purchase or acquire Bitcoin and establish its cryptocurrency treasury operations. The digital asset treasury strategy aims to acquire additional Bitcoin and potentially other digital assets, with a key component being to optimize the capital structure to increase Bitcoin per share. This involves issuing equity when market conditions allow for raising capital at a premium to net asset value (NAV), defined as the value of Bitcoin holdings plus cash, minus debt, divided by adjusted outstanding shares. On October 18, 2024, the company entered into an At-The-Market Issuance Sales Agreement with Aegis Capital Corp.