SCHEDULE: Empery Digital: Investors Boost Stake to 8.21%

Empery Asset Management and affiliated investors report an 8.21% beneficial ownership stake in Empery Digital Inc.

Summary

• This filing is Amendment No. 1 to the Schedule 13D originally filed on July 24, 2025, concerning Empery Digital Inc. (formerly Volcon, Inc.) common stock.
• Ryan M. Lane, a reporting person, beneficially owns an aggregate of 2,776,594 shares of Common Stock, representing 8.21% of the class.
• Empery Asset Management, LP and Martin D. Hoe each beneficially own 2,676,594 shares of Common Stock, representing 7.92% of the class.
• The aggregate cost for the 2,676,594 shares directly held by the Empery Funds is approximately $26,106,820, sourced from working capital.
• The aggregate cost for the 100,000 shares directly held by Mr. Lane is approximately $1,000,000, sourced from personal funds.
• Beneficial ownership percentages are based on 33,800,951 shares of Common Stock outstanding as of December 5, 2025.
• Transactions in the past sixty days were open market purchases, with specific trades on December 4, 5, and 8, 2025.

Sentiment

Score: 7

Explanation: The increased beneficial ownership by institutional investors and associated individuals is generally a positive signal, indicating confidence in the company. However, as a purely disclosure-based filing, it lacks operational or financial performance details to warrant a higher score.

Positives

• Significant beneficial ownership by institutional investor Empery Asset Management, LP and associated individuals, totaling 8.21% of common stock, signals investor confidence.
• Continued open market purchases by the reporting persons indicate a sustained positive outlook on the company's value.

Future Outlook

This Schedule 13D filing does not contain any forward-looking statements or guidance from Empery Digital Inc. or the reporting persons regarding the company's future performance or strategic direction.

Industry Context

This filing primarily details a change in beneficial ownership by specific investors in Empery Digital Inc., formerly Volcon, Inc. While the filing itself does not provide broader industry context, the change in the issuer's name from 'Volcon, Inc.' suggests a potential shift in business focus, possibly towards digital assets, which could align with evolving market trends in technology and finance.

Stakeholder Impact

• Shareholders may view the increased institutional ownership as a positive indicator of confidence, potentially influencing market sentiment and share price.
• The company's management might interpret this as validation of their strategy, potentially impacting future corporate decisions.

Key Dates

Recommendation

The significant and increasing stake by institutional investors, as disclosed in this Schedule 13D amendment, can be interpreted as a vote of confidence in Empery Digital Inc. This positive signal suggests that current investors may want to hold their positions. However, without additional operational performance data, financial results, or strategic updates from the company itself, a 'strong buy' recommendation is not warranted. A 'hold' position allows investors to benefit from potential future upside while awaiting more comprehensive information.

Keywords

Empery Digital Inc., Empery Asset Management, Ryan M. Lane, Martin D. Hoe, Schedule 13D, beneficial ownership, common stock, investment, stake, Volcon Inc.