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    Vision Marine Technologies Announces Closing of Common Share Offering

    MONTREAL, QC / ACCESSWIRE / September 16, 2024 / Vision Marine Technologies, Inc. (Nasdaq:VMAR) ("Vision Marine" or the "Company"), a pioneer in electric marine propulsion, today announced the closing of its previously announced best-efforts …

    MONTREAL, QC / ACCESSWIRE / September 16, 2024 / Vision Marine Technologies, Inc. (Nasdaq:VMAR) ("Vision Marine" or the "Company"), a pioneer in electric marine propulsion, today announced the closing of its previously announced best-efforts offering of 3,400,000 common shares. Each common share was sold at an offering price of $1.00 per share, for gross proceeds of $3.4 million, before deducting placement agent fees and other offering expenses. All the shares in the offering were offered by the Company.

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    The Company intends to use the proceeds from the offering for working capital purposes and prosecuting patent applications. The Company may also use a portion of the net proceeds from this offering for acquisitions or strategic investments in complementary businesses or technologies, however, no acquisition targets have been identified.

    ThinkEquity acted as sole placement agent for the offering.

    The securities were offered and sold pursuant to the Company's currently effective shelf registration statement on Form F-3 (File No. 333-267893), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the "SEC") on October 14, 2022, and declared effective on December 21, 2022. The offering was made by means of a prospectus supplement and prospectus which have been filed with the SEC and are available on the SEC's website at www.sec.gov. You should read the applicable prospectus supplement and prospectus for more complete information about the Company and the offering. You may obtain these documents free of charge by visiting the SEC's website at www.sec.gov. Alternatively, you may obtain copies by contacting ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Vision Marine Technologies Inc.

    Vision Marine Technologies Inc. (Nasdaq: VMAR) epitomizes the marine industry's shift towards electric propulsion, offering the pioneering E-Motion outboard powertrain system. This innovative technology represents a significant leap forward in marine propulsion, combining advanced battery packs, inverters, and high-efficiency motors with proprietary software and assembly techniques. Vision Marine's commitment to eco-friendly electric powerboats is reshaping the recreational boating experience, offering higher speeds, longer ranges, and smoother rides than traditional internal combustion engine boats. With a focus on design, innovation, and craftsmanship, Vision Marine continues to redefine recreational boating for a more sustainable future.

    Forward-Looking Statements

    This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include predictions, expectations, estimates, and other information that might be considered future events or trends, not relating to historical matters. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Vision Marine's Annual Report on Form 20-F for the year ended August 31, 2023, and its periodic filings with the SEC provide a detailed discussion of these risks and uncertainties. Vision Marine does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, as required by law.

    Website: visionmarinetechnologies.com
    Twitter: @marine_vision
    Facebook: @VisionMarineTechnologies
    Instagram: @visionmarine.technologies
    YouTube: @VisionMarineTechnologies

    Investor and Company Contact:

    Bruce Nurse
    (303) 919-2913
    bn@v-mti.com

    SOURCE: Vision Marine Technologies Inc



    View the original press release on accesswire.com




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    Vision Marine Technologies Announces Closing of Common Share Offering MONTREAL, QC / ACCESSWIRE / September 16, 2024 / Vision Marine Technologies, Inc. (Nasdaq:VMAR) ("Vision Marine" or the "Company"), a pioneer in electric marine propulsion, today announced the closing of its previously announced best-efforts …