Vision Marine Technologies Inc. (NASDAQ: VMAR), a trailblazer in electric recreational boating, is announcing that its Board of Directors has approved a 15-for-1 reverse stock split of its common shares. The split is expected to become effective when the markets open on August 22, 2024, whereupon Vision Marine’s common shares will begin trading on a split-adjusted basis under the existing ticker symbol VMAR. Following the split, the new CUSIP for the company’s common shares will be 92840Q103.
According to the announcement, the reverse stock split aims to increase the per-unit market price of Vision Marine’s common shares to regain compliance with the minimum $1.00 bid price per unit requirement of Nasdaq Listing Rule 5550(a)(2). It is also intended to align the company’s capital structure with Nasdaq’s requirements.
The company also announced that it has begun an exchange offer relating to its outstanding private placement of Series A Convertible Preferred Shares and warrants issued by the company on December 21, 2023. This exchange aims to simplify Vision Marine’s capital structure and reduce the potential dilutive impact of the warrants.
To view the full press release, visit https://ibn.fm/N5xYo
About Vision Marine Technologies Inc.
Vision Marine Technologies epitomizes the marine industry’s shift towards electric propulsion, offering the pioneering E-Motion(TM) 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.
NOTE TO INVESTORS: The latest news and updates relating to VMAR are available in the company’s newsroom at https://ibn.fm/VMAR
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