VMAR - Vision Marine to sell 0.49M shares at $4.05 in registered direct offering

2023-08-01 08:06:27 ET

• Vision Marine Technologies ( NASDAQ: VMAR ) has entered into a definitive agreement with investors for the issuance and sale of 493,832 of its common shares for a price of $4.05/share, for gross proceeds of ~$2M, in a registered direct offering.
• Additionally, Vision Marine will issue to the investors in a concurrent private placement warrants to purchase up to 0.49M common shares, which represents 100% of the number of common shares issued in the registered direct offering.
• The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
• The offering is expected to close on August 2, 2023.

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