Vision Marine announces $3.4 million offering in Montreal

On September 13, 2024, Vision Marine Technologies, Inc. announced a best-efforts offering of 3,400,000 common shares priced at $1.00 each, aiming to raise $3.4 million in gross proceeds. The offering is set to close on September 16, 2024, pending customary closing conditions. The funds raised will primarily support working capital and the prosecution of patent applications, with potential allocations for strategic investments or acquisitions in related sectors, although no specific targets have been identified. The company, recognized for its innovative electric marine propulsion technology, combines advanced battery systems, inverters, and high-efficiency motors with proprietary software. This offering is part of Vision Marine's ongoing efforts to enhance its market position and expand its technological capabilities. The company has filed a shelf registration statement with the U.S. Securities and Exchange Commission, ensuring compliance with regulatory requirements. ThinkEquity is serving as the sole placement agent for this offering, which is being conducted under a previously declared effective registration statement. The company emphasizes that this announcement does not constitute an offer to sell or a solicitation to buy securities in jurisdictions where such actions would be unlawful. Vision Marine's future success hinges on its ability to complete this offering and effectively utilize the proceeds. The company acknowledges the inherent risks and uncertainties associated with forward-looking statements, as detailed in its annual report and periodic SEC filings. Investors are encouraged to review these documents for a comprehensive understanding of the potential challenges ahead.