Vision Marine Technologies Announces Reverse Stock Split and Nasdaq Compliance Measures

Montreal, QC / ACCESSWIRE / August 20, 2024 / Vision Marine Technologies, Inc. (NASDAQ:VMAR) ("Vision Marine"), a leader in electric marine propulsion, announced a 15-for-1 reverse stock split approved by its Board of Directors. The split will be effective from August 22, 2024, under the trading symbol "VMAR" with the new CUSIP number 92840Q103.

The reverse stock split aims to raise the company's share price to meet Nasdaq's $1.00 minimum bid requirement, following a staff determination letter on August 15, 2024, indicating non-compliance by the August 14 deadline. Despite a 180-day extension, the bid price requirement was not met.

The reverse stock split also realigns the company's capital structure with Nasdaq regulations. Each fifteen shares will be consolidated into one. Outstanding equity awards and incentive plans will be adjusted accordingly. Vstock Transfer LLC will act as the exchange agent.

The Determination Letter will not immediately affect the Nasdaq listing. Vision Marine plans to request a hearing with Nasdaq, potentially extending the compliance period by up to 180 days.

Additionally, Vision Marine has launched an exchange offer for Series A Convertible Preferred Shares and warrants to simplify its capital structure and mitigate the warrants' dilutive impact.