Vision Marine Technologies Implements Reverse Stock Split to Meet Nasdaq Compliance

Vision Marine Technologies Inc. has announced a strategic move to comply with Nasdaq's listing requirements. The company received an extension from the Nasdaq Hearings Panel to maintain its Nasdaq Capital Market listing. This extension offers Vision Marine extra time to align with Nasdaq's continued listing criteria.

To address the minimum bid price requirements, Vision Marine's board has approved a 1-for-9 reverse stock split of its common shares, effective October 8, 2024. Post-split, the shares will continue trading under the ticker symbol "VMAR" with a new CUSIP number, 92840Q202.

The reverse stock split aims to elevate the share price to meet Nasdaq's $1.00 per share bid price requirement. No fractional shares will be issued; instead, shareholders will receive rounded-up shares. Vstock Transfer LLC is managing the exchange process, ensuring a seamless transition for shareholders.