Vision Marine Technologies Announces $3.4 Million Offering

Vision Marine Technologies, Inc. (Nasdaq:VMAR) has announced a best-efforts offering of 3,400,000 common shares, each priced at $1.00 per share. The overall expected gross proceeds are $3.4 million, subject to the deduction of placement agent's fees and other expenses. The offering is slated to close on September 16, 2024, pending customary closing conditions.

The company plans to use the net proceeds for working capital and prosecuting patent applications. Additional funds may go towards acquisitions or strategic investments, although no targets have been identified. ThinkEquity is acting as the sole placement agent.

The offering is conducted under a shelf registration statement on Form F-3 filed with the SEC. Interested parties can access related documents on the SEC’s website.