VMAR News & Events

Vision Marine Technologies Inc trading halted, news pending

Vision Marine's board of directors approved 1 for 10 reverse stock split of the Company's common shares. The reverse stock split is expected to become effective when the market opens on June 17 and the Company's common shares will begin trading on a split-adjusted basis under the existing trading symbol "VMAR." The new CUSIP number for the Company's common shares following the reverse stock split will be 92840Q509. The Board of Directors of Vision Marine has approved a reverse stock split, which will reduce the issued and outstanding common shares from 7,270,497 common shares pre-split to approximately 727,050 common shares post-split, subject to adjustment resulting from the rounding of fractional shares to the nearest whole number. The primary goal of the reverse stock split is to increase the per share market price of the Company's common shares in an effort to avoid non-compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule 5550(a)(2). On June 4, the Board approved both the Effective Date of the reverse stock split as well as the ratio of the reverse stock split of 1 for 10.

Vision Marine provided an operational update on Nautical Ventures' Fort Lauderdale Marina and Service Center. Located in Fort Lauderdale, Florida, the facility includes 115 slips and supports vessels up to 45 feet. Following the acquisition of Nautical Ventures, Vision Marine management has been evaluating the Fort Lauderdale location as part of its broader review of retail, marina and service operations. Management intends to centralize certain marina, service and customer-facing activities at the location where operationally appropriate, with the objective of improving site utilization, reducing duplicative activity where possible, and supporting a more coordinated customer service process. The facility currently supports marina slips, storage, service, parts coordination, maintenance and warranty-related activity. Nautical Ventures also provides certified service capabilities for multiple marine brands, including Mercury and Yamaha, and service support for both traditional and electric boating products. Vision Marine is also expanding electric marine service capabilities at the location to support diagnostics, installation, maintenance and service requirements for electric boating products, including the company's E-Motion electric propulsion platform. These capabilities remain part of the company's broader service and support planning for its marine technology and retail operations. The company also recently expanded Nautical Ventures' online marina access point, allowing customers to request information related to slips, dockage, storage, service support and marina operations.

Vision Marine Technologies highlighted continued operational initiatives at Nautical Ventures, the Company's Florida-based retail and service platform. The Company's ongoing operational initiatives at Nautical Ventures include: Continued development of financing and insurance offerings; Ongoing focus on customer monetization initiatives; Continued implementation of retail and operational optimization initiatives; and Continued focus on inventory management and customer engagement.