VMAR News & Events

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.

Vision Marine Technologies Announces Transaction Involving the Proposed Sale of Fort Lauderdale Property for up to US$10.0 Million as it Centralizes Retail Operations at its Anglers Marina Vision Marine Technologies announced that a definitive agreement has been entered into by NVFL Holdings, an affiliate of the sellers in the company's acquisition of Nautical Ventures, for the sale of the property located at 1400 South Federal Highway in Fort Lauderdale, Florida, for total consideration of up to $10.0M. The transaction is expected to generate approximately $5.0M in non-dilutive liquidity to Vision Marine pursuant to its existing contractual rights and operating arrangements associated with the Nautical Ventures acquisition, while also reducing annualized operating costs by approximately $1.2M. The transaction is expected to close prior to August 31. If the sale closes prior to August 31, the buyer will be entitled to a $350K discount on the final purchase price. It is expected that the transaction will provide approximately $5.0M of cash liquidity to Vision Marine. The marina asset has historically generated approximately $3.2M in annual revenue through limited storage and service activity. Based on recent operating activity, however, management estimates that the marina is currently operating at an annualized revenue run-rate of approximately $5.5M-$6.0M. The company expects that any liquidity benefits derived from the transaction, when consummated, will support general corporate purposes, working capital, debt reduction, and continued execution of its Nautical Ventures integration and optimization strategy.

Vision Marine Technologies announced that its common shares will commence trading on the TSX Venture Exchange under the symbol "VMAR" on May 1. The company's shares will continue to trade on the Nasdaq Capital Market under the symbol "VMAR," which remains Vision Marine's primary listing.

Vision Marine Technologies has received conditional approval to list its common shares on the TSX Venture Exchange, or TSXV. Vision Marine is currently working with the TSXV to complete the final steps of the listing process, including confirming the date on which trading will commence. The TSXV listing is expected to complement Vision Marine's existing Nasdaq listing, which will remain the company's primary trading venue. The company believes that this additional listing enhances its ability to engage with Canadian investors and institutions, while strengthening its overall capital markets platform. The company believes that expanding its capital markets access supports the continued deployment and scaling of its technology across multiple boating segments. The company has an at-the-market equity program in place pursuant to its effective shelf registration statement on Form F-3. The company has issued an aggregate of 975,333 common shares under the ATM Program at a weighted average price of $2.03 per share, for gross proceeds of $1,983,450.32, and net proceeds of $1,887,263.81, after deducting placement agent commissions and transaction costs of $96,186.51. The ATM Program is being conducted pursuant to a prospectus supplement providing for aggregate gross proceeds of up to $16,335,000.