Vision Marine Announces Reverse Stock Split to Regain Nasdaq Compliance

MONTREAL, QC / ACCESSWIRE / October 4, 2024 / Vision Marine Technologies Inc. (the "Company") (NASDAQ:VMAR), a pioneer in electric marine propulsion, today announced that it has received an extension from the Nasdaq Hearings Panel to continue its listing on the Nasdaq Capital Market. This extension allows the Company additional time to regain compliance with Nasdaq's continued listing requirements, subject to meeting specific compliance criteria within designated timeframes.

As part of the Company's strategy to meet Nasdaq's minimum bid price requirement, the Company's board of directors (the "Board") has approved a 1-for-9 reverse stock split of its common shares. The reverse stock split is expected to become effective at the market opening on October 8, 2024 (the "Effective Date"). Following the reverse stock split, Vision Marine's common shares will trade on a split-adjusted basis under its existing Nasdaq ticker symbol, "VMAR." The new CUSIP number for the Company's common shares post-split will be 92840Q202.

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 regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule 5550(a)(2). On September 20, 2024, the Board approved the reverse stock split at the ratio of 9-for-1, and on September 30, 2024, the Board approved the Effective Date.

As a result of the reverse stock split, every nine (9) common shares of the Company issued and outstanding will be automatically consolidated into one common share. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, to the Company's outstanding Series A Convertible Preferred shares and its outstanding Series B Convertible Preferred shares, as applicable, as well as to the number of shares issuable under the Company's equity incentive plans. The common shares issued pursuant to the reverse stock split will remain fully paid and non-assessable. The reverse stock split will not decrease the number of authorized common shares (which shall remain limitless) or otherwise affect the par value of the common shares.

No fractional shares will be issued in connection with the reverse stock split. Shareholders will be issued one whole common share in exchange for any fractional interest that such shareholder would have otherwise received as a result of the reverse stock split.