Vision Marine Technologies Announces Closing of Initial Public Offering of Common Shares and Full Exercise of Underwriters Over-Allotment Option


Montreal, Canada – ( NewMediaWire ) – November 27, 2020 – Vision Marine Technologies Inc. (Nasdaq: VMAR), the leading provider of electric technology in the design and manufacture of the first fully electric powertrain outboard motor (E-Motion) and electric power boats, today announced the closing of its initial public offering of 2,760,000 common shares at a price of US$10.00 per share, which includes 360,000 shares sold upon full exercise of the underwriter’s option to purchase additional common shares. The gross proceeds from the offering, including the exercise of the over-allotment option, were US$27,600,000, before deducting underwriting discounts, commissions and offering expenses. 

ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.  

Vision intends to use the net proceeds from the offering for sales and marketing, build-up of inventory for order fulfillment, research and development, development of rental operations, and general working capital.

A registration

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