Vision Marine Technologies Announces Closing of Initial Public Offering of Common Shares and Full Exercise of Underwriter’s...
November 27 2020 - 1:13PM
via NewMediaWire--
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 statement on Form F-1 (File No.
333-239777) relating to the shares was filed with the Securities
and Exchange Commission (“SEC”) and became effective on November
23, 2020, and a related registration statement filed pursuant to
Rule 462(b) under the Securities Act of 1933, as amended. The
offering was made only by means of a prospectus. Copies of the
final prospectus may be obtained from ThinkEquity, a division of
Fordham Financial Management, Inc., 17 State Street, 22nd Floor,
New York, New York 10004, by telephone at (877) 436-3673, or by
email at prospectus@think-equity.com. The final prospectus is
available on the SEC’s website located
at http://www.sec.gov.
This press release does not constitute an offer to
sell or the solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Vision Marine Technologies
Vision Marine Technologies Inc., (NASDAQ: VMAR)
strives to change and be a contributing factor in fighting the
problem of waterway pollution by disrupting the boating industry
with electric power, contributing to zero pollution, zero emission,
wave less water, and a noiseless environment.
Our flagship outboard powertrain (E-Motion) is the
first fully electric outboard powertrain system that combines an
advanced battery pack, inverter, and high efficiency motor with
proprietary union assembly between the transmission and the
electric motor design and extensive control software. Our E-Motion
technologies used in this powertrain system are designed to improve
the efficiency of the outboard powertrain and, as a result,
increase range and performance.
Vision continues to design, innovate, manufacture,
and sell our handcrafted, high performance, environmentally
friendly, electric recreational powerboats to recreational
customers.
The design and technology applied to our boats
results in far greater and enhanced performance, higher speeds, and
longer range. Simply stated, a smoother ride than a traditional ICE
motorboat.
Forward-Looking Statements
The statements contained in this press release
that are not historical facts are forward-looking statements. For
example, when Vision discusses the expected use of proceeds, it is
using forward-looking statements. These forward-looking statements
are based on Vision’s current expectations and are not guarantees
of future performance. The forward-looking statements are subject
to various risks, uncertainties, assumptions, or changes in
circumstances that are different to predict or quantify. Actual
results may differ materially from these expectations due to
changes in global, regional, or local economic, business,
competitive, market, regulatory and other factors, many of which
are beyond Vision’s control. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements are set forth in Vision’s filings with
the SEC, including its registration statement on Form F-1, as
amended from time to time, under the caption “Risk Factors.” Any
forward-looking statement in this press release speaks only as of
the date of this release. Vision undertakes no obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as may be required by any applicable securities laws.
For further information, please
contact:
Bruce Nurse, Investor Relations
(800) 871-4274
bn@v-mti.com
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