CANADA-BASED VISION MARINE TECHNOLOGIES ANNOUNCES INITIAL PUBLIC OFFERING OF COMMON SHARES
Dec 8, 2020
Vision Marine Technologies Inc., in Montreal, a provider of electric technology in the design and manufacture of the electric powertrain outboard motor (E-Motion) and electric power boats, announced on November 27th, the closing of its initial public offering. 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.
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.
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