Vision Marine Technologies Inc. Announces Pricing of Public Offering

Rhea-AI Summary

Vision Marine Technologies (NASDAQ: VMAR) priced a best-efforts public offering of 32,000,000 units at $0.30 per unit for gross proceeds of $9,600,000, expected to close on December 19, 2025, subject to customary conditions.

Each unit includes one common share (or a pre-funded warrant) and one-half warrant; whole warrants will be issued, exercisable at $0.375 per share and expiring five years from issuance. Proceeds are intended for general corporate purposes, working capital, inventory management, servicing floorplan lines of credit, G&A, and prosecuting patent applications for E-Motion electric powertrain technology. ThinkEquity is sole placement agent and a Form F-1 (File No. 333-291955) registration statement became effective on December 17, 2025.

Positive

• Gross proceeds of $9.6M from the offering
• Proceeds earmarked for working capital and inventory management
• Funding allocated to prosecute E-Motion patent applications

Negative

• Issuance of 32.0M units introduces potential share dilution
• Warrants exercisable at $0.375 create future dilution if exercised
• Net proceeds reduced by placement agent fees and offering expenses

Key Figures

Units offered 32,000,000 units Best-efforts public offering

Offering price $0.30 per unit Public offering pricing (includes Pre-Funded Warrant exercise price)

Gross proceeds $9,600,000 Before placement agent fees and offering expenses

Warrant exercise price $0.375 per share Exercise price for each whole Warrant

Warrant term 5 years Warrants expire five years from issuance date

Form F-1 file number 333-291955 Registration statement effective Dec 17, 2025

Closing date December 19, 2025 Expected offering closing, subject to customary conditions

Even unit purchase Whole Warrants only Investors must purchase an even number of units

Market Reality Check

$0.2670 Last Close

Volume Volume 19,729,273 is 1.46x the 20-day average of 13,540,802, indicating elevated trading activity ahead of the financing. normal

Technical Shares at 0.4994 are trading below the 200-day MA of 4.22, reflecting a prolonged downtrend before this offering.

Peers on Argus 1 Down

VMAR’s -48.83% move contrasts with mixed peer action: VEEE -5.14%, EZGO +3.13%, KNDI +0.26%, MAMO -2.71%, MCFT +2.41%, pointing to a company-specific reaction to the offering.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 09	Marina lease deal	Positive	-20.4%	Secured flagship marina lease with expansion plan in Dania Beach.
Nov 28	FY25 results & M&A	Neutral	+0.0%	Reported FY25 results and detailed Nautical Ventures integration impact.
Nov 18	Sales lift campaign	Positive	+1.6%	Reported 40% YoY sales lift around FLIBS 2025 marketing campaign.
Nov 12	Post-acquisition update	Positive	+15.2%	Detailed 166 boats sold, inventory cuts and financing reductions post-deal.
Nov 11	Racing sponsorship	Positive	-1.5%	Subsidiary-backed team won Super Stock offshore world championship.

Pattern Detected

Recent positive operational updates have produced mixed reactions, but past equity offerings and financings have tended to coincide with notable share price pressure.

Recent Company History

Over the last few months, VMAR has focused on scaling its Nautical Ventures acquisition and related marina assets. Updates on marina expansion, cost savings, boat sales growth, and a new world championship sponsorship highlighted operational momentum yet drew uneven market reactions, including a -20.37% move after the Anglers Avenue lease news. Against this backdrop, today’s public offering pricing adds another capital-raising step following the August 2025 offering, continuing a pattern of balancing growth initiatives with dilution-sensitive financing.

Market Pulse Summary

The stock dropped -48.8% in the session following this news. A negative reaction despite the capital infusion fits prior patterns where offering headlines, such as August 2025 pricing at $2.00, coincided with declines of up to -31.69%. The latest unit deal at $0.30 with 32,000,000 units and $9.6M in gross proceeds adds further dilution pressure. Past volatility around financings suggests that sentiment often focused more on pricing and structure than on long-term strategic uses of proceeds.

Key Terms

pre-funded warrant financial

"Each unit consists of one common share (or pre-funded warrant ("Pre-Funded Warrant") in lieu"

A pre-funded warrant is a financial instrument that gives the holder the right to buy shares of a company's stock at a set price, with most of the purchase cost already paid upfront. It functions like a nearly fully paid option, allowing investors to secure shares quickly while minimizing the amount of additional money they need to invest later. This helps investors gain ownership rights efficiently, often used to avoid certain regulatory restrictions or to prepare for future stock purchases.

warrant financial

"and one-half of one warrant (each whole warrant, a "Warrant"). Each unit is being sold"

A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.

exercise price financial

"Each whole Warrant entitles the holder to purchase one common share at an exercise price"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

floorplan lines of credit financial

"including for inventory management, and servicing its floorplan lines of credit, general"

A floorplan line of credit is a short-term loan setup that lets a retailer or dealer borrow specifically to buy inventory, with each item serving as collateral—think of it as a dedicated credit card for stocking goods. It matters to investors because it affects a company’s cash flow, interest costs and inventory risk: tight or expensive floorplan financing can squeeze profits and indicate potential liquidity problems, while cheap, ample financing can support sales growth.

registration statement regulatory

"A registration statement on Form F-1 (File No. 333-291955) relating to the securities"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

form f-1 regulatory

"A registration statement on Form F-1 (File No. 333-291955) relating to the securities"

A Form F-1 is the document a non-U.S. company files with U.S. regulators when it wants to sell stock or other securities to U.S. investors. It lays out the company’s business, finances, risks and how the offering will work, acting like a product manual and ingredient list so investors can judge what they’re buying. For investors, it’s a key source of verified information used to compare opportunities and assess potential reward and risk.

prospectus regulatory

"This offering is being made only by means of a prospectus. Copies of the final prospectus"

A prospectus is a detailed document that explains a company's plans for offering new shares or investments to the public. It’s important because it provides potential investors with key information about the company’s business, risks, and how they might make money, helping them decide whether to invest. Think of it as a guidebook for understanding what you're buying into.

u.s. securities and exchange commission regulatory

"was filed with the U.S. Securities and Exchange Commission ("SEC") and became effective"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

AI-generated analysis. Not financial advice.

MONTRÉAL, Dec. 17, 2025 /PRNewswire/ -- Vision Marine Technologies Inc. (NASDAQ: VMAR) ("Vision Marine" or the "Company"), a leader in high-voltage electric marine propulsion systems with a multi-brand boat retail and service platform, today announced the pricing of a best-efforts public offering of 32,000,000 units. Each unit consists of one common share (or pre-funded warrant ("Pre-Funded Warrant") in lieu thereof) and one-half of one warrant (each whole warrant, a "Warrant"). Each unit is being sold to the public at a price of $0.30 per unit (inclusive of the Pre-Funded Warrant exercise price), for gross proceeds of $9,600,000 before deducting placement agent fees and offering expenses. Each whole Warrant entitles the holder to purchase one common share at an exercise price of $0.375 per share and will expire five years from the date of issuance. The offering is expected to close on December 19, 2025, subject to satisfaction of customary closing conditions. The common shares (or Pre-Funded Warrants) and Warrants can only be purchased together in the offering but will be issued separately. Because the Company will issue only whole Warrants, investors must purchase an even number of units.

The Company intends primarily to use the proceeds for general corporate purposes and working capital, including for inventory management, and servicing its floorplan lines of credit, general and administrative expenses and prosecuting patent applications relating to its E-Motion™ electric powertrain technology.

ThinkEquity is acting as the sole placement agent for the offering.

A registration statement on Form F-1 (File No. 333-291955) relating to the securities was filed with the U.S. Securities and Exchange Commission ("SEC") and became effective on December 17, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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, Inc. 
Vision Marine Technologies (NASDAQ: VMAR) is a marine technology and retail group delivering premium boating experiences across internal combustion and electric segments. Through its E-Motion™ high-voltage propulsion platform and its Nautical Ventures retail network, Vision Marine offers an integrated ecosystem spanning propulsion, retail, service, and on-water consumer engagement.

Forward Looking Statements
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include predictions, expectations, estimates, and other information that might be considered future events or trends, not relating to historical matters. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Vision Marine's Annual Report on Form 20-F for the year ended August 31, 2025, and its periodic filings with the SEC provide a detailed discussion of these risks and uncertainties. There can be no assurance that Vision Marine will be able to complete the offering on the anticipated terms, or at all. Vision Marine does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

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SOURCE Vision Marine Technologies, Inc

FAQ

How many units did Vision Marine (VMAR) offer and at what price?

Vision Marine offered 32,000,000 units at $0.30 per unit, for gross proceeds of $9.6M.

When is the Vision Marine (VMAR) offering expected to close?

The offering is expected to close on December 19, 2025, subject to customary closing conditions.

What does each Vision Marine (VMAR) unit include and what are the warrant terms?

Each unit includes one common share (or a pre-funded warrant) and one-half warrant; whole warrants will be issued exercisable at $0.375 and expiring five years after issuance.

How does Vision Marine (VMAR) plan to use the offering proceeds?

The company intends to use proceeds mainly for general corporate purposes, working capital, inventory management, servicing floorplan credit lines, G&A, and prosecuting E-Motion patent applications.

Who is the placement agent for Vision Marine's (VMAR) offering?

ThinkEquity is acting as the sole placement agent for the offering.

Where can investors find the Vision Marine (VMAR) prospectus and registration details?

A Form F-1 (File No. 333-291955) registration statement became effective on December 17, 2025; the final prospectus will be filed with the SEC and available on sec.gov.