Vision Marine Technologies Secures Conditional TSX Venture Exchange Listing Approval, Expanding Capital Markets Access for Its Marine Technology Platform

Rhea-AI Summary

Vision Marine Technologies (NASDAQ: VMAR) received conditional approval to list its common shares on the TSX Venture Exchange, aiming to expand capital markets access in Canada while retaining Nasdaq as its primary venue. The Company reported ATM sales of 975,333 shares for gross proceeds of US$1,983,450.32 and net proceeds of US$1,887,263.81. The ATM Program remains active under a prospectus supplement allowing up to US$16,335,000 in aggregate gross proceeds. Vision Marine is completing final listing steps and will announce the trading commencement date once confirmed.

Positive

• Conditional TSXV listing approval expands Canadian capital markets access
• ATM sales: 975,333 shares for gross proceeds of US$1,983,450.32
• ATM net proceeds of US$1,887,263.81 after US$96,186.51 costs
• Prospectus supplement authorizes up to US$16,335,000 aggregate gross proceeds

Negative

• TSXV approval is conditional and trading commencement date is not yet confirmed
• ATM share issuance causes shareholder dilution (975,333 shares issued to date)
• Placement agent commissions and transaction costs of US$96,186.51 reduced proceeds

Key Figures

Shares sold via ATM: 975,333 shares ATM average price: US$2.03 per share ATM gross proceeds: US$1,983,450.32 +3 more

6 metrics

Shares sold via ATM 975,333 shares Aggregate issuance under ATM Program to date

ATM average price US$2.03 per share Weighted average price for ATM-issued shares

ATM gross proceeds US$1,983,450.32 Total gross proceeds from ATM issuances to date

ATM net proceeds US$1,887,263.81 Net of placement agent commissions and costs

ATM costs US$96,186.51 Placement agent commissions and transaction costs

ATM capacity US$16,335,000 Maximum aggregate gross proceeds under ATM prospectus supplement

Market Reality Check

Price: $1.2700 Vol: Volume 153,160 is 17% abo...

normal vol

$1.2700 Last Close

Volume Volume 153,160 is 17% above the 20-day average of 131,109, indicating moderately elevated trading interest ahead of this listing update. normal

Technical Shares trade well below the 200-day MA of 53.94 with a current price of 1.27, reflecting a deeply broken longer-term trend despite the new TSXV listing plan.

Peers on Argus

VMAR fell 6.62% while peers showed mixed moves: VEEE up 1.22%, EZGO up 3.76%, bu...

1 Up 1 Down

VMAR fell 6.62% while peers showed mixed moves: VEEE up 1.22%, EZGO up 3.76%, but KNDI, MAMO, and MCFT down modestly. Momentum scanner names like NVVE (-20.09%) and KNDI (+3.95%) moved in opposite directions, supporting this as a stock-specific reaction rather than a sector-wide shift.

Historical Context

5 past events · Latest: Apr 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 15	Q2 results, NVG progress	Positive	-7.0%	Stronger NVG operations, improved margins and balance sheet alongside narrowed net loss.
Apr 14	AI retail platform	Positive	-9.7%	Activation of AI-enabled customer engagement and sales platform across NVG locations.
Apr 07	Commercial fleet sale	Positive	-1.0%	Initial Fantail 217 electric boat deployment for a hospitality fleet in Michigan.
Mar 30	Twin Vee exclusivity	Positive	+0.5%	Exclusive Twin Vee distribution rights in Broward County and new Adventure V models.
Mar 26	Production commitments	Positive	+1.0%	Report that 2026 electric boat production is substantially committed via fleet agreements.

Pattern Detected

Recent news, even when operationally or strategically positive, has often been followed by negative or muted price reactions for VMAR.

Recent Company History

Over the past months, VMAR has reported expanding scale and restructuring progress, especially through Nautical Ventures. On Mar 26 and Mar 30, updates on strong 2026 production commitments and exclusive Twin Vee territory produced only small positive moves. More recently, Q2 results on Apr 15 and an AI-enabled retail platform on Apr 14 coincided with declines of 6.95% and 9.66%. Even commercial wins like the Michigan fleet deployment on Apr 7 saw a slight dip, framing today’s capital-markets listing news against a backdrop of skeptical trading responses.

Market Pulse Summary

This announcement centers on obtaining conditional TSX Venture Exchange listing approval while conti...

Analysis

This announcement centers on obtaining conditional TSX Venture Exchange listing approval while continuing to use an at-the-market equity program under a Form F-3 registration. Together, these steps expand access to Canadian and U.S. investors as the company rolls out its E-Motion™ propulsion systems and Nautical Ventures platform. Prior filings highlight rapid revenue growth alongside ongoing losses and financing needs, so monitoring ATM utilization, listing milestones, and commercial traction remains important.

Key Terms

tsx venture exchange, nasdaq, at-the-market equity program, shelf registration statement, +2 more

6 terms

tsx venture exchange regulatory

"it has received conditional approval to list its common shares on the TSX Venture Exchange"

A junior stock exchange in Canada where smaller, early-stage companies list shares to raise capital and gain public visibility. Think of it as a farmers’ market for young businesses: it offers investors a chance to buy into fast-growing but higher-risk ventures, with looser listing rules and typically lower liquidity than major exchanges. It matters because performance and financing on this exchange can signal growth prospects or risk for investors.

nasdaq regulatory

"The TSXV listing is expected to complement Vision Marine's existing Nasdaq listing"

The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.

at-the-market equity program financial

"The Company has an at-the-market equity program (the "ATM Program") in place pursuant to its effective shelf registration statement"

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

shelf registration statement regulatory

"at-the-market equity program (the "ATM Program") in place pursuant to its effective shelf registration statement on Form F-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

form f-3 regulatory

"effective shelf registration statement on Form F-3"

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

prospectus supplement regulatory

"The ATM Program is being conducted pursuant to a prospectus supplement providing for aggregate gross proceeds"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

Capital Markets Strategy / Technology Platform Expansion

BOISBRIAND, QC, April 27, 2026 /PRNewswire/ -- Vision Marine Technologies Inc. (NASDAQ: VMAR) ("Vision Marine" or the "Company"), a company developing high-voltage electric marine propulsion systems and operating a growing recreational boating platform, today announced that it has received conditional approval to list its common shares on the TSX Venture Exchange ("TSXV"), further expanding its capital markets presence across North America.

Vision Marine is currently working with the TSXV to complete the final steps of the listing process, including confirming the date on which trading will commence. The Company will issue a subsequent announcement once the commencement of trading has been finalized. The TSXV listing is expected to complement Vision Marine's existing Nasdaq listing, which will remain the Company's primary trading venue. The Company believes that this additional listing enhances its ability to engage with Canadian investors and institutions, while strengthening its overall capital markets platform.

The TSXV listing supports increased visibility of Vision Marine's technology platform within the Canadian investment community, particularly among investors focused on innovation-driven and growth-stage companies. The Company believes that this additional listing further aligns its capital markets strategy with the continued commercialization and deployment of its proprietary E-Motion™ electric propulsion systems.

"As we continue to advance our operational and financial structure, expanding our capital markets access represents a disciplined step in strengthening the Company's platform," said Raffi Sossoyan, Chief Financial Officer of Vision Marine. "This additional listing broadens our investor reach while supporting greater visibility for our technology and commercial initiatives across North America."

Vision Marine continues to execute on its integrated business model, combining proprietary high-voltage electric propulsion technology with a growing retail and service platform following its acquisition of Nautical Ventures Group Inc. ("Nautical Ventures"). The Company believes that expanding its capital markets access supports the continued deployment and scaling of its technology across multiple boating segments. This alignment between capital markets strategy and operational execution has been a consistent focus of Vision Marine's post-acquisition development and platform expansion.

At-the-Market Equity Program
The Company has an at-the-market equity program (the "ATM Program") in place pursuant to its effective shelf registration statement on Form F-3. As of the date hereof, the Company has issued an aggregate of 975,333 common shares under the ATM Program at a weighted average price of US$2.03 per share, for gross proceeds of US$1,983,450.32, and net proceeds of US$1,887,263.81, after deducting placement agent commissions and transaction costs of US$96,186.51. The ATM Program remains subject to applicable regulatory requirements and market conditions. The ATM Program is being conducted pursuant to a prospectus supplement providing for aggregate gross proceeds of up to US$16,335,000.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (NASDAQ: VMAR) is a marine technology company and retail group delivering premium boating experiences across internal combustion and electric segments. Through its proprietary E-Motion™ high-voltage propulsion platform and its Nautical Ventures retail network, Vision Marine delivers integrated solutions spanning propulsion, retail, service, and on-water consumer engagement.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Canadian securities laws and 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. Forward-looking statements in this press release include, without limitation, statements regarding the Company's expectations concerning the anticipated benefits of the TSXV listing. Forward-looking statements can often be identified by such words as "expects", "plans", "believes", "intends", "continue", "potential", "remains", and similar expressions or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", or "will" be taken. 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, including, but not limited to: the Company's ability to continue as a going concern; the Company's ability to replace lost revenue streams; the presence of a material weakness in internal controls over financial reporting; the Company's dependence on floor plan financing and compliance with financing covenants; the Company's ability to achieve and maintain profitability; general economic conditions affecting the recreational boating industry; supply chain disruptions; and tariff and trade policy uncertainties. Vision Marine's Annual Report on Form 20-F, as amended, for the year ended August 31, 2025, and its periodic filings with the SEC and on SEDAR+ provide a detailed discussion of these risks and uncertainties. The Company assumes no obligation to update the information in this communication, except as required by law. Additional information identifying risks and uncertainties is contained in filings by the Company with the various securities commissions which are available online at www.sec.gov and www.sedarplus.ca. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs, and plans of management. Such statements may not be appropriate for other purposes and readers should not place undue reliance on these forward-looking statements, that speak only as of the date hereof, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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SOURCE Vision Marine Technologies, Inc

FAQ

What does Vision Marine's conditional TSXV listing mean for VMAR shareholders?

It means expanded access to Canadian investors while Nasdaq remains primary trading venue. According to the company, the TSXV listing is conditional and final trading commencement will be announced after completion of listing steps.

How many shares has Vision Marine sold under its ATM Program and for how much?

Vision Marine has sold 975,333 shares under the ATM Program for gross proceeds of US$1,983,450.32. According to the company, net proceeds were US$1,887,263.81 after US$96,186.51 in fees.

What is the maximum amount Vision Marine can raise under its current ATM prospectus supplement?

The prospectus supplement provides for aggregate gross proceeds of up to US$16,335,000. According to the company, the ATM Program remains subject to regulatory requirements and market conditions.

Will Vision Marine delist from Nasdaq after the TSXV listing for VMAR?

No, Nasdaq will remain Vision Marine's primary trading venue while the TSXV listing is expected to complement Nasdaq. According to the company, the TSXV listing enhances engagement with Canadian investors.

When will VMAR start trading on the TSXV after conditional approval?

A trading commencement date has not been confirmed yet. According to the company, Vision Marine is completing final listing steps with the TSXV and will issue a subsequent announcement once trading starts.