Vision Marine Technologies (VMAR) Announces Closing of $3.4M Share Offering

Vision Marine Technologies, Inc. (Nasdaq: VMAR) today announced the closing of its previously announced best-efforts offering of 3,400,000 common shares. Each common share was sold at an offering price of $1.00 per share, for gross proceeds of $3.4 million, before deducting placement agent fees and other offering expenses. All the shares in the offering were offered by the Company.

The Company intends to use the proceeds from the offering for working capital purposes and prosecuting patent applications. The Company may also use a portion of the net proceeds from this offering for acquisitions or strategic investments in complementary businesses or technologies, however, no acquisition targets have been identified.

ThinkEquity acted as sole placement agent for the offering.

The securities were offered and sold pursuant to the Company's currently effective shelf registration statement on Form F-3 (File No. 333-267893), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the "SEC") on October 14, 2022, and declared effective on December 21, 2022. The offering was made by means of a prospectus supplement and prospectus which have been filed with the SEC and are available on the SEC's website at www.sec.gov. You should read the applicable prospectus supplement and prospectus for more complete information about the Company and the offering. You may obtain these documents free of charge by visiting the SEC's website at www.sec.gov. Alternatively, you may obtain copies by contacting ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.

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.

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