Welcome to our dedicated page for Vision Marine Technologies Common Shares news (Ticker: VMAR), a resource for investors and traders seeking the latest updates and insights on Vision Marine Technologies Common Shares stock.
Vision Marine Technologies Inc. (NASDAQ: VMAR) is a pioneering company in the electric marine propulsion industry, committed to revolutionizing the boating experience with sustainable, zero-emission power solutions. Headquartered in Montreal, QC, Vision Marine is dedicated to combating waterway pollution by introducing innovative electric powertrain systems, high-performance electric powerboats, and related technologies.
The company's flagship product, the E-Motion™ outboard powertrain, is a fully electric outboard motor that integrates advanced battery packs, inverters, and high-efficiency motors. This system is designed not only to offer a noiseless and waveless boating experience but also to deliver higher speeds, longer ranges, and smoother rides compared to traditional internal combustion engines.
Vision Marine operates two primary business segments: the sale and rental of electric boats. The company offers a range of handcrafted electric recreational powerboats, including models like Bruce 22, Fantail 217, and Volt 180. While the majority of revenue is generated from boat rentals in locations such as Canada, the USA, and other countries, the company's primary market remains the United States.
Recent Achievements:
- Appointment of Raffi Sossoyan as CFO, bringing over 25 years of global financial and operational leadership experience.
- Commissioning of a state-of-the-art lithium battery production facility in Pompignac, France, through its partner Neogy, enhancing the supply chain for high-quality, high-voltage batteries.
- Development of a sophisticated test cell in collaboration with McLaren Engineering to measure the performance of the E-Motion™ 180E Electric Powertrain Systems.
- Filing several key patents, including a Communication Cryptographic System, Control & Power Management Software, and a high-voltage marine battery pack, underscoring the company's commitment to technological innovation.
- Strategic sale of one of its boat rental facilities in Newport Beach, California, to focus on advancing its core electric powertrain technology.
Vision Marine's dedicated research and development efforts are evident in their continuous filing of patents and introduction of new technologies. Their innovation extends to the development of a vehicle control unit (VCU) that maximizes the functionality of intelligent electric powertrains, enhancing both performance and safety.
The company's strategic focus on enhancing its manufacturing and production capabilities, combined with its commitment to sustainability, positions Vision Marine Technologies as a leader in the shift towards eco-friendly marine propulsion. Through partnerships, technological advancements, and a focus on design and craftsmanship, Vision Marine is reshaping the recreational boating industry for a more sustainable future.
Vision Marine Technologies (NASDAQ: VMAR) announced on April 19, 2023, a definitive agreement for the issuance of 381,293 common shares at $4.21 each, generating approximately $1.6 million in gross proceeds through a registered direct offering.
In conjunction with this, the company will issue warrants for the purchase of an equal number of shares, exercisable six months post-issuance at the same price, expiring in three years. The transaction is set to close on April 20, 2023, pending customary conditions.
The proceeds are intended for working capital and general corporate purposes. Roth Capital Partners is acting as the financial advisor for this transaction.
Vision Marine Technologies (NASDAQ: VMAR) announced its participation in the Newport Beach International Boat Show from April 27-30, 2023. The company will showcase the Four Winns H2e, an electric bowrider powered by Vision Marine's E-Motion™ 180E outboard motor. This event presents an opportunity for Vision Marine to highlight its innovative technology aimed at revolutionizing the recreational boating industry.
Furthermore, on April 11, 2023, Vision Marine received a notice of deficiency from Nasdaq regarding non-compliance with Listing Rule 5605(c)(2)(A) due to a vacancy in its audit committee. The company has until its next annual shareholders’ meeting or March 15, 2024, to regain compliance. Vision Marine is actively seeking to appoint an independent director to fulfill the requirement.
Vision Marine Technologies (NASDAQ: VMAR) announced its participation in the Planet MicroCap Showcase: VEGAS 2023 on April 26, 2023, at 11:30 AM PDT. The event emphasizes the company’s leadership in the electric recreational boating sector. Attendees can access the live presentation via a provided webcast link.
Investors interested in one-on-one meetings can register for the event, which takes place in Las Vegas, and schedule in-person meetings. Vision Marine Technologies is dedicated to environmentally friendly boating solutions, focusing on reducing waterway pollution through electric power. Their flagship product, the E-Motion™ 180E, exemplifies innovative technology aimed at enhancing boating performance and sustainability.
Vision Marine Technologies Inc. (NASDAQ: VMAR) announced the appointment of Carter Murray as Chairman of its board of directors. Murray, known for his leadership in transformative corporate strategies, will collaborate with CEO Alex Mongeon to enhance innovation in the recreational boating sector. This move aims to leverage Vision Marine's advanced powertrain technology and electric engines, noted for achieving a record speed of 109 mph for electric boats. Murray's extensive experience in multinational companies will contribute to the company's mission of zero pollution and high-performance electric boating.
Vision Marine Technologies (NASDAQ: VMAR) has announced the opening of its second electric boat rental operation in Portside Ventura, California, set to open on April 1, 2023. This facility will support testing and training on Vision Marine's E-Motion™ 180E propulsion system for local boat manufacturers. Portside Ventura, attracting over 1 million tourists annually and generating over $1 billion in tourism revenue, is identified as an ideal location for this venture. The new operation follows the success of the first rental location in Newport Beach, which has achieved over 44,525 bookings to date.
Vision Marine Technologies (NASDAQ: VMAR) announced its participation in the 35th Annual ROTH Capital Investor Conference from March 12-14, 2023, at The Ritz Carlton, Laguna Niguel, California. The company will showcase its Four Winns H2e Bowrider, featuring the world’s most powerful electric powertrain, the E-Motion 180E. Investors interested in meeting with the Vision Marine team can arrange in-person or virtual meetings through Roth representatives. Vision Marine aims to revolutionize recreational boating by promoting zero pollution and zero emissions through its advanced electric marine powertrain technology.
Vision Marine Technologies (NASDAQ: VMAR) announced a definitive agreement to sell 475,059 common shares at $4.21 each, generating approximately $2 million in gross proceeds through a registered direct offering. Concurrently, the company will issue warrants to purchase the same amount of shares at the same price, exercisable after six months and expiring in three years. The offering, arranged by Roth Capital Partners, is expected to close on February 21, 2023. The proceeds will be utilized for working capital and general corporate purposes. The shares are offered under a previously filed registration statement with the SEC.
Vision Marine Technologies Inc. (NASDAQ: VMAR) and Four Winns are set to participate in the Miami International Boat Show from February 15-19, 2023. The companies have applied for the MIBS Innovation Awards with their 180hp Electric Bowrider, the H2e. Four Winns aims to launch the H2e production version, accepting orders during the event. Vision Marine will showcase the V32 HellKat, the fastest electric boat globally, recently achieving speeds over 109 MPH. The partnership highlights their commitment to advancing electric propulsion technology and enhancing sustainable boating experiences.
Vision Marine Technologies (NASDAQ: VMAR) announced the resignation of Mr. Renaud Cloutier from its Board of Directors due to personal reasons. The company is currently interviewing candidates to fill the vacancy and expects to announce a new appointment soon. CEO Alex Mongeon expressed gratitude for Cloutier's contributions over the past two years, highlighting his professional background and strategic insights. Vision Marine is focused on advancing electric recreational boating, aiming for zero pollution and enhanced performance with its E-Motion™ 180E electric powertrain.
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