Vision Marine Technologies Inc. Announces $3M Private Placement Of Convertible Preferred Shares and Warrants; Will Not Complete Public Offering, Withdraws Effectiveness Of Previously Filed Registration Statement
Portfolio Pulse from Benzinga Newsdesk
Vision Marine Technologies Inc. (VMAR) has announced a private placement of $3M in convertible preferred shares and warrants, foregoing a public offering and withdrawing a previously filed registration statement. The company sold 3,000 Series A Preferred Shares and warrants to purchase up to 2,857,142 common shares. The preferred shares are convertible into common shares at $1.05 each, and the warrants have an exercise price of $1.05 and a five-year expiration. Additionally, the company reduced the exercise price of previously issued warrants to $1.05. The offering is expected to close on December 15, 2023.
December 14, 2023 | 1:37 pm
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VMAR announced a $3M private placement of convertible preferred shares and warrants, canceling its public offering and withdrawing a prior registration statement. The deal includes price adjustments on existing warrants and is set to close on December 15, 2023.
The private placement may provide VMAR with necessary capital, but the adjustment of warrant prices and the cancellation of the public offering could signal mixed investor sentiment. The short-term impact is uncertain as it depends on investor perception of the company's financial strategy and future growth potential.
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IMPORTANCE 75
RELEVANCE 100