Vision Marine Technologies Inc. (NASDAQ:VMAR) shares are trending on Wednesday.
Check out the current price of VMAR stock here.
Shares of the Canadian company fell 13.43% to $0.84 in after-hours trading on Tuesday.
Dilutive Offering Triggers Selloff
Vision Marine Technologies filed an amended Form F-1 registration statement, used by foreign private issuers to register securities for public sale in the U.S., with the Securities and Exchange Commission on Monday.
The SEC filing seeks to offer up to 15.09 million common units at an assumed price of $0.53 per unit. Each unit consists of one common share and one-half of one common warrant.
The warrants carry an assumed exercise price of $0.6625, equal to 125% of the assumed public offering price, and expire five years from the issuance date.
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According to the filing, the company had more than 5 million common shares outstanding on Dec. 11.
Offering Structure
Pre-funded units are also offered to purchasers whose common unit purchases would result in beneficial ownership exceeding 4.99% of outstanding common shares immediately following the offering
ThinkEquity LLC serves as the exclusive placement agent on a best-efforts basis, meaning the agent will attempt to sell securities without guaranteeing a specific amount.
The offering terminates on Dec. 31.
Trading Metrics
The stock of the electric outboard powertrain company has fallen 93.54% year-to-date.
Vision Marine Technologies has a market capitalization of $4.89 million, and its shares have traded in an annual range of $0.37 to $38.60.
Price Action: VMAR surged 156.77% during regular trading on Tuesday, closing at $0.98, according to Benzinga Pro data.
Benzinga’s Edge Stock Rankings indicates VMAR stock has a negative price trend across all time frames. Track the performance of other players in this segment.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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