Vision Marine Technologies Announces Approval of Stock Repurchase Program
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The China Mail - Vision Marine Technologies Announces Approval of Stock Repurchase Program
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Vision Marine Technologies Announces Approval of Stock Repurchase Program
Alexandre Mongeon, Co-Founder and Chief Executive Officer of Vision Marine, commented:
"The Board of Directors recognizes the challenges faced by microcap stocks in the current market environment. While Vision Marine has made significant strides in the electrification of marine transportation, we believe our stock price does not accurately reflect the Company's value and long-term potential. We believe that the implementation of a stock repurchase program would take a strategic step to enhance shareholder value and demonstrate confidence in our vision to lead the industry with our industrialized, turnkey electric powertrain solutions."
MONTRÉAL, QUEBEC / ACCESS Newswire / February 21, 2025 / Vision Marine Technologies Inc. (NASDAQ:VMAR) ("Vision Marine" or the "Company"), a pioneer in high-performance electric marine propulsion, today announced that its Board of Directors has approved the establishment of a stock repurchase program authorizing the repurchase of up to 5% of Vision Marine Technologies Inc.'s issued and outstanding common shares as of today. We intend to enter into a 10b-18 trading plan establishing such a program.
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Under this authorization, Vision Marine envisions repurchasing shares from time to time at its discretion through a 10b-18 trading plan. The timing and amount of any repurchases would be determined pursuant to such plan. As of February 20, 2025, the Company had 9,813,429 common shares issued and outstanding and a cash balance of approximately US$10.6 million.
About Vision Marine Technologies Inc.
Vision Marine Technologies Inc. (NASDAQ:VMAR) is revolutionizing the marine industry with its proprietary E-Motion™ electric powertrain technology. By integrating advanced battery systems, high-efficiency electric motors, and cutting-edge software, Vision Marine is driving the transition toward sustainable and emission-free recreational boating. The Company's mission is to redefine on-water experiences through innovation, efficiency, and environmental responsibility.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may include words such as "believe," "anticipate," "expect," "intend," "estimate," "may," "continue," "potential," and similar expressions to identify forward-looking statements. Such statements include, but are not limited to, the Company's stock repurchase program, the potential impact on shareholder value, and Vision Marine's long-term market positioning.
Forward-looking statements are based on management's expectations and assumptions as of the date of this press release. Actual results may differ materially due to risks and uncertainties, including market conditions, the Company's ability to execute the stock repurchase program as intended, and other factors discussed in Vision Marine's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 20-F for the year ended August 31, 2024, and subsequent periodic reports. Vision Marine assumes no obligation to update or revise forward-looking statements, except as required by law.
Investor and Media Contact:
Bruce Nurse
(303) 919-2913
[email protected]
Website: visionmarinetechnologies.com
Twitter: @marine_vision
Facebook: @VisionMarineTechnologies
Instagram: @visionmarine.technologies
YouTube: @VisionMarineTechnologies
SOURCE: Vision Marine Technologies Inc
View the original press release on ACCESS Newswire
W.Cheng--ThChM
