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Vision Marine Technologies Plans 15-for-1 Reverse Stock Split, Initiates Warrant Exchange
2024-08-20 22:02
10:02 AM EDT, 08/20/2024 (MT Newswires) -- Vision Marine Technologies (VMAR) said Tuesday its board approved a 15-for-1 reverse stock split to potentially lift the market price of its shares to comply with Nasdaq's $1 minimum bid rule.
Nasdaq notified the company on Feb. 16 that its share price had fallen below the required price for 30 consecutive days, Vision Marine said.
The company said its split-adjusted common shares will begin trading Thursday under its existing ticker symbol.
Additionally, Vision Marine said it is launching a warrant exchange offer to reduce potential dilution and simplify its financial structure.
The company is offering holders of Series A convertible preferred shares and warrants, issued Dec. 21, the chance to exchange them for twice the number of shares and additional pre-funded warrants. Vision Marine is offering up to 5,650,284 common shares through this exchange, it added.
Shares of the company were down more than 12% in recent early Tuesday trading.
Price: 0.39, Change: -0.06, Percent Change: -12.67
