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Investing.com -- Vision Marine Technologies Inc (NASDAQ:VMAR) stock tumbled 34% after the electric marine propulsion systems company announced the pricing of its public offering at a significant discount to market value.
The company priced its offering of 3.5 million shares of common stock at $2.00 per share, raising $7 million in gross proceeds before deducting underwriting discounts and expenses. Vision Marine also granted underwriters a 45-day option to purchase up to an additional 525,000 shares to cover over-allotments.
The pricing represents a substantial discount compared to recent trading levels, triggering the sharp selloff in VMAR shares. The company, which describes itself as "a leader in high-voltage electric marine propulsion systems with a multi-brand boat retail and service platform," stated it intends to use the proceeds for general corporate purposes, working capital, and potential acquisitions or strategic investments.
ThinkEquity is serving as the sole book-runner for the offering, which is expected to close on August 18, 2025, subject to customary closing conditions.
The stock decline reflects typical market reaction to dilutive offerings priced below current trading levels, as existing shareholders face potential value reduction through the issuance of new shares at discounted prices.
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