Vision Marine Technologies Inc, an electric powerboats and outboard powertrain systems manufacturer, has filed Amendment No 2 to Form F-1 Registration Statement on September 22, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $15 million by offering 1.7 million shares at the price range of $8 to $10. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $65 million.
The Quebec, Canada-based company was founded in 2012 and generated $2 million in revenue for the 12 months ended February 29, 2020. Its major revenue came from sales of its electric powerboats. The company plans to list on the Nasdaq Capital Market under the symbol “VMAR.” ThinkEquity is the underwriter of the IPO.
The company engages Ortoli Rosenstadt LLP as US Securities Counsel, and BDO Canada LLP as Independent Auditor.
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