Vision Marine signs letter of intent for takeover by private defense firm

Vision Marine Technologies said on Monday it has entered into a non-binding letter of intent under which it would be acquired by a privately held defense company, creating a publicly traded platform focused on artificial intelligence, autonomous systems and electrification.

The marine technology maker said the identity of the acquirer and commercial terms remain confidential "pending completion of due diligence and the negotiation and execution of definitive transaction documents."

Vision Marine makes electric propulsion systems for boats and operates Nautical Ventures, a recreational boating retail and service platform in Florida.

The acquiring company is developing unmanned aerial vehicles and autonomous systems, with a focus on aerial, for defense, government and critical-infrastructure applications, Vision Marine said.

On completion of the deal, shareholders of the acquiring company are expected to own 97.1% of the combined firm, while Vision securityholders would own the remaining 2.9%.

Vision Marine, which has a market capitalization of $1.52 million, said the combined company will remain listed on the Nasdaq.

The parties intend to work toward executing definitive agreements on or before October 15 and completing the proposed transaction by the end of December.