Vision Marine Technologies Signs Letter Of Intent For Proposed Business Combination With An Undisclosed Counterparty

Aug. 24 (Reuters) - Vision Marine Technologies Inc. VMAR.V:

• Vision Marine Technologies signs letter of intent for proposed business combination with an undisclosed counterparty.
• Counterparty shareholders would own 97.1% and Vision Marine securityholders 2.9% at closing.
• The deal is subject to financing of at least $25 million.
• The combined company shares are intended to remain listed on Nasdaq, subject to approval.
• Contingent consideration could increase Vision Marine securityholders' interest to 5.7%.
• The counterparty is required to obtain $100 million of binding purchase orders for 2027 deliveries.