Initial Purchase Order For 50 Units Of The Phantom, Vision Marine's Innovative Rotomolded, Recyclable Boat, And The Establishment Of An Exclusive Distributorship Agreement For South Florida; No Financial Terms Disclosed

Author: Benzinga Newsdesk | February 23, 2024 10:09am

Vision Marine Technologies Inc. (NASDAQ:VMAR) ("Vision Marine" or the "Company"), an innovator in the performance electric recreational boating industry, is thrilled to announce a groundbreaking partnership with Nautical Ventures Marine Group, a premier provider of maritime products and services. This collaboration marks a significant milestone with an initial purchase order for 50 units of the Phantom, Vision Marine's innovative rotomolded, recyclable boat, and the establishment of an exclusive distributorship agreement for South Florida.

The Phantom, known for its sustainable design and eco-friendly footprint, represents a new era in maritime technology. Its construction from fully recyclable materials not only sets a new standard in environmental responsibility but also offers unparalleled durability and performance. This purchase order signifies Nautical Ventures Marine Group's confidence in the Phantom's market potential and its commitment to promoting greener marine solutions.

Under the exclusive distributorship agreement, Nautical Ventures Marine Group will serve as the sole distributor of the Phantom in the vibrant and burgeoning South Florida market. This strategic partnership is expected to significantly enhance the visibility and availability of the Phantom, positioning it as a mainstay in the recreational marine landscape of Florida.

Furthermore, the collaboration was showcased at the prestigious Miami Boat Show, where an additional four units of the Phantom were sold, with delivery anticipated in the coming months. This event not only highlighted the Phantom's appeal to a broad audience of boating enthusiasts but also underscored the industry's growing emphasis on sustainable marine solutions.

"Vision Marine Technologies is excited to partner with Nautical Ventures Marine Group, a company that shares our commitment to innovation, quality, and environmental stewardship," said Alex Mongeon, CEO of Vision Marine. "This partnership and the initial order of 50 units are a testament to the Phantom's unique value proposition and our shared vision for a greener future in maritime recreation."

Roger Moore, CEO of Nautical Ventures Marine Group, expressed enthusiasm about the agreement, stating, "We are proud to be the exclusive distributor of the Phantom in South Florida. This boat represents the cutting edge of sustainable design in the marine industry, and we are confident that it will be a game-changer for our customers looking for environmentally friendly boating options."

The delivery of the 50 units of the Phantom will be spread over the next four months, ensuring a steady introduction of this innovative boat to the South Florida market. Both Vision Marine Technologies and Nautical Ventures Marine Group are committed to supporting each other in this venture, fostering growth, and promoting sustainability in the marine industry.

In addition to this exciting partnership, Vision Marine also addresses a recent notification from the Listing Qualifications Department of the Nasdaq Stock Market, LLC ("Nasdaq ") regarding the company's compliance with the minimum bid price requirement. Nasdaq has informed the company that it is currently not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the company's common shares was below the minimum of US$1.00 per share for 30 consecutive trading days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), Vision Marine Technologies has been granted a compliance period of 180 calendar days to regain compliance with Nasdaq's minimum bid price requirement. To regain compliance, the closing bid price of the common shares must be at least US$1.00 per share for a minimum of 10 consecutive trading days prior to August 14, 2024 and the Company must otherwise satisfy The Nasdaq Capital Market's requirements for listing. If the company does not regain compliance by August 14, 2024, the company may be eligible for an additional 180 calendar day compliance period. If the company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the company's common shares will be subject to delisting. The company would then be entitled to appeal Nasdaq's determination to a Nasdaq Listing Qualifications Panel and request a hearing.

There can be no assurance that the company will be able to regain compliance with the Nasdaq Capital Market's continued listing requirements or that Nasdaq will grant the company a further extension of time to regain compliance, if needed. The company is fully committed to achieving compliance within the stipulated time frame and is actively exploring measures to meet this objective.

Posted In: VMAR