Vision Marine Technologies Announces Reverse Stock Split

Executive Summary

• Vision Marine Technologies announced a 1-for-10 reverse stock split of its common shares, effective June 17, 2026.
• The corporate action is intended to increase the per-share market price to maintain compliance with Nasdaq Listing Rule 5550(a)(2) minimum $1.00 bid price requirement.
• The split will reduce outstanding shares from approximately 7.27 million to 727,050, with proportional adjustments to equity awards and automatic handling of fractional shares.

Key Details

• Split Ratio: 1-for-10 reverse stock split.
• Effective Date: June 17, 2026, with split-adjusted trading beginning under the existing "VMAR" symbol.
• Share Count Impact: Reduction from 7,270,497 pre-split common shares to approximately 727,050 post-split shares (subject to rounding adjustments).
• Primary Objective: Increase per-share market price to avoid non-compliance with Nasdaq's minimum $1.00 bid price requirement.
• Board Approval: Approved on June 4, 2026.
• Fractional Shares: No fractional shares will be issued; fractional interests will be consolidated and rounded to the nearest whole common share.
• Equity Awards: Proportionate adjustments will be applied to exercise prices and the number of shares underlying outstanding equity awards and equity incentive plans.
• Authorized Shares & Par Value: No changes; authorized common shares remain limitless and par value is unaffected.
• Transfer Agent & Logistics: Odyssey Trust Company acting as exchange agent; book-entry and nominee holders will have positions automatically adjusted with no action required; no transfer letters will be distributed.
• New CUSIP: 92840Q509.