Vision Marine Technologies announces Share Repurchase Program
by Vision Marine Technologies 23 Dec 2021 11:01 PST
Vision Marine Technologies, Inc. (NASDAQ: VMAR) ("Vision Marine" or the "Company"), the global leader in the electric transition of the recreational boating industry serving both OEMs and consumers, announced today that its Board of Directors has authorized the repurchase of up to 10% of the Company's common shares from time to time via open market purchases or in privately negotiated transactions.
"We believe that our shares represent a unique value driven opportunity, as the boating industry is at a critical inflection point regarding the transition to clean, cost effective zero carbon emission watercraft. Our disruptive technology puts Vision Marine at the forefront of this timely movement," stated Alan Gaines, Chairman of the Board of the Company. "The recent investment by General Motors in an electric boat startup underlies the industry's accelerated movement beyond that of only electric automobiles.
Alex Mongeon, CEO and co-founder of Vision Marine, noted that "when OEMs and consumers witness a cigarette boat exceeding 100 mph, and it's powered by a noiseless, smokeless, non-polluting high performance fully electric powertrain, and able to be charged on standard 220 volts available at any marina, they are looking at the future of the recreational outboard boating industry."
The timing and amount of any shares repurchased will be determined by the company's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes. The repurchase program will be funded using the company's working capital.
For more information visit visionmarinetechnologies.com.