Vision Marine Technologies Inc. said its board authorized a 1-for-10 reverse stock split of its common shares, consolidating every ten shares into one. The move is intended to raise the per-share price and help the company regain compliance with Nasdaq’s $1.00 minimum bid price requirement under Listing Rule 5550(a)(2).
The reverse split will reduce the number of issued and outstanding common shares from approximately 6,530,460 to roughly 653,046, subject to rounding adjustments for fractional shares. Any fractional share resulting from the split will be rounded up to the next whole share, and no fractional common shares will be issued.
The change is expected to take effect at the market open on Tuesday, with shares continuing to trade under the existing ticker VMAR on The Nasdaq Capital Market. The new CUSIP for the common shares following the split will be 92840Q608.
Proportionate adjustments will also apply to outstanding equity awards and the number of shares issuable under the company’s equity incentive plans. Shareholders holding common shares electronically in book-entry form do not need to take any action.
The company noted there is no assurance that the reverse split will achieve or maintain compliance with the Nasdaq listing requirement.
