Vision Marine Technologies Inc. Announces $3.0 Million Private Placement of Convertible Preferred Shares and Warrants

Montreal, Canada — December 14, 2023 — Vision Marine Technologies Inc. (NASDAQ:VMAR) (“Vision Marine” or the “Company”), a global leader and innovator within the performance electric recreational boating industry, announced today that it has entered into definitive securities purchase agreements with several institutional and accredited investors (the “Investors”) for the sale of its preferred shares and warrants. Vision Marine sold an aggregate of 3,000 shares of its non-dividend bearing Series A Preferred Shares, with a stated value of US$1,000 per share, and Warrants to purchase up to 2,857,142 of its common shares for aggregate gross proceeds of US$3.0 million, before deducting placement agent fees and other offering expenses.

Investors were also granted an option to purchase up to an additional 3,000 shares of Series A Preferred Shares and up to an additional 2,857,142 Warrants for a period of six (6) months from the execution of the definitive securities purchase agreements.

The shares of Series A Preferred Shares are initially convertible into an aggregate of 2,857,142 common shares of the Company
at a conversion price of $1.05 per share, as may be adjusted, for a period of twelve (12) months, at which time the Series A Preferred Shares becomes mandatorily convertible, subject to a potential price adjustment at maturity. The Warrants have an exercise price of $1.05 per share and will expire five (5) years from the date of issuance. Simultaneously with the execution of the definitive securities purchase agreement, the Company has agreed to reduce the exercise price of 2,922,935 of its previously issued
warrants from US$4.05 and US$4.25 to US$1.05, which includes certain participating Investors, who have entered into warrant amendment agreements with the Company.