Vision Marine Technologies Announces Significant Purchase Order and Exclusive Distributorship Agreement with Nautical Ventures Marine Group

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.