Nasdaq
華爾街日報Why Sparked Vision Marine Technologies (VMAR) Stock Jumped Nearly 17% After Hours?
Vision Marine Technologies Inc. (NASDAQ:VMAR) shares jumped 16.67% in after-hours trading to $0.28 on Thursday after pricing a best-efforts public offering.
Check out the current price of VMAR stock here.
In a best-efforts public offering, the underwriter agrees to sell as many shares as possible without guaranteeing a specific amount of proceeds.
Offering Details
The marine technology and retail company priced 32 million units at $0.30 each, targeting gross proceeds of $9.6 million before fees, according to a Wednesday announcement.
Each unit consists of one common share, or a pre-funded warrant, along with a half warrant.
Whole warrants will allow the holder to purchase one common share at an exercise price of $0.375 and expire five years from issuance.
ThinkEquity is the only placement agent, and the closing is scheduled for Friday, subject to standard closing conditions.
Use of Proceeds
Vision Marine Technologies said the funds will be used for general corporate purposes, working capital, inventory management, floorplan credit lines, general and administrative expenses, and its E-Motion™ electric powertrain technology.
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Separately, the company filed an amended registration with the Securities and Exchange Commission on Monday, aiming to offer up to 15.09 million common units at an assumed price of $0.53 per unit.
Trading Metrics
The Relative Strength Index (RSI) of the Montreal-based company stands at 32.96.
The stock has plummeted 98.40% over the last 12 months, highlighting a significant decline. This long-term performance paints a bleak picture for traders looking for near-term recovery.
Vision Marine Technologies has a market capitalization of $1.20 million. The stock has traded between a 52-week high of $38.60 and a low of $0.23.
Currently, the stock is positioned at about 0.03% of its 52-week range, indicating it is extremely close to its annual low. This may signal a continuation of the downtrend, while any bounce could face resistance.
Price Action: According to Benzinga Pro data, the stock closed on Thursday at $0.24, down 51.96%.
Benzinga’s Edge Stock Rankings indicates VMAR stock has a negative price trend across all time frames. Monitor the performance of other companies in this sector.
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Photo Courtesy: Shutterstock/ Garun.Prdt
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.