Vision Marine Technologies Inc. announced that it has entered into a subscription agreement with the Issuer to issue 3,000 Series B Preferred Shares at an issue price of $1,000 per share for the gross proceeds of $3,000,000 on January 17, 2024. The company also issued 2,857,142 common share purchase warrants in connection with the transaction. The investor may convert any portion of the Preferred Shares into Common Shares at a price of $1.05 per Common Share, as may be adjusted, for a period of twelve months, at which time the Preferred Shares become mandatorily convertible, subject to potential price adjustment at maturity.

Each Warrant entitles the holder to purchase one Common Share at a price of $1.05 per Common Share and will expire five ears from the date of issuance.