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.

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