Vision Marine Technologies announced this week that it entered into a non-binding letter of intent dated Aug. 20 with a privately held operating company regarding a proposed business combination. The proposed transaction is expected to be structured as a reverse takeover of Vision Marine and would result in a change of company control.
A Vision Marine press release said that the “proposed combination would create a publicly traded platform expanding the Vision Marine platform of artificial intelligence, autonomous systems, electrification and next-generation marine with the addition of the unmanned aerial vehicles and defense technologies of the counterparty.”
“Vision Marine has always been built around anticipating where technology is going next,” CEO Alexandre Mongeon said in the release. “We entered electric propulsion because we believed electrification would reshape the marine industry. Today, we see another transformation underway as artificial intelligence, autonomy, sensing and secure communications change how vehicles operate across multiple environments.
“We started with electrification. We believe the next chapter is intelligence and autonomy,” he added.
The identity of the counterparty and the additional commercial terms of the proposed transaction remain confidential pending completion of due diligence and the negotiation and execution of definitive transaction documents. The LOI does not obligate either party to consummate the proposed transaction, the release said.
