Electric propulsion manufacturer Vision Marin Technologies announced a stock offering of 3.4 million shares that it is selling for $1 per share. The offering ends at the close of the market at 4 p.m. today.
According to a statement, the company intends to use the net proceeds from the offering primarily for working capital and prosecuting patent applications. The company may also use a portion of the net proceeds from the offering for acquisitions or strategic investments in complementary businesses or technologies, though no acquisition targets have been identified.
Total gross proceeds from the offering, before deducting the placement agent’s fees and other expenses, are expected to be $3.4 million.
