Vision Marine Technologies said it would sell 493,828 of its common shares for $4.05 each in an agreement with investors, its fourth share sale this year.
The electric recreational boating company will also issue to the investors warrants to buy the same amount of shares at the same price, exercisable six months following the issuance date.
Vision Marine said it plans to use the gross proceeds of about $2 million for working capital and general corporate purposes.
In April, Vision Marine sold 381,293 shares at $4.21 apiece. In February, the company sold 475,059 shares at $4.21 each, and in January it sold 1.7 million shares at $4.21 each. In each case, Vision Marine sold warrants for the same number of shares at the same price.
Gross proceeds from those three sales totaled about $10.9 million.
The stock ended Wednesday down 6.6% at $4.65.