08:39 AM EDT, 08/15/2025 (MT Newswires) -- Vision Marine Technologies ( VMAR ) said Thursday that it received formal approval of an outstanding legal claim related to certain shareholders from the commercial division of the New York State County Supreme Court.

The court approved the issuance of 250,000 Vision Marine ( VMAR ) common shares to shareholders Ionic Ventures, Cavalry Fund, and WVP Emerging Manager Onshore Fund in a May 16 settlement of their lawsuit accusing Vision Marine ( VMAR ) of failing to honor the terms of an agreement to convert preferred shares into common shares, according to a regulatory filing.

Vision Marine ( VMAR ) denied the allegations in the lawsuit and entered into the settlement to "avoid the uncertainty, expense, and burden of litigation," the filing said.

The company's shares were up over 30% in recent premarket activity on Friday.