10:02 AM EDT, 08/20/2024 (MT Newswires) -- Vision Marine Technologies ( VMAR ) said Tuesday its board approved a 15-for-1 reverse stock split to potentially lift the market price of its shares to comply with Nasdaq's $1 minimum bid rule.

Nasdaq notified the company on Feb. 16 that its share price had fallen below the required price for 30 consecutive days, Vision Marine ( VMAR ) said.

The company said its split-adjusted common shares will begin trading Thursday under its existing ticker symbol.

Additionally, Vision Marine ( VMAR ) said it is launching a warrant exchange offer to reduce potential dilution and simplify its financial structure.

The company is offering holders of Series A convertible preferred shares and warrants, issued Dec. 21, the chance to exchange them for twice the number of shares and additional pre-funded warrants. Vision Marine ( VMAR ) is offering up to 5,650,284 common shares through this exchange, it added.

Shares of the company were down more than 12% in recent early Tuesday trading.

Price: 0.39, Change: -0.06, Percent Change: -12.67