Benzinga | Dec 20, 2021 08:18AM EST

Vision Marine Plans To Buyback 10% Of Common Stock

* Vision Marine Technologies Inc (NASDAQ:VMAR) said its Board of Directors had authorized the repurchase of up to 10% of its common shares.

* The company plans to conduct the buyback through open market purchases or privately negotiated transactions.

* "We believe that our shares represent a unique value-driven opportunity, as the boating industry is at a critical inflection point regarding the transition to clean, cost-effective zero carbon emission watercraft," said Chairman Alan Gaines.

* The company intends to repurchase shares using the company's working capital.

* Price Action: VMAR shares closed lower by 5.79% at $5.21 on Friday.