Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

 

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of March 2024

 

Commission File No. 001-39730

 

VISION MARINE TECHNOLOGIES INC.

(Translation of registrant’s name into English)

 

730 Boulevard du Curé-Boivin

Boisbriand, Québec, J7G 2A7, Canada 

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

 

Form 20-F x    Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ¨

 

 

 

 

 

Executive Officer Appointment

 

On March 1, 2024, we appointed Raffi Sossoyan as our Chief Financial Officer. This strategic appointment marks a significant step as we gear up for an ambitious phase focused on manufacturing, production, and delivery, underlining our dedication to scaling our operations and enhancing our market footprint.

 

Raffi Sossoyan brings a wealth of experience, with over 25 years in global financial and operational leadership. His recent role as Vice President, Corporate Treasury at Velan, Inc., a Canadian multinational company listed on the Toronto Stock Exchange (TSX), where he managed financial operations amidst global sales exceeding US$370 million. Additionally, his tenure as CFO at Valtech Fabrication, Inc., driving worldwide sales beyond US$50 million, highlights his capacity to spearhead financial growth and success.

 

Executive Officer Departure

 

Although Kulwant Sandher resigned as our Chief Financial Officer immediately prior to Mr. Sossoyan’s appointment, Mr. Sandher will continue his relationship with us as a consultant to our company. We express deep appreciation to Kulwant Sandher for his outstanding leadership and dedication as the departing CFO. Mr. Sandher's strategic insights and guidance, particularly during the IPO process and the development of the E-Motion™ technology, have been critical to Vision Marine's success.

 

Director Appointment

 

On February 13, 2024, our Board of Directors appointed Anthony E. Cassella, Jr. as independent director of our company. Mr. Cassella has served as the Executive Vice President Finance and Chief Accounting Officer of MarineMax, Inc. (NYSE: HZO) over his 26 year career with MarineMax, Inc. Among his responsibilities at MarineMax, Mr. Cassella oversees key functions including finance, mergers and acquisitions, accounting, inventory, and treasury. We believe that Mr. Cassella's background and knowledge of the industry will bring incredible value to the next chapter of our mission to become the leading provider of electric propulsion for the boating industry.

 

General

 

The information contained in this Report on Form 6-K (excluding the exhibit) is hereby incorporated by reference into our Registration Statement on Form F-3 (File No. 333-267893) and Registration Statement on Form S-8 (File No. 333-264089).

 

Exhibit Index No.
99.1	Press Release entitled “Vision Marine Technologies Welcomes Raffi Sossoyan as Chief Financial Officer Amid Transition to Manufacturing and Delivery Phase”, dated Marh 1, 2024
99.2	Press Release entitled “Vision Marine Technologies, Inc. Appoints Anthony Cassella, Chief Accounting Officer of MarineMax, to the Board of Directors”, dated February 13, 2024

  

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	VISION MARINE TECHNOLOGIES INC.
Date: March 8, 2024	By:	/s/ Raffi Sossoyan
	Name:	Raffi Sossoyan
	Title:	Chief Financial Officer

 

 

 

 

Exhibit 99.1

 

VISION MARINE TECHNOLOGIES WELCOMES RAFFI SOSSOYAN AS CHIEF FINANCIAL OFFICER AMID TRANSITION TO MANUFACTURING AND DELIVERY PHASE

 

MONTREAL, QC / ACCESSWIRE / March 1, 2024 / Vision Marine Technologies Inc. (NASDAQ:VMAR), a trailblazer in electric recreational boating, is thrilled to announce Raffi Sossoyan as its new Chief Financial Officer (CFO), effective March 1, 2024. This strategic appointment marks a significant step as Vision Marine gears up for an ambitious phase focused on manufacturing, production, and delivery, underlining the company's dedication to scaling its operations and enhancing its market footprint.

 

Raffi Sossoyan brings a wealth of experience, with over 25 years in global financial and operational leadership. His recent role as Vice President, Corporate Treasury at Velan, Inc., a Canadian multinational company listed on the Toronto Stock Exchange (TSX), where he managed financial operations amidst global sales exceeding US$370 million. Additionally, his tenure as CFO at Valtech Fabrication, Inc., driving worldwide sales beyond US$50 million, highlights his capacity to spearhead financial growth and success.

 

Alex Mongeon, CEO of Vision Marine, expressed enthusiasm for Mr. Sossoyan joining, noting, "Raffi's robust experience in finance and operations within publicly listed companies, particularly his success at a TSX-listed entity, aligns perfectly with our strategic objectives as we escalate our manufacturing and delivery initiatives. His leadership will be instrumental in fortifying Vision Marine's financial strategies during this critical phase of our expansion."

 

Mr. Sossoyan conveyed his excitement about his new role, emphasizing the unique opportunity to contribute to Vision Marine's growth trajectory, especially as it advances the commercialization of its pioneering E-Motion™ outboard powertrain system. "Joining Vision Marine at such a pivotal juncture is a tremendous honor. I look forward to leveraging my experience in financial strategy and operations to support the company's next stage of development," he stated.

 

Vision Marine also expresses deep appreciation to Kulwant Sandher for his outstanding leadership and dedication as the departing CFO. Mr. Sandher's strategic insights and guidance, particularly during the IPO process and the development of the E-Motion™ technology, have been critical to Vision Marine's success. His continued role as a consultant will ensure that his expertise remains a valuable asset to the company.

 

With the appointment of Raffi Sossoyan as CFO, Vision Marine Technologies is poised to navigate its next phase of growth with enhanced financial acumen and strategic direction. This move underscores the company's commitment to leading the shift towards electric propulsion in the marine industry, fostering sustainability, and achieving superior performance through its innovative E-Motion™ technology.

 

About Vision Marine Technologies, Inc.

 

Vision Marine Technologies, Inc. (NASDAQ:VMAR) epitomizes the marine industry's shift towards electric propulsion, offering the pioneering E-Motion™ outboard powertrain system. This innovative technology represents a significant leap forward in marine propulsion, combining advanced battery packs, inverters, and high-efficiency motors with proprietary software and assembly techniques. Vision Marine's commitment to eco-friendly electric powerboats is reshaping the recreational boating experience, offering higher speeds, longer ranges, and smoother rides than traditional internal combustion engine boats. With a focus on design, innovation, and craftsmanship, Vision Marine continues to redefine recreational boating for a more sustainable future.

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include predictions, expectations, estimates, and other information that might be considered as future events or trends, not relating to historical matters. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Vision Marine's Annual Report on Form 20-F for the year ended August 31, 2023, and its periodic filings with the SEC provide a detailed discussion of these risks and uncertainties. Vision Marine does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, as required by law.

 

Investor and Company Contact:

 

Bruce Nurse

303-919-2913

[e-mail]

 

SOURCE: Vision Marine Technologies, Inc

 

 

 

 

Exhibit 99.2

 

Vision Marine Technologies, Inc. Appoints Anthony Cassella, Chief Accounting Officer of MarineMax, to the Board of Directors

 

MONTREAL, QC / ACCESSWIRE / February 13, 2024 / Vision Marine Technologies Inc., (NASDAQ:VMAR) ("Vision Marine" or the "Company"), a global leader and innovator within the performance electric recreational boating industry, announced today the appointment of Anthony E. Cassella Jr., Executive Vice President Finance and Chief Accounting Officer of MarineMax, Inc. (NYSE: HZO) to the Company's Board of Directors as an independent director. This appointment reinforces Vision Marine's leading role in marine technology innovation and underscores its commitment to strong corporate governance.

 

"Anthony brings a wealth of knowledge and experience to the Vision Marine Board, having served in roles of increasing responsibility over his 26-year career with MarineMax. His progressive leadership at MarineMax aligns with our Board's commitment to a thoughtfully executed growth strategy and robust corporate governance. We are thrilled to welcome Anthony to the Board and are eager to benefit from his strategic contributions," stated Alex Mongeon, CEO of Vision Marine Technologies.

 

Mr. Cassella is a highly accomplished leader who has played an important role in MarineMax's growth. Among his responsibilities at MarineMax, Mr. Cassella oversees key functions including finance, mergers and acquisitions, accounting, inventory, and treasury. Vision Marine believes that Mr. Cassella's background and knowledge of the industry will bring incredible value to the next chapter of Vision Marine's mission to become the leading provider of electric propulsion for the boating industry.

 

"I am excited to join Vision Marine's Board at such an important time of growth for the Company," Mr. Cassella stated. "Vision Marine is on an innovative path with the potential to create exciting new opportunities across the industry. I look forward to working with Alex and the entire Board in supporting Vision Marine's continued momentum and leading role in marine technology."

 

About Vision Marine Technologies, Inc: Spearheading the Electric Boating Revolution

 

As a leader in the marine industry's shift to electric propulsion, Vision Marine (NASDAQ:VMAR) is at the vanguard of this transformation. Its pioneering E-Motion™ outboard powertrain system represents a significant leap in marine technology. Vision Marine, as a champion of eco-friendly electric powerboats, is not just participating in the industry's evolution - it is driving it. Our Flagship E-Motion™ 180E electric marine powertrain is the first fully electric purpose-built outboard powertrain system that combines an advanced battery pack, inverter, and high efficiency motor with proprietary union assembly between the transmission and the electric motor design utilizing extensive control software. Our E-Motion™ and related technologies used in this powertrain system are uniquely designed to improve the efficiency of the outboard powertrain and, as a result, enhance both range and performance. Vision Marine continues to design, innovate, manufacture, and sell handcrafted, environmentally friendly, electric recreational boats to customers. The design and technology applied to our boats results in far greater enhanced performance in general, higher speeds, and longer range. Simply stated, a smoother ride than a traditional internal combustion engine (ICE) motorboat.

 

Forward-Looking Statements

 

Certain statements made in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory and other factors, many of which are outside of Vision Marine's control. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Vision Marine's Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (SEC) for the year ended August 31, 2023, as such factors may be updated from time to time in Vision Marine's periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Vision Marine undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

 

Investor and Company Contact:

 

Bruce Nurse

303-919-2913

[e-mail]

 

SOURCE: Vision Marine Technologies Inc

 

 

 

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