Vision Marine Technologies Announces Pricing of Initial Public Offering of Common Shares

Montreal, Canada – (NewMediaWire) – November 23, 2020 – Vision
Marine Technologies Inc. (Nasdaq: VMAR),
the leading provider of electric technology in the design and manufacture of
the first fully electric powertrain outboard motor (E-Motion) and electric
power boats, today announced the pricing of its initial public offering of
2,400,000 common shares at a price of US$10.00 per share for gross
proceeds of US$24,000,000, before deducting underwriting discounts, commissions
and offering expenses. Vision has granted the underwriter a 45-day option to
purchase up to an additional 360,000 common shares at the initial public
offering price, less discounts and commissions, to cover over-allotments.

The common shares will be
listed on the Nasdaq Capital Market under the ticker symbol “VMAR” and are
expected to begin trading on November 24, 2020.  The Offering is expected
to close November 27, 2020, subject to satisfaction of customary closing
conditions.

ThinkEquity,
a division of Fordham Financial Management, Inc., is acting as sole book
running manager for the offering. 

Vision
intends to use the net proceeds from the offering for sales and marketing,
build up of inventory for order fulfillment, research and development,
development of rental operations, and general working capital.

A registration statement on Form F-1 (File No.
333-239777) relating to the shares was filed with the Securities and Exchange
Commission (“SEC”) and became effective on November 23, 2020, and a related
registration statement filed pursuant to Rule 462(b) under the Securities Act
of 1933, as amended.  This offering is being made only by means of a
prospectus. Copies of the final prospectus, when available, may be obtained
from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State
Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673,
or by email at prospectus@think-equity.com.  The final prospectus will be
filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov.

This
press release does not constitute an offer to sell or the solicitation of an
offer to buy these securities, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction.

About Vision
Marine Technologies

Vision
Marine Technologies Inc., (NASDAQ: VMAR) strives to change and be a
contributing factor in fighting the problem of waterway pollution by disrupting
the boating industry with electric power, contributing to zero pollution, zero
emission, wave less water, and a noiseless environment.

Our
flagship outboard powertrain (E-Motion) is the first fully electric 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 and extensive control software. Our E-Motion
technologies used in this powertrain system are designed to improve the
efficiency of the outboard powertrain and, as a result, increase range and
performance.

Vision
continues to design, innovate, manufacture, and sell our handcrafted, high
performance, environmentally friendly, electric recreational powerboats to
recreational customers.

The
design and technology applied to our boats results in far greater and enhanced
performance, higher speeds, and longer range. Simply stated, a smoother ride
than a traditional ICE motorboat. 

Forward-Looking Statements

The statements contained in this press release that are
not historical facts are forward-looking statements. For example, when Vision
discusses the commencement of trading on Nasdaq, the closing of the offering,
and the expected use of proceeds, it is using forward-looking statements. These
forward-looking statements are based on Vision’s current expectations and are
not guarantees of future performance. The forward-looking statements are
subject to various risks, uncertainties, assumptions, or changes in
circumstances that are different to predict or quantify. 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 beyond Vision’s control. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements are set forth in Vision’s filings with the SEC, including its
registration statement on Form F-1, as amended from time to time, under the
caption “Risk Factors.” Any forward-looking statement in this press release
speaks only as of the date of this release. Vision 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.

For further information, please contact:

Bruce Nurse, Investor Relations

(800) 871-4274

bn@v-mti.com