Vision Marine Technologies Inc. (VMAR) AI Dilution Summary

Cash was $814,205 at the 2026-05-31 balance-sheet date. After that date, at-the-market sales under the January 23, 2026 Sales Agreement with ThinkEquity during June and July 2026 raised $4,589,744 net ($4,791,043 gross), dated 2026-07-14. Dilution here is driven primarily by the F-3 shelf 333-291917, which has $183,665,078 remaining of $200,000,000 registered and expires 2028-12-12.