Vision Marine Technologies (VMAR) filed a registration statement with the US Securities and Exchange Commission Thursday for the potential sale of up to roughly 7.3 million common shares by certain shareholders from time to time.

The filing covers 4.3 million shares, 450,000 shares underlying pre-funded warrants, 2.4 million shares underlying common warrants, and 235,320 shares underlying placement agent warrants, the company said.

All shares and warrants were originally issued to certain selling shareholders as part of a private placement that closed on Jan. 16, it added.

The company will not receive proceeds from the sale of the common shares by these shareholders. However, it may receive roughly $3.9 million in gross proceeds if the warrants are fully exercised in cash, according to the company.

Net proceeds from any such sale will be used as working capital, Vision said.

Shares of the company dropped past 11% in recent trading.

Price: 1.64, Change: -0.21, Percent Change: -11.35