Lincoln Alternative discloses 4.32% Vision Marine (VMAR) stake

Rhea-AI Filing Summary

Lincoln Alternative Strategies LLC filed an amended Schedule 13G reporting beneficial ownership of 43,028 shares of Vision Marine Technologies Inc. common stock, representing 4.32% of the class. The percentage is based on 996,038 shares outstanding as of January 23, 2026, as reported by the company.

Lincoln Alternative Strategies has sole voting and dispositive power over all 43,028 shares and no shared power. The filer certifies the shares were not acquired and are not held for the purpose of changing or influencing control of Vision Marine Technologies.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Vision Marine Technologies Inc.

(Name of Issuer)

Common stock, no par value per share

(Title of Class of Securities)

92840Q301

(CUSIP Number)

01/14/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 92840Q301

1

Names of Reporting Persons

Lincoln Alternative Strategies LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 43,028.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 43,028.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

43,028.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.32 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage in Row 11 was determined based on 996,038 shares of common stock outstanding as of January 23, 2026, as reported by the Company in its 424B5 prospectus filed on January 23, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Vision Marine Technologies Inc.
(b)	Address of issuer's principal executive offices: 730 Boulevard du Cure-Boivin, Boisbriand, A8, J7G 2A7
Item 2.
(a)	Name of person filing: Lincoln Alternative Strategies LLC
(b)	Address or principal business office or, if none, residence: 404 Washington Ave., Suite 650, Miami Beach, FL 33139
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common stock, no par value per share
(e)	CUSIP No.: 92840Q301
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 43,028
(b)	Percent of class: 4.32 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4.32
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4.32
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Lincoln Alternative Strategies LLC

Signature:	/s/ Stephen Temes
Name/Title:	Stephen Temes/Managing Member
Date:	02/10/2026

FAQ

What stake in Vision Marine Technologies Inc. (VMAR) does Lincoln Alternative Strategies LLC report?

Lincoln Alternative Strategies LLC reports beneficial ownership of 43,028 Vision Marine Technologies common shares, representing 4.32% of the outstanding class. This percentage is calculated using 996,038 shares outstanding as of January 23, 2026, as disclosed in the company’s referenced prospectus.

How many Vision Marine (VMAR) shares does Lincoln Alternative Strategies LLC control for voting and disposition?

Lincoln Alternative Strategies LLC reports sole voting power and sole dispositive power over 43,028 shares of Vision Marine common stock, with no shared voting or dispositive power. This means all reported authority over these shares resides with the reporting person, according to the Schedule 13G/A.

Why did Lincoln Alternative Strategies LLC file this amended Schedule 13G for Vision Marine (VMAR)?

The amended Schedule 13G reflects Lincoln Alternative Strategies LLC’s current beneficial ownership of 43,028 shares, or 4.32% of Vision Marine’s common stock. The filer also certifies the securities were not acquired to change or influence control of the issuer, consistent with passive ownership reporting.

How was the 4.32% ownership in Vision Marine (VMAR) calculated in this filing?

The reported 4.32% ownership is based on Lincoln Alternative Strategies LLC holding 43,028 shares relative to 996,038 Vision Marine common shares outstanding as of January 23, 2026. That outstanding share figure comes from Vision Marine’s 424B5 prospectus filed on the same date.

Does Lincoln Alternative Strategies LLC seek to influence control of Vision Marine Technologies (VMAR)?

The filing states the securities were not acquired and are not held for the purpose of changing or influencing control of Vision Marine. It also confirms they are not held in connection with any transaction having that effect, other than activities tied to a Rule 14a-11 nomination.

What type of Schedule 13G filer is Lincoln Alternative Strategies LLC for Vision Marine (VMAR)?

Lincoln Alternative Strategies LLC files on Schedule 13G and certifies it is a passive holder, stating the shares are not held to change or influence control. The form references Rule 13d-1 categories, but the key point is the passive ownership certification in Item 10.