Lincoln Alternative Discloses 750,000 Shares (16.1%) of VMAR

Rhea-AI Filing Summary

Lincoln Alternative Strategies LLC disclosed beneficial ownership of 750,000 shares of Vision Marine Technologies Inc. (CUSIP 92840Q301), representing 16.10% of the company's 4,657,137 outstanding common shares as of August 15, 2025. The filing states the shares are owned with sole voting and dispositive power by the reporting person. The statement is submitted on Schedule 13G and includes a certification that the shares were not acquired to change or influence control of the issuer.

Positive

• Material disclosure of a significant minority stake (16.10%) provides transparency to the market
• Sole voting and dispositive power over 750,000 shares clarifies control of the reported position

Negative

• None.

Insights

Financial Analyst

TL;DR: A 16.1% passive stake is material; it signals significant investor interest without an explicit control intent.

Lincoln Alternative Strategies LLC holds a sizeable minority position (750,000 shares) in Vision Marine Technologies, representing over one-sixth of the outstanding equity. Because the filer used Schedule 13G and certified the stake was not acquired to influence control, this appears to be a passive, investment-oriented position rather than an active takeover effort. For public-market investors, a >15% holder can affect liquidity, potential block trades, and future strategic dynamics, though the filing contains no details on acquisition timing, cost basis, or disposition plans.

Corporate Governance Expert

TL;DR: The filing is material for governance monitoring—large minority ownership warrants attention to engagement or coordination risks.

Holding 16.10% creates potential influence over corporate outcomes even if the filer declares no intent to control. Shareholders and the board should monitor communications and any subsequent filings (e.g., Schedule 13D amendments) for shifts in intent. The certification on Schedule 13G limits immediate governance alarm, but the position size places Lincoln among the company’s largest public holders and could be a catalyst for future activist or collaborative actions if circumstances change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Vision Marine Technologies Inc.

(Name of Issuer)

Common Stock, no par value per share

(Title of Class of Securities)

92840Q301

(CUSIP Number)

08/15/2025

(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 750,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 750,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

750,000.00

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)

16.10 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Beneficial ownership percentage based on 4,657,137 shares of the Issuer's common stock issued and outstanding as of August 15, 2025.

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, Boisbraind, Quebec, Canada, 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: 750,000
(b)	Percent of class: 16.10%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 750,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 750,000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	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:	08/27/2025

FAQ

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

The filer reports beneficial ownership of 750,000 shares, equal to 16.10% of outstanding common stock as of August 15, 2025.

Is the 13G filing for VMAR indicating an attempt to take control?

No. The Schedule 13G includes a certification that the shares were not acquired to change or influence control of the issuer.

Does Lincoln Alternative Strategies have voting power over the reported VMAR shares?

Yes. The filing states the reporting person has sole voting power and sole dispositive power over the 750,000 shares.

What is the outstanding share count used to calculate the 16.10% for VMAR?

The percentage is based on 4,657,137 shares of Vision Marine Technologies common stock outstanding as of August 15, 2025.

When was the Schedule 13G signed for Vision Marine Technologies (VMAR)?

The filing is signed by Stephen Temes as Managing Member on 08/27/2025.