[SCHEDULE 13G] Vision Marine Technologies Inc. SEC Filing

Rhea-AI Filing Summary

3i, LP, 3i Management LLC and Maier Joshua Tarlow filed a Schedule 13G reporting beneficial ownership tied to Vision Marine Technologies Inc. (CUSIP 92840Q301). The filing discloses that the Reporting Persons hold warrants exercisable for 40,000 common shares, representing 1.1% of the class based on 3,232,137 Common Shares outstanding after the offering. The statement explains that 3i previously held approximately 8.5% following the offering and exercised an aggregate of 475,000 pre-funded warrants, but all issuer securities deemed beneficially owned as a consequence of the offering have since been disposed, making this an exit filing. Voting and dispositive power over the 40,000 warrants is shared among the Reporting Persons.

Positive

• Exit filing completed showing disposition of previously deemed holdings following the offering
• Clear disclosure of current exposure: 40,000 warrants exercisable into common shares representing 1.1% of the class based on 3,232,137 shares outstanding

Negative

• None.

Insights

Financial Analyst

TL;DR Small residual position (40,000 warrants, 1.1%) reported; prior larger stake was disposed and this filing documents the exit.

The filing clarifies current economic and voting exposure tied to warrants rather than outright shares. The reported 40,000 warrants exercisable into common shares are a modest potential dilution relative to the 3,232,137 post-offering share count. The disclosure that previously deemed holdings after the offering were disposed is material to ownership history but, given the small residual position, unlikely to move investor valuation materially.

Corporate Governance Expert

TL;DR Filing documents shared voting/dispositive authority and an exit from a previously larger position.

The Schedule 13G notes shared voting and dispositive power for the 40,000 warrants among 3i, its manager, and Mr. Tarlow, and includes a Joint Filing Agreement as Exhibit 1. The certification confirms securities were not acquired to influence control. For governance monitoring, the filing signals reduced insider/affiliate stake post-offering but continues to disclose potential influence through shared authority over the warrants.

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 Shares, no par value per share

(Title of Class of Securities)

92840Q301

(CUSIP Number)

08/18/2025

(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

3i, LP

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 0.00
6	Shared Voting Power 40,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,000.00

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)

1.1 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: As more fully described in Item 4 of this statement on Schedule 13G (this ''Schedule 13G''), such shares and percentage are based on (i) 3,232,137 shares of common shares, no par value per share, of the issuer (the ''Common Shares'') outstanding after giving effect to the issuer's offering (the ''Offering'') disclosed in the the prospectus, dated August 15, 2025, to the issuer's Registration Statement on Form F-1 (File No. 333-289547), declared effective by the U.S. Securities and Exchange Commission (the ''SEC'') on August 15, 2025 (the ''Prospectus''), which number assumes no exercise of any pre-funded warrants issued in connection with the Offering except as disclosed herein, and (ii) the subsequent exercise by the reporting person of an aggregate of 475,000 pre-funded warrants issued in connection with the Offering (the "Pre-Funded Warrants"). Beneficial ownership consists of 40,000 common share purchase warrants (the ''Warrants'') directly held by the reporting person. All issuer securities that were deemed beneficially owned by the reporting person as a consequence of the closing of the Offering have since been disposed. As a result, this also constitutes an exit filing for the reporting person.

SCHEDULE 13G

CUSIP No. 92840Q301

1

Names of Reporting Persons

3i Management 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 0.00
6	Shared Voting Power 40,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,000.00

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)

1.1 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: As more fully described in Item 4 of this statement on Schedule 13G, such shares and percentage are based on (i) 3,232,137 Common Shares outstanding after giving effect to the Offering disclosed in the Prospectus, which number assumes no exercise of any pre-funded warrants issued in connection with the Offering except as disclosed herein, and (ii) the subsequent exercise of an aggregate of 475,000 Pre-Funded Warrants. Beneficial ownership consists of 40,000 Warrants indirectly held by the reporting person. All issuer securities that were deemed beneficially owned by the reporting person as a consequence of the closing of the Offering have since been disposed. As a result, this also constitutes an exit filing for the reporting person.

SCHEDULE 13G

CUSIP No. 92840Q301

1

Names of Reporting Persons

Maier Joshua Tarlow

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 40,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 40,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

40,000.00

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)

1.1 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: As more fully described in Item 4 of this statement on Schedule 13G, such shares and percentage are based on (i) 3,232,137 Common Shares outstanding after giving effect to the Offering disclosed in the Prospectus, which number assumes no exercise of any pre-funded warrants issued in connection with the Offering except as disclosed herein, and (ii) the subsequent exercise of an aggregate of 475,000 Pre-Funded Warrants. Beneficial ownership consists of 40,000 Warrants indirectly held by the reporting person. All issuer securities that were deemed beneficially owned by the reporting person as a consequence of the closing of the Offering have since been disposed. As a result, this also constitutes an exit filing for the reporting person.

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, Quebec J7G 2A7, Canada
Item 2.
(a)	Name of person filing: (i) 3i, LP, a Delaware limited partnership ("3i"); (ii) 3i Management LLC, a Delaware limited liability company ("3i Management''); and (iii) Maier Joshua Tarlow ("Mr. Tarlow"). The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons". Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed as Exhibit 1 to this Schedule 13G, pursuant to which such Reporting Persons have agreed to file this Schedule 13G and all subsequent amendments jointly in accordance with the provisions of Rule 13d-1(k) of the Act. The filing of this Schedule 13G should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the shares of Common Stock reported herein.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 2 Wooster Street, 2nd Floor, New York, NY 10013.
(c)	Citizenship: 3i is a Delaware limited partnership. 3i Management is a Delaware limited liability company. Mr. Tarlow is a citizen of the United States.
(d)	Title of class of securities: Common Shares, 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: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G and is incorporated herein by reference for each such Reporting Person. Upon the consummation of the Offering, each of the Reporting Persons beneficially owned approximately 8.5% of the outstanding Common Shares due to 3i's participation in the Offering. Subsequent to the Offering and as of the date of this Schedule 13G, all issuer securities deemed beneficially owned by the Reporting Persons as a consequence of the Offering were disposed. As a result of such dispositions, this also constitutes an exit filing for each of the Reporting Persons. The share amounts and ownership percentages disclosed on such cover pages are based on (i) 3,232,137 Common Shares outstanding after giving effect to the Offering disclosed in the Prospectus, which number assumes no exercise of any pre-funded warrants issued in connection with the Offering except as disclosed herein, and (ii) the subsequent exercise by 3i of an aggregate of 475,000 Pre-Funded Warrants. As of the date of this Schedule 13G, 3i holds Warrants exercisable for up to 40,000 Common Shares. Consequently, 3i is the beneficial owner of 40,000 Common Shares (the "Shares") and has the power to dispose of and the power to vote such Shares, which power may be exercised by 3i Management, the manager and general partner of 3i. Mr. Tarlow, as the manager of 3i Management, has shared power to vote and/or dispose of the Shares beneficially owned by each of 3i and 3i Management. Mr. Tarlow does not directly own the Shares. By reason of the provisions of Rule 13d-3 of the Act, Mr. Tarlow may be deemed to beneficially own the Shares beneficially owned by 3i and 3i Management, and 3i Management may be deemed to beneficially own the Shares beneficially owned by 3i.
(b)	Percent of class: 1.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (A) 3i: 0.00 (B) 3i Management: 0.00 (C) Mr. Tarlow: 0.00
	(ii) Shared power to vote or to direct the vote: (A) 3i: 40,000.00 (B) 3i Management: 40,000.00 (C) Mr. Tarlow: 40,000.00
	(iii) Sole power to dispose or to direct the disposition of: (A) 3i: 0.00 (B) 3i Management: 0.00 (C) Mr. Tarlow: 0.00
	(iv) Shared power to dispose or to direct the disposition of: (A) 3i: 40,000.00 (B) 3i Management: 40,000.00 (C) Mr. Tarlow: 40,000.00
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit 1 filed herewith
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.

3i, LP

Signature:	/s/ 3i, LP
Name/Title:	Maier Joshua Tarlow, Manager of 3i Management LLC, General Partner of 3i, LP
Date:	08/21/2025

3i Management LLC

Signature:	/s/ 3i Management LLC
Name/Title:	Maier Joshua Tarlow, Manager
Date:	08/21/2025

Maier Joshua Tarlow

Signature:	/s/ Maier Joshua Tarlow
Name/Title:	Maier Joshua Tarlow
Date:	08/21/2025

Comments accompanying signature: Exhibit 1

Exhibit Information

Joint Filing Agreement

FAQ

What does the Schedule 13G for VMAR disclose?

The filing discloses that 3i, 3i Management and Maier Joshua Tarlow beneficially hold warrants exercisable for 40,000 common shares, equal to 1.1% of the post-offering class.

Does the filing indicate a change in ownership after the offering?

Yes. The Reporting Persons previously held approximately 8.5% after the offering but have since disposed of issuer securities deemed beneficially owned, and this Schedule 13G serves as an exit filing.

How was the percent of class calculated in the filing?

The percent is based on 3,232,137 Common Shares outstanding after giving effect to the offering disclosed in the prospectus and assumes specific pre-funded warrant exercises noted in the filing.

What securities do the Reporting Persons currently hold?

They hold warrants exercisable for 40,000 common shares; the filing states voting and dispositive power over those 40,000 instruments is shared among the Reporting Persons.

Was there any certification about intent in the filing?

Yes. The signatory certified that the securities were not acquired or held to change or influence control of the issuer and are not held in connection with such transactions.