# EDGAR Filing Document

**Accession Number:** 0001813783
**File Stem:** 0001104659-25-122256
**Filing Date:** 2025-12
**Character Count:** 42209
**Document Hash:** 2f1a51723b4916c1a214e40549d6b151
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122256.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001104659-25-122256

**CONFORMED SUBMISSION TYPE**: F-1MEF

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**EFFECTIVENESS DATE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vision Marine Technologies Inc.
- **CENTRAL INDEX KEY:** 0001813783
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHIP & BOAT BUILDING & REPAIRING [3730]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A8

**FILING VALUES:**
- **FORM TYPE:** F-1MEF
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292219
- **FILM NUMBER:** 251581231

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 730 BOULEVARD DU CURE-BOIVIN
- **CITY:** BOISBRIAND
- **NON US STATE TERRITORY:** QUEBEC
- **PROVINCE COUNTRY:** Z4
- **ZIP:** J7G 2A7
- **BUSINESS PHONE:** 3476150188

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 730 BOULEVARD DU CURE-BOIVIN
- **CITY:** BOISBRIAND
- **NON US STATE TERRITORY:** QUEBEC
- **PROVINCE COUNTRY:** Z4
- **ZIP:** J7G 2A7

**As filed with the United States Securities and Exchange Commission on December 17, 2025**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**<u>FORM F-1</u>**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**<u>VISION MARINE TECHNOLOGIES INC.</u>**

![](tm2527757d8_f1mefimg001.jpg)

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Québec** | **3730** | **N/A** |
| (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer |
| incorporation or organization) | Classification Code Number) | Identification Number) |

---

**730 Boulevard du Curé-Boivin**

**Boisbriand, Québec J7G 2A7, Canada**

**<u>Telephone: 450-951-7009</u>**

(Address of principal executive offices, including zip code, and telephone number, including area code)

**CorpoMax Inc.**

**2915 Ogletown Road, Newark, DE 19713.**

**<u>Telephone: +1 302 266-8200</u>**

(Name, address, including zip code, and telephone number, including area code, of agent of service)

**With copies to:**

---

| | |
|:---|:---|
| **William Rosenstadt, Esq.<br> Tim Dockery, Esq.<br> Ortoli Rosenstadt LLP<br> 366 Madison Avenue, 3rd Floor<br> New York, New York 10017<br> Telephone: (212) 588-0022** | **Virgil Hlus**<br> **Andrew Stewart<br> Cozen O'Connor LLP<br> Bentall 5, 550 Burrard Street Suite 2501**<br> **Vancouver, BC, V6C 2B5, Canada<br> Tel: +1 (604) 674-9170** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ⌧

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ⌧<u>Registration Statement File No. 333-291955</u>

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ◻

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ⌧

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

**THIS REGISTRATION STATEMENT SHALL BECOME EFFECTIVE UPON FILING WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH RULE 462(b) UNDER THE SECURITIES ACT OF 1933, AS AMENDED.** 

**<u>EXPLANATORY NOTE</u>**

**<u>AND</u>**

**<u>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</u>**

We are filing this Registration Statement (the "Registration Statement") with the U.S. Securities and Exchange Commission (the "Commission") solely with respect to the registration of:

&nbsp;&nbsp;&nbsp;&nbsp;(i) additional common units, each common unit consisting of one common share, without par value per share,
and one half of one common warrant to purchase a common share,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) additional pre-funded units in lieu of common units, with each pre-funded unit consisting of one pre-funded warrant and one half of one common warrant to purchase a common share,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) additional placement agent warrants to be issued to the placement agent pursuant to the Placement Agency Agreement, dated December 17, 2025, entered into between us and ThinkEquity LLC,

&nbsp;&nbsp;&nbsp;&nbsp;(iv) additional common warrants underlying the common units and the pre-funded units and

&nbsp;&nbsp;&nbsp;&nbsp;(v) additional common shares underlying the pre-funded warrants, the common warrants and the placement agent
warrants

pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "Securities Act"). This Registration Statement incorporates by reference the contents of, including all amendments and exhibits thereto, the Registration Statement on Form F-1 (File No. 333-291955) (the "Prior Registration Statement"), which the Commission declared effective on December 17, 2025. For each additional pre-funded unit we sell (without regard to any limitation on exercise set forth therein), the additional number of common units we are offering will be decreased on a one-for-one basis. The Registrant is filing this registration statement for the purpose of increasing the aggregate maximum offering price of (i) the common units and pre-funded units being offered by $1,600,000, (ii) the common warrants and common shares underlying the common warrants by $1,000,000 and (iii) the placement agent warrants and the common shares underlying the placement agent warrants by $100,000. The additional securities that are being registered for sale are in an amount and at a price that together represent no more than 20% of the maximum aggregate offering price set forth in the Calculation of Registration Fee table contained in the Prior Registration Statement.

The required opinion and consents are listed on the Exhibit Index attached hereto and filed herewith.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [5.1](tm2527757d8_ex5-1.htm) | [Opinion of Dentons Canada LLP regarding the validity of the common shares being registered](tm2527757d8_ex5-1.htm) |
| [5.2](tm2527757d8_ex5-2.htm) | [Opinion of Ortoli Rosenstadt LLP regarding the pre-funded warrants, common warrants and placement agent warrants](tm2527757d8_ex5-2.htm) |
| [23.1](tm2527757d8_ex5-1.htm) | [Consent of Dentons Canada LLP (contained in exhibit 5.1)](tm2527757d8_ex5-1.htm) |
| [23.2](tm2527757d8_ex5-2.htm) | [Consent of Ortoli Rosenstadt LLP (contained in exhibit 5.2)](tm2527757d8_ex5-2.htm) |
| [23.3](tm2527757d8_ex23-3.htm) | [Consent of M&K CPA, PLLC](tm2527757d8_ex23-3.htm) |
| [23.4](tm2527757d8_ex23-4.htm) | [Consent of M&K CPA, PLLC](tm2527757d8_ex23-4.htm) |
| [23.5](tm2527757d8_ex23-5.htm) | [Consent of Ernst & Young, LLP](tm2527757d8_ex23-5.htm) |
| [24.1](#a_001) | [Powers of Attorney](#a_001) |
| [107](tm2527757d8_ex-filingfees.htm) | [Filing Fee Table](tm2527757d8_ex-filingfees.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe it meets all of the requirements for filing on Form F-1 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Boisbriand, Province of Québec, Canada on December 17, 2025.

---

| | |
|:---|:---|
| **VISION MARINE TECHNOLOGIES INC.** | **VISION MARINE TECHNOLOGIES INC.** |
| (Registrant) | (Registrant) |
| By: | /s/ Alexandre Mongeon |
|  | Alexandre Mongeon, Chief Executive Officer |
|  | (Principal Executive Officer) |

---

**POWER OF ATTORNEY**

We, the undersigned directors and officers of the registrant, hereby severally constitute and appoint Alexandre Mongeon, as singly, our true and lawful attorney in fact, with full power to him, and to singly, to sign for us and in our names in the capacities indicated below, the registration statement on Form F-1 filed herewith, and any and all pre-effective and post-effective amendments to said registration statement, and any registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, in connection with the registration under the Securities Act of 1933, as amended, of equity securities of the registrant, and to file or cause to be filed the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney, and to him, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of us might or could do in person, and hereby ratifying and confirming all that said attorney, or their substitute or substitutes, shall do or cause to be done by virtue of this Power of Attorney.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Alexandre Mongeon | Director, Chief Executive Officer (Principal Executive Officer) | December 17, 2025 |
| Alexandre Mongeon | Director, Chief Executive Officer (Principal Executive Officer) | December 17, 2025 |
| /s/ Raffi Sossoyan | Chief Financial Officer (Principal Financial Officer and<br> Principal Accounting Officer) | December 17, 2025 |
| Raffi Sossoyan | Chief Financial Officer (Principal Financial Officer and<br> Principal Accounting Officer) | December 17, 2025 |
| /s/ Pierre-Yves Terrisse | Director | December 17, 2025 |
| Pierre-Yves Terrisse | Director | December 17, 2025 |
| /s/ Luisa Ingargiola | Director | December 17, 2025 |
| Luisa Ingargiola | Director | December 17, 2025 |
| /s/ Steve Barrenechea | Director | December 17, 2025 |
| Steve Barrenechea | Director | December 17, 2025 |
| /s/ Dr. Phillipe Couillard | Director | December 17, 2025 |
| Dr. Phillipe Couillard | Director | December 17, 2025 |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Vision Marine Technologies Inc., has signed this registration statement or amendment thereto in Ft. Lauderdale, Florida, on December 17, 2025.

---

| | |
|:---|:---|
| By: | /s/ Alexandre Mongeon |
| Name: | Alexandre Mongeon |
| Title: | CEO, Vision Marine Technologies Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](tm2527757d8_ex5-1img001.jpg) | Dentons Canada LLP<br> 1, Place Ville Marie, Suite 3900<br> Montréal, QC, Canada H3B 4M7<br>dentons.com |

---

December 17, 2025

**VISION MARINE TECHNOLOGIES INC.**<br> 730 Boulevard du Curé-Boivin<br> Boisbriand, Québec J7G 2A7<br>**Attention:** Board of Directors <br>

Dear Sirs:

Re: Vision Marine Technologies Inc.<br> Registration Statement on Form F-1

We have acted as Canadian legal counsel to Vision Marine Technologies Inc., a Québec corporation (the "**Corporation**"), in connection with the Corporation's Registration Statement on Form F1 (as amended and supplemented to date, the "**Registration Statement**") filed by the Corporation with the Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), which relates to the proposed sale (the "**Offering**") by the Corporation, of the following securities (collectively referred to as the "**Securities**"): (i) 19,250,000 common units of the Corporation (the "**Common Units**"), each consisting of one common share of the Corporation (a "**Common Share**") and one half of one common warrant to purchase one Common Share (a "**Common Warrant**"); (ii) 12,750,000 pre-funded units (the "**Pre-Funded Units**"), each consisting one pre-funded warrant to purchase one Common Share (the "**Pre-Funded Warrant**") and one half of one Common Warrant to purchase one Common Share; (iii) 19,250,000 Common Shares included in the Common Units; (iv) 12,750,000 Pre-Funded Warrants included in the Pre-Funded Units; (v) 9,625,000 Common Warrants to purchase Common Shares included in the Common Units; (vi) 6,375,000 Common Warrants to Purchase Common Shares included in the Pre-Funded Units; (vii) 12,750,000 Common Shares underlying the Pre-Funded Warrants (the "**Pre-Funded Warrant Shares**"); (viii) 16,000,000 Common Shares underlying the Common Warrants (the "**Common Warrant Shares**") and (ix) 1,600,000 warrants issued to the Agent (the "**Agent Warrants**") to purchase Common Shares (the "**Agent Warrant Shares**"). The Securities are to be sold pursuant to a Placement Agency Agreement (the "**Agreement**") to be entered into between the Company and ThinkEquity LLC, as described in the Registration Statement. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

This opinion letter is being furnished to the Company in accordance with the requirements of Item 601(b)(5) of Regulation S-K.

**Zaanouni Law Firm & Associates ► LuatViet ► Fernanda Lopes & Associados ► Guevara & Gutierrez ► Paz Horowitz Abogados ► Sirote ► Adepetun Caxton-Martins Agbor & Segun ► Davis Brown ► East African Law Chambers ► For more information on the firms that have come together to form Dentons, go to dentons.com/legacyfirms**

---

| | | |
|:---|:---|:---|
| ![](tm2527757d8_ex5-1img001.jpg) | December 17, 2025 <br> Page 2 | dentons.com |

---

This opinion letter is limited to the laws, including the rules and regulations, as in effect on the date hereof. We undertake no responsibility to monitor the Corporation's future compliance with applicable laws, rules or regulations of the Commission or other governmental body. In connection with this opinion, we have reviewed and relied upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Registration Statement including the prospectus (the "**Prospectus**") contained therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation's Articles of Incorporation (as amended), by-laws, records of the Corporation's corporate proceedings
relating to the Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such other documents, records, certificates, memoranda and other instruments as we deem necessary as a basis for this opinion.

With respect to the foregoing documents, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authenticity of all records, documents, and instruments submitted to us as originals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the genuineness of all signatures on all agreements, instruments and other documents submitted to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legal capacity and authority of all persons or entities (other than the Corporation) executing all agreements, instruments or
other documents submitted to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the authenticity and the conformity to the originals of all records, documents, and instruments submitted to us as copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the
Corporation and other persons on which we have relied for purposes of this opinion are true and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto (other than
the due authorization, execution and delivery of each such agreement, instrument and document by the Corporation).

We have also obtained from officers of the Corporation certificates as to certain factual matters and, insofar as this opinion is based on matters of fact, we have relied on such certificates without independent investigation.

Our opinion is limited to law of the Province of Québec, including all applicable provisions of the Business Corporations Act (Québec) (the "**Business Corporations Act**"), and the federal laws of Canada applicable in the Province of Québec. We have not considered, and have not expressed any opinion with regard to, or as to the effect of, any other law, rule, or regulation, state or federal, applicable to the Corporation. In particular, we express no opinion as to United States federal securities laws.

---

| | | |
|:---|:---|:---|
| ![](tm2527757d8_ex5-1img001.jpg) | December 17, 2025 <br> Page 3 | dentons.com |

---

Based upon the foregoing and in reliance thereon, and subject to the qualifications and limitations set forth herein, we are of the opinion that (i) the Common Shares included in the Common Units have been duly authorized, validly issued, and, upon the payment of the consideration therefor, are fully paid and non-assessable, (ii) the Pre-Funded Warrants included in the Pre-Funded Units have been duly authorized and, when issued in accordance with and in the manner described in the Registration Statement and the Agreement, will be validly issued, (iii) the Common Warrants have been duly authorized and, when issued in accordance with and in the manner described in the Registration Statement and the Agreement, will be validly issued, (iv) the Common Warrant Shares have been duly authorized, and, when issued and paid for upon exercise of the Common Warrants as contemplated by the Common Warrants will be validly issued, fully paid and non-assessable, (v) the Pre-Funded Warrant Shares have been duly authorized, and, when issued and paid for upon exercise of the Pre-Funded Warrants as contemplated by the Pre-Funded Warrants will be validly issued, fully paid and non-assessable and (vi) he Agent Warrants have been duly authorized, and, when issued in accordance with and in the manner described in the Registration Statement and the Agreement, will be validly issued, and (vii) the Agent Warrant Shares have been duly authorized, and, when issued and paid for upon exercise of the Agent Warrants as contemplated by the Agent Warrants, will be validly issued, fully paid and non-assessable.

We hereby consent to the inclusion of this opinion as Exhibit 5.1 to the Registration Statement and to the use of our firm's name in the section of the Registration Statement and the Prospectus entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the Commission.

Yours truly,

![](tm2527757d8_ex5-1img002.jpg)

Dentons Canada LLP

## Exhibit 5.2

**Exhibit 5.2**

---

| | |
|:---|:---|
| **Ortoli \| Rosenstadt LLP** | 366 Madison Avenue |
|  | 3rd Floor |
|  | New York, NY 10017 |
|  | tel: (212) 588-0022 |
|  | fax: (212) 826-9307 |

---

December 17, 2025

**Vision Marine Technologies Inc.**

**730 Boulevard du Curé-Boivin**

**Boisbriand, Québec J7G 2A7**

**Canada**

---

| | |
|:---|:---|
| **Re:** | **Vision Marine Technologies Inc.** |

---

Ladies and Gentlemen:

We are acting as United States counsel to Vision Marine Technologies Inc., a Québec corporation (the "Company"), in connection with the registration statement on Form F-1 (the "Registration Statement"), including all amendments and supplements thereto, and accompanying prospectus initially filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), on the date hereof. The Registration Statement incorporates by reference the contents of, including all amendments and exhibits thereto, the registration statement on Form F-1 (File No. 333-291955) (the "Prior Registration Statement"), which the SEC declared effective on December 17, 2025. The Registration Statement registers (a) additional common units of the Company, each comprised of one common share and one half of one common warrant to purchase one common share, (b) additional pre-funded units, each comprised of one pre-funded warrant and one half of one common warrant to purchase one common share, (c) additional pre-funded warrants to purchase common shares (in the form attached as an exhibit to the Prior Registration Statement, the "Additional Pre-Funded Warrants"), (d) additional common warrants to purchase common shares (in the form attached as an exhibit to the Prior Registration Statement, the "Additional Common Warrants"), (e) additional warrants to purchase common shares (in the form attached as an exhibit to the Prior Registration Statement, the "Additional Placement Agent Warrants") to be issued to the placement agent pursuant to a Placement Agency Agreement to be entered into among the Company and the placement agent named therein (the "Placement Agency Agreement") and (f) additional common shares underlying the common units, the Pre-Funded Warrants, the Common Warrants and the Placement Agent's Warrants.

This opinion is being furnished to you in connection with the Registration Statement.

In connection with this opinion, we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a copy of the Prior Registration Statement,

2. a copy of the Registration Statement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the form of the Placement Agency Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the form of the Pre-Funded Warrants, filed as Exhibit 4.3 to the Prior Registration Statement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the form of the Placement Agent Warrants, filed as Exhibit 4.1 to the Prior Registration Statement,

6. the form of the Common Warrants, filed as Exhibit 4.4 to the Prior Registration Statement and

7. such other documents and corporate records as we have deemed necessary or appropriate in order to enable us to render the opinion below.

For purposes of this opinion, we have assumed (i) the validity and accuracy of the documents and corporate records that we have examined, and (ii) the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such documents. As to any facts material to the opinion expressed herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and have assumed that such statements and representations are true, correct and complete without regard to any qualification as to knowledge or belief. Our opinion is conditioned upon, among other things, the initial and continuing truth, accuracy, and completeness of the items described above on which we are relying.

Based upon the foregoing, we are of the opinion that each of:

(i) the Additional Pre-Funded Warrants (when duly authorized, executed and delivered by all necessary corporate action of the Company and when the Additional Pre-Funded Warrants have been issued, delivered and paid for, as contemplated by the Registration Statement, pursuant to the Placement Agency Agreement), and

(ii) the Additional Common Warrants (when duly authorized, executed and delivered by all necessary corporate action of the Company and when the Additional Common Warrants have been issued, delivered and paid for, as contemplated by the Registration Statement, pursuant to the Placement Agency Agreement), and

(iii) the Additional Placement Agent's Warrants (when duly authorized, executed and delivered by all necessary corporate action of the Company and when the Additional Placement Agent's Warrants have been issued, delivered and paid for, as contemplated by the Registration Statement, pursuant to the Placement Agency Agreement),

will be legally binding obligations of the Company enforceable in accordance with their respective terms except: (a) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law); (b) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; (c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defences and to the discretion of the court before which any proceeding therefor may be brought; (d) we express no opinion as to whether a state court outside of the State of New York or a federal court of the United States would give effect to the choice of New York law provided for in the Additional Pre-Funded Warrants, Additional Common Warrants and Additional Placement Agent's Warrants; and (e) we have assumed the Exercise Price (as defined respectively in the Additional Pre-Funded Warrants, Additional Common Warrants and Additional Placement Agent's Share Warrants) will not be adjusted to an amount below the par value per share of the common shares.

Notwithstanding anything in this letter which might be construed to the contrary, our opinion herein is expressed solely with respect to the laws of the State of New York. Our opinion is based on these laws as in effect on the date hereof. Our opinion represents only our interpretation of the law and has no binding, legal effect on, without limitation, any court. It is possible that one or more courts may sustain such contrary positions. Our opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise this opinion to reflect any changes, including changes which have retroactive effect (i) in applicable law or (ii) in any fact, information, document, corporate record, covenant, statement, representation, or assumption stated herein that becomes untrue, incorrect or incomplete.

This letter is furnished to you for use in connection with the Registration Statement and is not to be used, circulated, quoted, or otherwise referred to for any other purpose without our express written permission. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our name in the Registration Statement wherever it appears. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the SEC thereunder.

---

| |
|:---|
| Very truly yours, |
| */s/ Ortoli Rosenstadt LLP* |
| Ortoli Rosenstadt LLP |

---

## Exhibit 23.3

**Exhibit 23.3**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation by reference in this Registration Statement of Vision Marine Technologies Inc. (the "Company") of our report dated November 28, 2025 with respect to the consolidated financial statements of the Company as of and for the years ended August 31, 2025 and 2024, and the reference to our firm under the caption "Experts" in the Registration Statement.

---

| |
|:---|
| /s/ M&K CPAS, PLLC |
| M&K CPAS, PLLC |
| The Woodlands, Texas |
| December 17, 2025 |

---

## Exhibit 23.4

**Exhibit 23.4**

![](tm2527757d8_ex23-4img001.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation by reference in this Registration Statements of Vision Marine Technologies Inc. of our report dated June 27, 2025 with respect to the consolidated financial statements of Nautical Ventures Group Inc. as of and for the year period ended December 31, 2024 and 2023, and the reference to our firm under the caption "Experts" in the Registration Statement.

---

| |
|:---|
| /s/ M&K CPAS, PLLC |
| M&K CPAS, PLLC |
| The Woodlands, Texas |
| December 17, 2025 |

---

## Exhibit 23.5

**Exhibit 23.5**

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement on Form F-1 filed pursuant to Rule 462(b) of the Securities Act of 1933 of the reference to our firm under the caption "Experts" and to the incorporation by reference of our report dated November 27, 2023, except for the effects of the reverse stock splits and the change in presentation currency as described in Note 2, the reclassification of derivative liabilities as described in Note 4 and the restated segment information as described in Note 29, as to which the date is November 28, 2025, with respect to the consolidated financial statements of Vision Marine Technologies Inc. (the "Company") as of and for the year ended August 31, 2023, incorporated by reference in Amendment No. 1 to the Registration Statement (Form F-1 No. 333-291955) and related Prospectus of the Company for the registration of up to 15,094,340 common units, consisting of a common share and one half of a common warrant to purchase a common share, up to 15,094,340 pre-funded units, consisting of a common share and one half of a common warrant to purchase a common share and/or common shares underlying the common and pre-funded units.

/s/ Ernst & Young LLP

Montreal, Canada

December 17, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vision Marine Technologies Inc.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Shares, no par value per share | 457(o) | $1600000.00 | 0.0001381 | $220.96 |
| Fees to be Paid | 2 | Equity | Pre-Funded Warrants to purchase Common Shares | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid | 3 | Equity | Common Shares underlying the Pre-Funded Warrants | 457(o) | $0.00 | 0.0001381 | $0.00 |
| Fees to be Paid | 4 | Equity | Common Warrants to purchase Common Shares | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid | 5 | Equity | Common Shares underlying the Common Warrants | 457(o) | $1000000.00 | 0.0001381 | $138.10 |
| Fees to be Paid | 6 | Equity | Common Units | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid | 7 | Equity | Pre-Funded Units | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid | 8 | Equity | Placement Agent Warrants | Other |  | 0.0001381 | $0.00 |
| Fees to be Paid |  | Equity | Common Shares underlying the Placement Agent Warrants | 457(o) | $100000.00 | 0.0001381 | $13.81 |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $2700000.00  |  | $372.87  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $372.87  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Note 1(a) Represents only the additional number of the Registrant's securities being registered. Does not include the common units, pre-funded units, pre-funded warrants, common warrants, placement agent warrants and common shares that the Registrant previously registered on the Registration Statement on Form F-1 (File No. 333-291955) (the "Registration Statement"), which was declared effective by the Securities and Exchange Commission on December 17, 2025, as amended. Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), there is also being registered hereby such indeterminate number of additional securities of the Registrant as may be issued or issuable because of stock splits, stock dividends, stock distributions, and similar transactions. Note 1(b) The proposed maximum aggregate offering price of the additional common units will be reduced on a dollar-for-dollar basis based on the offering price of any additional pre-funded units issued in the offering, and the proposed maximum aggregate offering price of the additional prefunded units to be issued in the offering will be reduced on a dollar-for-dollar basis based on the offering price of any additional common units issued in the offering. Accordingly, the proposed maximum aggregate offering price of the additional common units and additional pre-funded units (including the common shares issuable upon exercise of the pre-funded warrants), if any, is $1,600,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> Note 2(a) See Notes 1(a) and 1(b). Note 2(b) In accordance with Rule 457(g) under the Securities Act, because the Registrant's common shares underlying the pre-funded warrants, the common warrants and the placement agent warrants are registered hereby, no separate registration fee is required with respect to such securities registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> Note 3(a) See Offering Note 1(b). Note 3(b) In accordance with Rule 457(g) under the Securities Act, because the Registrant's common shares underlying the pre-funded warrants are registered hereby, no separate registration fee is required with respect to such securities registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> Note 4(a) In accordance with Rule 457(g) under the Securities Act, because the Registrant's common warrants underlying the common units and pre-funded units are registered hereby, no separate registration fee is required with respect to such securities registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup> Note 5(a) See Offering Note 1(b). Note 5(b) For every common unit or pre-funded unit offered hereby, we are offering one-half of a common warrant to purchase a common share at an exercise price equal to 125% of the offering price per common share. The maximum gross proceeds of the common warrants offered hereby is $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>6</sup> Note 6(a) In accordance with Rule 457(g) under the Securities Act, because the Registrant's common shares underlying the common shares common warrants, pre-funded warrants and common units are registered hereby, no separate registration fee is required with respect to such securities registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>7</sup> Note 7(a) In accordance with Rule 457(g) under the Securities Act, because the Registrant's common shares underlying the common shares common warrants, pre-funded warrants and pre-funded units are registered hereby, no separate registration fee is required with respect to such securities registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>8</sup> Note 8(a) See Offering Note 2(a). Note 8(b) The placement agent in the offering will receive warrants equal to 5% of the common shares and pre-funded warrants sold in the offering. Such warrants shall be exercisable at a price equal to 125% of the offering price for the common shares.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---