# EDGAR Filing Document

**Accession Number:** 0001813783
**File Stem:** 0001104659-25-122686
**Filing Date:** 2025-12
**Character Count:** 221105
**Document Hash:** 9edb71e08773d8dad8dad3495102f0cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-122686.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001104659-25-122686

**CONFORMED SUBMISSION TYPE**: 424B4

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 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:** 424B4
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291955
- **FILM NUMBER:** 251584823

**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

**Filed Pursuant to Rule 424(b)(4)**

**Registration No. 333-291955**

**Registration No. 333-292219**

**19,250,000 Common Units**

**Each Common Unit consisting of One Common Share and One Half of One Common Warrant to Purchase One Common Share**

**12,750,000 Pre-Funded Units**

**Each Pre-Funded Unit consisting of One Pre-Funded Warrant and One Half of One Common Warrant to Purchase One Common Share**

**19,250,000 Common Shares included in the Common Units**

**12,750,000 Pre-Funded Warrants to purchase Common Shares included in the Pre-Funded Units**

**16,000,000 Common Warrants to purchase Common Shares included in the Common Units and the Pre-Funded Units**

**12,750,000 Common Shares underlying the Pre-Funded Warrants**

**16,000,000 Common Shares underlying the Common Warrants**

![](tm2527757d5_f1img001.jpg)

**Vision Marine Technologies Inc.**

------

We are offering on a best-efforts basis 19,250,000 of our common units, each common unit consisting of one common share, without par value per share of Vision Marine Technologies Inc. (the "Company", "we", "our", "us") and one half of one common warrant to purchase a common share. Each whole common warrant will entitle the holder to purchase one common share at an exercise price of $0.375, which is equal to 125% of the public offering price of one common unit. Each Warrant will expire five years from date of issuance. For further information about the securities offered herein, see "Description of Securities We Are Offering".

We are also offering to each purchaser of common units that would otherwise result in the purchaser's beneficial ownership exceeding 4.99% of our outstanding common shares immediately following the consummation of this offering the opportunity to purchase 12,750,000 pre-funded units in lieu of common units, with each pre-funded unit consisting of a pre-funded warrant and one half of a common warrant. Each pre-funded warrant will be exercisable for one common share. The purchase price of each pre-funded unit will be equal to the price per common unit, minus C$0.001, and the remaining exercise price of each pre-funded warrant will equal C$0.001 per common share. The pre-funded warrants will be immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time until all of the pre-funded warrants are exercised in full. We are also registering the common shares issuable from time to time upon the exercise of the pre-funded warrants and common warrants offered hereby.

A holder of pre-funded warrants or of common warrants will not have the right to exercise any portion of its pre-funded warrants or common warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, such limit may be increased to up to 9.99%) of the number of common shares outstanding immediately after giving effect to such exercise.

The common units and pre-funded units have no stand-alone rights, will not be certificated or issued as stand-alone securities and will immediately separate into their constituent parts once sold. Because we will issue only whole warrants, holders must purchase an even number of pre-funded units or common units. We refer to the common units, pre-funded units, common shares, pre-funded warrants and common warrants offered hereby as the offered securities.

Our common shares are currently traded on the Nasdaq Capital Market, or Nasdaq, under the symbol "VMAR." On December 11, 2025, the last reported sale price of our common shares on Nasdaq was $0.53. As of December 11, 2025, there were 5,008,735 common shares issued and outstanding. There is no established public trading market for our common units, the pre-funded units, common warrants and pre-funded warrants, and we do not expect a market to develop. In addition, we do not intend to apply for a listing of the common units, pre-funded units, common warrants or pre-funded warrants on any national securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the common units, pre-funded units, common warrants and pre-funded warrants will be limited.

**See "Risk Factors" on page 20 for more information.**

We are an "emerging growth company" under the federal securities laws and have elected to comply with certain reduced public company reporting requirements.

**Investing in the offered securities involves a high degree of risk. You should carefully consider the matters described under the caption "Risk Factors" beginning on page 20 as well as the other information contained in this prospectus before making a decision to invest in our securities.**

**Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

We have engaged ThinkEquity LLC, or the placement agent, to act as our exclusive placement agent in connection with this offering. The placement agent has agreed to use its reasonable best-efforts to arrange for the sale of the securities offered by this prospectus. The placement agent is not purchasing or selling any of the securities we are offering and the placement agent is not required to arrange the purchase or sale of any specific number or dollar amount of securities. We have agreed to pay to the placement agent the placement agent fees set forth in the table below. We will bear all costs associated with the offering. See "Plan of Distribution" on page 43 of this prospectus for more information regarding these arrangements.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per<br> Common<br> Unit** | **Per<br> Pre-Funded<br> Unit** | **Total** |
| Public offering price | $0.30 | $0.299 | $9587250 |
| Placement agent fees<sup>(1)</sup> | $0.0195 | $0.0195 | $624000 |
| Proceeds to us, before expenses<sup>(2)</sup> | $0.2805 | $0.2795 | $8963250 |

---

<sup>(1)</sup> Placement agent fees do not include a non-accountable expense allowance equal to 1% of the public offering price payable to the placement agent. See "*Plan of Distribution*" for a description of compensation payable to the placement agent.

<sup>(2)</sup> Because there is no minimum number of securities or amount of proceeds required as a condition to closing in this Offering, the actual public offering amount, placement agent fees, and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum offering amounts set forth above. For more information, see "Plan of Distribution."

This offering will terminate on December 31, 2025, unless we decide to terminate the offering (which we may do at any time in our discretion) prior to that date. We will have one closing for all the securities purchased in this offering. The public offering price for the securities will be fixed for the duration of this offering. Accordingly, we and the placement agent have not made any arrangements to place investor funds in an escrow account or trust account since the placement agent will not receive investor funds in connection with the sale of the securities offered hereunder.

The delivery to purchasers of the securities in this offering is expected to be made to the investors on or about December 19, 2025.

**ThinkEquity**

The date of this prospectus is December 17, 2025

![](tm2527757d5_f1img002.jpg)

![](tm2527757d5_f1img003.jpg)

![](tm2527757d5_f1img004.jpg)

![](tm2527757d5_f1img005.jpg)

![](tm2527757d5_f1img006.jpg)

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#v1) | [3](#v1) |
| [RISK FACTORS](#z_001) | [20](#z_001) |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#z_002) | [23](#z_002) |
| [IMPLICATIONS OF BEING A FOREIGN PRIVATE ISSUER](#z_003) | [24](#z_003) |
| [IMPLICATIONS OF BEING AN EMERGING GROWTH COMPANY](#z_004) | [24](#z_004) |
| [USE OF PROCEEDS](#z_005) | [25](#z_005) |
| [DIVIDEND POLICY](#z_006) | [25](#z_006) |
| [CAPITALIZATION AND INDEBTEDNESS](#z_007) | [25](#z_007) |
| [DILUTION](#z_008) | [26](#z_008) |
| [COMPANY INFORMATION](#z_009) | [27](#z_009) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#z_010) | [27](#z_010) |
| [DIRECTORS AND EXECUTIVE OFFICERS](#z_011) | [27](#z_011) |
| [PRINCIPAL SHAREHOLDERS](#z_012) | [28](#z_012) |
| [RELATED-PARTY TRANSACTIONS](#z_013) | [29](#z_013) |
| [MARKET FOR OUR SECURITIES](#z_014) | [29](#z_014) |
| [ARTICLES OF INCORPORATION OF OUR COMPANY](#z_015) | [30](#z_015) |
| [LIMITATIONS ON RIGHTS OF NON-CANADIANS](#z_017) | [33](#z_017) |
| [TAXATION](#z_018) | [35](#z_018) |
| [DESCRIPTION OF SHARE CAPITAL](#ss_001) | [40](#ss_001) |
| [DESCRIPTION OF SECURITIES WE ARE OFFERING](#ss_002) | [40](#ss_002) |
| [PLAN OF DISTRIBUTION](#ss_003) | [43](#ss_003) |
| [LEGAL MATTERS](#ss_004) | [46](#ss_004) |
| [EXPERTS](#ss_005) | [46](#ss_005) |
| [EXPENSES OF THIS OFFERING](#ss_006) | [47](#ss_006) |
| [INTERESTS OF EXPERTS AND COUNSEL](#ss_007) | [47](#ss_007) |
| [DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES](#ss_008) | [47](#ss_008) |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#ss_009) | [47](#ss_009) |
| [WHERE YOU CAN FIND MORE INFORMATION](#ss_010) | [48](#ss_010) |
| [INCORPORATION OF DOCUMENTS BY REFERENCE](#ss_011) | [49](#ss_011) |

---

**You should rely only on the information contained in this prospectus, inclusive of any documents incorporated by reference herein, any amendment or supplement to this prospectus or any free writing prospectus prepared by, or on, our behalf. Neither we nor the placement agent have authorized any other person to provide you with different or additional information. Neither we nor the placement agent take responsibility for, nor can we provide assurance as to the reliability of, any other information that others may provide. This prospectus is not an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus or incorporated by reference herein is accurate only as of the date of this prospectus or such other date stated in this prospectus, and our business, financial condition, results of operations and/or prospects may have changed since those dates.**

To the extent this prospectus contains summaries of the documents referred to herein, you are directed to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this prospectus forms a part, and you may obtain copies of such documents as described below in the section titled "Where You Can Find Additional Information."

Except as otherwise set forth in this prospectus, neither we nor the placement agent have taken any action to permit an offering of these securities outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of these securities and the distribution of this prospectus outside the United States.

Unless the context otherwise requires, in this prospectus, the term(s) "we", "us", "our", "Company", "our company", and "our business" refer to Vision Marine Technologies Inc. and its consolidated subsidiaries, and "common shares" refer to our "Voting Common Shares – Series Investor 1" common shares, with no par value. For more information related to our authorized share capital please see "Articles of Incorporation of Our Company".

Except as otherwise indicated, all information in this prospectus assumes (i) no exercise of the representative's warrants, (ii) any pre-funded warrants included in pre-funded units sold in this offering are immediately exercised without violating any beneficial ownership restrictions therein, (iii) no exercise of the common warrants and (iv) all common units offered hereby are sold in this offering.

All per share amounts in this prospectus (except where otherwise indicated) account for (i) a 1:15 reverse stock split of our common shares that occurred on August 22, 2024, (ii) a 1:9 reverse stock split of our common shares that occurred on October 8, 2024 and (iii) a 1:10 reverse stock split of our common shares that occurred on March 31, 2025. Any share and per share amounts incorporated by reference into this prospectus from documents that we have previously fielded with the SEC might not account for such reverse stock splits.

All references to "$" or "dollars", are expressed in United States dollars unless otherwise indicated.

All reference to "Canadian dollars", "CAD", or to "C$" are to Canadian dollars.

All amounts converted from or into US$ or $ in this prospectus have been converted using an exchange rate of $US1.00:$1.3949 (the US$ to CAD exchange rate on December 3, 2025 as reported by the Bank of Canada) except (i) US$ and $ amounts included in our historical financial statements (or amounts in the prospectus derived from such financial statements) and (ii) as otherwise stated herein.

**PROSPECTUS SUMMARY**

*The following summary highlights, and should be read in conjunction with, the more detailed information contained elsewhere in this prospectus and incorporated herein by reference. You should read carefully the entire document and the documents incorporated herein by reference, including our historical financial statements and related notes incorporated by reference herein and the historical financial statements of Nautical Ventures Group Inc. ("Nautical Ventures") and related notes incorporated by reference herein, to understand our business, the offered securities and the other considerations that are important to your investment decision. You should pay special attention to the "Risk Factors" section beginning on page 20.*

We were incorporated pursuant to the Business Corporations Act (Quebec) on August 27, 2012. Until June 23, 2025, our principal activity was the design, development and manufacturing of electric outboard powertrain systems and power boats and the renting of electric boats. On June 23, 2025, we acquired Nautical Ventures and with locations in Florida for the sale of boats, parts and accessories and the provision of related services.

**Business Overview**

Vision Marine Technologies, Inc. is a marine technology company focused on developing and commercializing electric propulsion solutions and related products for the recreational boating market. Our core technology is the E-Motion™ high-voltage electric outboard powertrain platform, which includes our flagship 180 HP E-Motion 180E system. The E-Motion platform is designed to deliver continuous high horsepower, enhanced reliability, and a zero-emission boating experience through a purpose-built marine-grade motor, multisensor control architecture, dedicated cooling systems, and onboard charging capability through standard shore power. We also design and manufacture electric boats integrated with our propulsion systems and have historically offered electric boat rentals at select locations.

In June 2025, we expanded our business beyond manufacturing and technology development through the acquisition of Nautical Ventures, a leading Florida-based multi-brand boat dealership group. Nautical Ventures operates eight retail and service locations offering new and used recreational boats, parts, accessories, repairs, and maintenance services. Its product mix includes both electric and internal-combustion engine ("ICE") boats, positioning the business as a comprehensive provider of marine products to consumers and commercial customers. As disclosed in our filings, the acquisition materially broadened our revenue base and improved margin profile, with Nautical Ventures contributing significant sales volume shortly after closing.

As a result, we now operate through two complementary business segments: (i) electric propulsion and boat manufacturing, including ongoing development and commercialization of our E-Motion™ systems and electric boat models; and (ii) retail sales and services through Nautical Ventures, which provides a scaled distribution platform and recurring service revenue. This integrated model enhances our market reach, strengthens operational synergies between technology and retail, and positions the Company to promote the adoption of electric propulsion while benefiting from a diversified revenue mix within the broader recreational marine industry.

<u>Nautical Ventures' Operations</u>

In June 2025, we acquired Nautical Ventures which sells boats, parts and accessories and offers services related to recreational boating. Nautical Ventures has eight locations in Florida, consisting of four dealerships, a marina, a yacht tender service and a kayak rental. Despite the acquisition of Nautical Ventures having occurred in the past two and one-half months of our fiscal 2025, revenue from Nautical Ventures represented approximately 92.8% of our total revenue for our 2025 fiscal year. These operations represented approximately 65.2% of our total assets on August 31, 2025.

The bulk of Nautical Ventures revenues for the year ended December 31, 2024 and the three months ended March 31, 2025 (approximately 89% and 90%, respectively) was derived from the sale of boats from third-party manufacturers, the majority of which were manufactured by Axopar Boats Oy ("Axopar"). The remainder of Nautical Ventures revenues for those periods was primarily derived from the sale of boat parts and "water toys" (such as kayaks, stand-up paddleboards, and electric personal watercraft), the provision of services and dockage fees.

Certain real estate used by Nautical Ventures dealership locations is held by entities controlled by the previous owner, and in connection with the acquisition, we obtained the right to either acquire the real estate or receive the net proceeds from a sale, resulting in a recorded proceeds receivable of approximately $10.4 million as of June 20, 2025. Following the sale of the two North Palm Beach properties, this receivable was reduced to approximately $6.6 million upon our receipt of net proceeds totaling $3.8 million. The remaining real estate was appraised in October and November by third-party valuation experts. Based on such latest appraised values, the real estate net of the related mortgages on those properties represents an estimated $11 million in equity value to the Company upon its sale.

**Boat Sales**

Nautical Ventures is primarily focused on the sale of recreational boats including both those with internal combustion engines and with electric propulsion. Nautical Ventures sells boats through its dealerships in Ft. Lauderdale, Sarasota, Palm Beach, Tampa Bay and Pensacola, two of which locations are waterfront dealerships. We are proud that in February 2025, Boating Industry magazine listed Nautical Ventures as number one in its ranking of the top 100 U.S. dealerships.

---

| | |
|:---|:---|
| ![](tm2527757d5_f1img007.jpg) | ![](tm2527757d5_f1img008.jpg) |

---

Fort Lauderdale dealership

Nautical Ventures has translated its experience with sales, servicing the customer and knowledge of the region in which it operates into annual sales of near or over $100 million in its past two full calendar years. With just under two and one-half months of operations in our 2025 fiscal year, the sale of boats by Nautical Ventures accounted for approximately 80.5% of all of our revenue in our 2025 fiscal year.

Although, Nautical Ventures sells both new and used boats, the sale of new boats respectively accounted for approximately 79.7% and 81.9% of Nautical Ventures' revenues in the year ended December 31, 2024 and the three months ended March 31, 2025, respectively. In particular, Nautical Ventures has had success in selling new models of boats manufactured by Axopar with such models accounting for approximately 51% of Nautical Ventures' revenues in the 2024 calendar year.

The sale of used boats accounted for approximately 6.7% and 8.5% of Nautical Ventures revenues in the year ended December 31, 2024 fiscal and the three months ended March 31, 2025, respectively. We sell used versions of the new makes and models we offer and used boats of other makes and models generally taken as trade-ins. Our used boat sales depend on our ability to source a supply of high-quality used boats at attractive prices. We acquire a large portion of our used boat inventory through customer trade-ins. We strive to increase our used boat business through the availability of quality used boat trade-ins generated from our new boat sales efforts, which are well-maintained through our service initiatives. Additionally, substantially all of our used boat inventory is posted on our digital properties, which expands the awareness and availability of our products to a large audience of boating enthusiasts.

We believe that Vision Marine's experience with electric boats enhances the ability of the network of dealerships provided by Nautical Ventures to sell electric boats. We envision the increased sale of electric boats by Nautical ventures to include both boats manufactured by us as well as those manufactured by third parties.

**Other**

In addition to selling boats, Nautical Ventures generates revenue by providing services for boat owners, selling parts needed for the maintenance of boats owned by our customers, selling of water toys (such as inflatable and rideable toys) and renting kayaks, paddleboards and pontoons. With just under two and one-half months of operations in our 2025 fiscal year, these other revenue sources from Nautical Ventures accounted for approximately 12.2% of all of our revenue in our 2025 fiscal year

We believe that we can expand revenue from products and services related to boats through the Nautical Ventures network. In particular, we are pursuing efforts to expand our electric integration services in Florida to combine various components, including the electric motor, battery system, charging system, and control systems, to create a functional and efficient electric propulsion system and to increase revenue derived from the provision of financing and warranty opportunities.

**Floor Plan Financing**

We finance most of our new and some of our used boat inventory through standardized floor plan facilities with various financial institutions, manufacturer-affiliated finance companies and other lending institutions. The new and used boat floor plan facilities bear interest at variable rates based on either the secured overnight financing rate or prime rates. The weighted average interest rate on floor plan facilities was 9.7% as of August 31, 2025. The new and used boat floor plan facilities are collateralized by boat inventory and other assets.

The vehicle floor plan facilities contain a number of covenants, including, among others, covenants restricting Nautical Ventures with respect to the creation of liens and changes in ownership, officers and key management personnel. Nautical Ventures was not compliant with covenants of its floor plan due to a change of ownership when Nautical Ventures Group purchased 86% of the shares held by a founding shareholder in 2023. In addition, Nautical Ventures was not compliant with the covenant requiring threshold debt service coverage ratios due to the reduced margins throughout 2024 caused by excessive dealer inventory levels, fierce competition and high floor plan interest triggering technical defaults with 5 of its lenders, namely:

&nbsp;&nbsp;&nbsp;&nbsp;· Wells
 Fargo Commercial Finance

&nbsp;&nbsp;&nbsp;&nbsp;· Bank of
 Montreal (BMO)

&nbsp;&nbsp;&nbsp;&nbsp;· Valley
 National Bank

&nbsp;&nbsp;&nbsp;&nbsp;· Shore
 Premier/Centennial Bank

&nbsp;&nbsp;&nbsp;&nbsp;· Northpoint
 Commercial Finance

In June 2025 all of the above lenders, except for Wells Fargo Commercial Finance, consented to the change of ownership and signed Forbearance Agreements. The floor plan owed to Wells Fargo Commercial Finance in the amount of $1,907,751 was assumed by one of the Company's suppliers, Beneteau Group, and Wells Fargo Commercial Finance is no longer a lender to the Company.

The balance on all floor plan financings as of August 31, 2025 was $32,511,664 and was further reduced to approximately $22.1 million as of the end of November 2025.

As of December 4, 2025, the Northpoint Commercial Finance floor plan facility remains subject to a temporary funding freeze initiated by the lender as part of its annual credit and collateral review. The Company has provided all requested information, continued to make required curtailments, and remains in good standing under the terms of the facility. Discussions with Northpoint Commercial Finance to lift the freeze and resume normal funding are ongoing.

<u>Our Legacy Electric Focused Operations</u>

We design and manufacture electric outboard powertrain systems, power boats, and related technology and rent electric boats. These operations represented approximately 34.8% of our total assets on August 31, 2025. Although the operations of Nautical Ventures are included in less than two and one-half months of our fiscal 2025, these operations accounted for approximately 7.2% of our total revenue for the year ended August 31, 2025.

Our legacy operations related to electric boats primarily focus on the development of our electric outboard powertrain system that we believe is significantly more efficient and powerful than those currently being offered in the market today. In particular, we have recorded powertrain efficiencies of more than 96%, well above the 54% efficiency that we recorded for our principal competitor's product. Increases in powertrain efficiency allow for more power and range, both of which are highly desirable characteristics for consumers in the marketplace. Although our primary focus is on electric outboard powertrain technology, we will continue to design, manufacture and sell our high-performance, fully-electric boats to commercial and retail customers.

We have developed our first fully-electric outboard powertrain system that combines an advanced battery pack, inverter, high-efficiency motor with proprietary union assembly between the transmission and the electric motor design and extensive control software. Our technologies used in this powertrain system are designed to improve the efficiency of the outboard powertrain and, as a result, increase range and performance. We believe our approach in marketing and selling our powertrain technology to boat designers and manufacturers will enable us to leverage their distribution and servicing systems with minimal capital outlay. We expect our core intellectual property contained within our outboard electric powertrain systems to form the foundation for our future growth and for such systems to represent the majority of our revenue. In our 2025 fiscal year, we generated approximately $57 thousand in revenue from the sale of our powertrains.

We continue to manufacture hand-crafted, highly durable, low maintenance, environmentally-friendly electric recreational powerboats. In our last three fiscal years, we manufactured 20, 45 and 46 powerboats, respectively. We sell powerboats to retail customers and operators of rental fleets of powerboats through which we seek to build brand awareness. We intend to continue to build brand awareness by partnering with marina operators to offer rental fleets of electric boats. We conduct our transactions directly to customers through our website or through a network of marinas, distributors and show rooms.

In our fiscal year 2021, we expanded our business to include rentals of electric powerboats by acquiring EB Rental, Ltd., an entity that rents electric boats in Newport Beach, California. Since that time, we added two more locations: one in Ventura, California which is held by EB Rental Ventura Corp. and one in Palm Beach, Florida which is held by EBR Palm Beach Inc. We plan on opening another rental operation in Dania Beach, Florida. In addition to generating revenues from the rental of our powerboats, our rental locations build brand awareness and act as an open-water showroom for potential buyers. On April 25, 2024, we sold EB Rental, Ltd. for $794,616 in order to partially finance patent applications for our electric outboard powertrain systems.

**Our Electric Outboard Powertrain Systems**

![](tm2527757d5_f1img009.jpg)

A powertrain system is a vehicle's infrastructure that converts energy into movement. In an electric boat, that infrastructure starts at the battery pack, continues with an inverter, goes to the motor and ends with the propeller. Electric powertrains have less moving parts than powertrains for boats with an internal combustion engine and, as a result, tend to break less and require less complex servicing.

The efficiency of a powertrain system determines the range of a boat on a single battery charge and the speed at which the boat operates. We find existing electric powertrain systems unsatisfactory because of their insufficient yields and limited power range. In 2015, we decided to research technology to take advantage of this vacuum and develop an in-house system, relying on existing third-party components where possible. We noted the need for innovation in the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· optimizing
 the electric motor to improve efficiency and range by customizing the power to the motor from different battery suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· developing
 optimization software that reads and calibrates the controller to suit the current use of the outboard electric powertrain system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· using
 appropriate components, including the battery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· customizing
 gears and propellers to a boat's specifications. We have recorded the efficiency of our principal competitor's electric
 powertrain system as 54%, meaning that only 54% of the power leaving the battery pack reached the propeller, although their technology
 may have improved since that recording. Our proprietary union and direct transmission system allow our prototype powertrains to have
 an efficiency of 96% which provides a competitive advantage over current electric outboard motors. We have also chosen a propeller
 design which when combined with the efficiencies obtained using our proprietary union and transmission system, provides optimal results;
 and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· developing
 an innovative controller, in particular, one that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o improves
 control over thermal overheating and thus protects the electric powertrain system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o incorporates
 a dual electrical and mechanical cooling system allowing for a better performance of the electric powertrain system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o detects
 possible operating problems (for example cavitation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o reduces
 jolts and noise.

Our electric powertrain is designed to have 180 hp (horsepower) and 236 Lb. ft at 96% load. Furthermore, the electric powertrain system will be liquid cooled as compared to air cooled.

In October 2021, we entered into a Manufacture and Supply Agreement with Linamar Corporation, a provider of manufacturing solutions and a developer of highly engineered products. Under the terms of the agreement, we intend for McLaren Engineering, Linamar's technology and product development team for its advanced mobility segment, to manufacture and assemble our E-Motion™ technology through testing, parts, tooling development, and designing the union assembly for mass production of our electric powertrain at Linamar's facility in Canada.

Once we have scaled up the production of our electric powertrain, we intend for the Linamar Corporation to produce our electric powertrain for mass commercialization. Although we believe that we can produce up to 300 electric powertrains per year in our current facilities in addition to producing 150 boats per year, we believe that contracting out the production of the electric powertrains will allow us to dedicate more time and resources to the development of additional electric powertrains.

The production of our electric powertrains will consist of assembling components from third parties, including battery packs, inverters and high-efficiency motors. We intend to use advanced batteries primarily from two suppliers, Octillion and Neogy, but as we are able to use a wide range of batteries we could use other suppliers. We will source the inverters from UQM (Danfoss Editron) and motors from UQM (Danfoss Editron).

In January 2022, we announced our partnership with Octillion to develop a customized high voltage 35 KW high density battery. Octillion will manufacture a new advanced electric battery system, "Polar 35" to power our E-Motion™ outboard powertrain. The configuration of the battery pack is smaller than that of a typical fuel tank, which in turn makes it easier to custom fit in virtually any boat.

During that same period, we partnered with Nextfour Solutions Ltd. to further develop a customized multifunctional display to be integrated within our E-Motion™ 180 fully electric powertrain system. In February 2022, we partnered with Weismann Marine, LLC to design and develop a lower unit (or gearcase) assembly. We partnered with Hellcat Powerboats to include our outboard powertrain in the boat that achieved a world record speed of 109 mph for an all-electric boat in 2022.

Our electric powertrains are controlled by control software developed in house. We have used open-source software code to develop our own battery management system software that will be tailored to regulate the power from the battery pack to the electric motor and its related systems.

In August 2023, our outboard powertrain was included in the boat that broke our previously held world record speed for an all-electric boat when it achieved a speed of 116 mph. In October 2023, we announced the delivery of our E-Motion™ Electric Powertrain Technology to Groupe Beneteau, Four Winns to be the inaugural electric motors integrated on the proposed Four Winns H2e Bowrider. As of the date hereof, we have not made any sales of our electric motors to Four Winns.

In September 2024, we launched the E-Motion™ 180e inboard electric motor system. Delivering a continuous 180hp at the propeller, this new system opens an important market segment for us, significantly expanding the range of vessels that can benefit from its advanced electric propulsion technology. Following development and testing, this inboard system incorporates 95% of the components from the E-Motion™ outboard powertrain system, so that the outboard motor system can relay performance of the inboard system. We believe that this integration allows us to extend our offerings within the electric marine sector, positioning us to meet the growing demand for electric propulsion solutions in both outboard and inboard applications.

On December 8, 2024, the Company announced a strategic partnership with Armada Pontoons, a renowned manufacturer of high-quality pontoon boats based in Quebec, Canada. This collaboration introduces a new electric pontoon boat design to meet the growing demand for eco-friendly, regulation-compliant, and competitively priced boating solutions for North America's vast network of lakes.

On January 9, 2025, the Company announced the establishment of a production line for custom cooling plates in partnership with Calip Group, a leader in high-tech welding processes. Under this collaboration, Calip Group will supply components that enhance the thermal management of the Company's high-voltage (HV) marine battery packs. These custom cooling plates are specifically tailored to meet the stringent demands of marine applications, with production slated to begin in 2025.

On February 24, 2025, the Company announced the filing of its ninth patent application related to its E-Motion™ Electric Powertrain System for its Outboard Power Control Unit ("PCU") designed for electric marine vessels for the autonomous management of propulsion parameters and cooling operations to deliver enhanced efficiency and reliability. Leveraging a dual-CAN bus architecture, the PCU promotes seamless communication with both internal sensors and actuators within the outboard engine housing and external vessel control units. This architecture promotes real-time autonomous control of the electric motor, designed to increase performance while maintaining robust safety protocols and scalability.

On April 16, 2025, the Company, along with MS Marine GmbH, announced the successful completion of internal hull optimization in the latter's STERK brand of vessels. The joint engineering effort focused on refining the internal hull layout of STERK vessels to securely house the Company's E-Motion™ Electric Powertrain System.

On June 11, 2025, the Company announced the expansion of its partnership with Octillion Power Systems, a U.S.-based lithium-ion battery manufacturer, to produce high-voltage battery packs dedicated exclusively to the American market. Under the terms of the agreement, Octillion Power Systems will assemble the Company's new proprietary 45.36 kWh battery packs at its facility in Nevada, aiding in fast, cost-efficient distribution across North America. These batteries are designed to support both the Company's OEM integrations and consumer-facing electric boat offerings, delivering increased power, extended range, and improved performance, while reducing total system cost and simplifying logistics.

On June 18, 2025, announced that its E-Motion™ Electric Powertrain System has been approved for inclusion in California's Clean Off-Road Equipment ("CORE") Voucher Incentive Project. The voucher approval grants the Company's propulsion kits eligibility for point-of-sale vouchers of up to $170,000 per unit, substantially reducing the cost of adopting electric propulsion for organizations modernizing their electric fleets.

On August 28, 2025, the Company announced the launch of a dedicated electric boating division within Nautical Ventures to provide customers with a complete EV-focused experience, encompassing sales, service, after-sales support, events, and a growing lineup of electric toys and watersports products.

On September 15, 2025, the Company announced a strategic partnership with Hydrofin, a U.S. company specializing in patented hydrofoil systems for pontoons. Through its Nautical Ventures dealership network, the Company will integrate Hydrofin's hydrofoil technology into its pontoon lineup. Hydrofin's systems are engineered to lift pontoons partially out of the water, reducing drag and improving speed, range, and ride comfort. This makes them an especially valuable complement to the Company's E-Motion™ Electric Powertrain System, where optimized efficiency directly translates to longer run-times and enhanced performance.

On September 26, 2025, the Company announced a strategic non-binding initiative with Port de Plaisance La Ronde to develop a technological and commercial hub dedicated to experience electric boating and activities on Île Sainte-Hélène, in Montreal and near Montréal–Trudeau International Airport. The project calls for the creation of an electric boating hub, bringing together a sales and distribution center, a technical and commercial training platform, and an expertise center to foster the adoption of electric propulsion in the marine industry.

On September 29, 2025, the Company announced the execution of a distribution agreement with Taiga Motors Inc. to serve as the exclusive dealer and authorized service provider for Taiga's electric personal watercraft in major Florida markets. Under the agreement, Nautical Ventures will have exclusive rights to distribute Taiga Motors Inc.'s electric personal watercraft across key Florida counties, including Miami-Dade, Broward, Palm Beach, and Hillsborough.

On September 30, 2025, the Company announced the world debut of the first dual application of the E-Motion™ Electric Powertrain System in partnership with STERK. The Sterk 31e dual integration expands the Company's portfolio of 24 completed integrations of the E-Motion™ Electric Powertrain System across multiple recreational boating platforms, underscoring its unmatched expertise.

We have filed thirteen patent applications with respect to our electric outboard powertrain system and plan on another eleven patent applications related to this innovation in the near future.

***Specifications of our First Outboard Electric Powertrain***

We have developed our first fully-electric outboard powertrain system that combines an advanced battery pack, inverter, high-efficiency motor with proprietary union assembly between the transmission and the electric motor design and extensive control software. We set out below the current specifications of this outboard electric powertrain.

---

| | | |
|:---|:---|:---|
| Maximum power | 180 HP, 135 kW | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Max torque | 250 ft.lb, 340 Nm | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Voltage | 650 V | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Efficiency | 96% | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Weight | 413 Lbs., 188 kg | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Lithium Battery | 43 kW | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Shaft Length | S - XL | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Cooling | Water | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |
| Control | Can bus | &nbsp;&nbsp;![](tm2527757d5_f1img010.jpg) |

---

![](tm2527757d5_f1img011.jpg)

**Our Powerboats**

We manufacture seven models of electric powerboats. Each model is available in different standard variations or may be customized according to a purchaser's specifications. In our last three fiscal years, we manufactured 20, 45 and 46, respectively. Our revenue from the sale of these electric powerboats amount to $739 thousand in our 2025 fiscal year.

![](tm2527757d5_f1img012.jpg)

For each of our boats, our consumers are able to customize certain aspects including color (for the hull, striping, interior and deck), radio and covers and other storage options. In addition, there are customizations that are just available for some boat models, including propulsion and batteries.

***V30 Electric Pontoon***
***V24 Electric Pontoon***
***V17 Electric Pontoon***

---

| | |
|:---|:---|
| ![](tm2527757d5_f1img015.jpg) | The V17 electric pontoon has a length of 17 feet and is designed to carry up to 8 people. The starting retail price for the V17 electric pontoon is about $33,000. |

---

***VX Electric Pontoon***

---

| | |
|:---|:---|
| ![](tm2527757d5_f1img016.jpg) | The VX electric pontoon has a length of over 17 feet and is designed to carry up to 10 people. The starting retail price for the VX electric pontoon is about $53,000. |

---

***Volt 180***

---

| | |
|:---|:---|
| ![](tm2527757d5_f1img017.jpg) | Reaching speeds of up to approximately 6 miles per hour, the Volt 180 is a boat that can be used for various watersports. In addition to the customizations that are available for each of our boats, purchasers may customize the Volt 180 by choosing among various options including the power of the motor (available in 2, 3, 6 and 10 kilowatts), accessories (fish rod holder, depth finder and anchor) and other options (including bumper, types of canopies and a premium sound system |

---

***Fantail 217***

---

| | |
|:---|:---|
| ![](tm2527757d5_f1img018.jpg) | We designed the Fantail 217 with a view towards relaxation rather than speed. The Fantail 217 starts at $34,995, seats up to ten people and has a maximum speed of approximately 10 miles per hour. In addition to the customizations that are available for each of our boats, purchasers may customize the Fantail 217 by choosing among various options including the type of motor (Torqeedo Salt Water, E-Tech, Min-Kota or E-Propulsion), number of batteries (up to eight), type of canopy (aluminum, stainless steel or fiberglass) and other options (including night navigation light, a double horn and bottom paint). |

---

***Phantom***

---

| | |
|:---|:---|
| ![](tm2527757d5_f1img019.jpg) | We designed the Phantom specifically for the boat rental market. The Phantom starts at $14,995 for the hull only, seats up to ten passengers and reaches a top speed approximately 5 miles per hour. The Phantom is made out of plastic and is US Coast Guard approved. We launched the Phantom in our 2023 fiscal year. |

---

**Sales**

We envision that if we are able to mass produce our electric powertrains, a significant portion of our revenue will be generated from the sale of our electric powertrains. In fiscal 2025, we made the first sale of our E-Motion™ Electric Powertrain System and generated $57 thousand from such sales. Although we have received non-binding letters of intent from OEMs for the purchase of such powertrains, such letters may never result in any actual sales. The projected sales price for future sales of our electric outboard powertrain system will depend on the number of batteries used and where it is sold. For the European market, we anticipate that the systems with Neogy batteries will sell for $60,000 for a one-battery system, $85,000 for a two-battery system and $115,000 for a three-battery system. For the U.S. market, we anticipate that the systems with Octillion batteries will sell for $45,000 for a one-battery system, $65,000 for a two-battery system and $85,000 for a three-battery system.

**Rentals**

In our fiscal year 2021, we expanded our business to include rentals of electric powerboats at one location in Newport Beach, California. In April 2023, we opened our second electric boat rental operation in Portside Ventura, California, and in December 2023, we opened our third electric boat rental operation in Palm Beach, Florida. In April 2024, we sold our electric boat rental operations located in Newport Beach, California, to Stratégies EB Inc. for $794,616. At the time of the sale, Stratégies EB Inc. was a related party because its controlling shareholder was a member of management of EB Rental, Ltd. prior to its sale. The sale of our rental operations in Newport Beach, California has significantly decreased the size of our rental operations. We are currently in the process of opening a new electric boat rental facility in Dania Beach, Florida.

The electric boat rental business currently has a fleet of approximately 8 powerboats. Rental rates range from $75 per hour to $215 per hour, plus a booking fee, with a minimum booking of two hours. Once a powerboat in our fleet has over 200 hours of sailing time, we offer the powerboat for sale to the public. In our 2025 fiscal year, our rental business represented approximately 1% of total revenue.

**Strategy**

We are a vertically integrated marine company focused on delivering a superior on-water experience through innovative propulsion systems and a multi-brand retail strategy. Our operations span the design and industrialization of high-voltage electric powertrain systems, the development of electric boats, and the retail distribution of both electric and internal combustion engine (ICE) boats.

Following the acquisition of Nautical Ventures, a top-performing boat dealership network with nine locations across Florida, we have significantly expanded our access to retail customers. Through Nautical Ventures, we now offer a wide portfolio of leading recreational boat brands and models, giving us the ability to meet a broad spectrum of consumer demand, from entry-level boats to high-performance vessels. This footprint not only enables direct-to-consumer sales but also allows us to embed electric models within an established sales pipeline traditionally centered on ICE products, accelerating mainstream adoption of our electric offerings.

We also continue to sell electric boats directly to commercial fleet operators and boat rental businesses, which serve as high-visibility testbeds for our propulsion technology. These installations contribute to brand awareness, generate recurring fleet sales, and allow new consumers to experience electric boating firsthand.

Nautical Ventures further provides an immediate, scalable service infrastructure. Several locations are equipped or will be upgraded to support electric boat service bays, giving Vision Marine the ability to offer after-sale support for our E-Motion™ propulsion systems and electric boat fleet. This creates a full-cycle ownership experience for electric boat customers, from purchase to service, and enhances our value proposition in the retail environment.

At the same time, we continue to make our marine-specific electric propulsion systems available to boat manufacturers through direct engagement. Our E-Motion™ powertrains are engineered for seamless integration by OEMs, allowing them to electrify existing platforms while maintaining design and performance standards. We market these systems through trade shows, prototype demonstrations, and targeted outreach to selected manufacturers.

We believe that combining a controlled retail network with a technology integration strategy positions us to scale efficiently, maintain visibility over the customer journey, and foster broader market adoption of electric propulsion. We will continue to invest in research and development, operational efficiency, and our service infrastructure to meet the growing demand across both recreational and commercial marine segments.

**Emerging Growth Company**

We qualify as and elect to be an "emerging growth company" as defined in the Jumpstart our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include, but not limited to:

● reduced disclosure about the emerging growth company's executive compensation arrangements in our periodic reports, proxy statements and registration statements; and

● an exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002.

We may take advantage of these exemptions until September 1, 2026 or such earlier time that we are no longer an emerging growth company. We would cease to be an EGC earlier if we have more than $1.235 billion in annual revenue, we have more than $700.0 million in market value of our stock held by non-affiliates or we issue more than $1.0 billion of non-convertible debt securities over a three-year period. For so long as we remain an EGC, we are permitted, and intend, to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not EGCs. We may choose to take advantage of some, but not all, of the available exemptions.

**Corporate Information**

We have two directly wholly-owned subsidiaries and eleven indirectly wholly-owned subsidiaries.

Our registered agent in the United States is CorpoMax Inc. The address of the Company's registered agent in the United States is 2915 Ogletown Road, Newark, DE 19713.

Our principal executive offices are located at 730 Boulevard du Curé-Boivin, Boisbriand, Quebec J7G 2A7, Canada. Our phone number is 450-951-7009. The SEC maintains an Internet site that contains reports, proxy information statements and other information regarding issuers that file electronically with the SEC. The address of that site is http://www.sec.gov. Our website address is https://visionmarinetechnologies.com*.* Information contained in, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.

**Implications of Being a Foreign Private Issuer**

We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many Exchange Act reports or provide periodic and current reports as frequently as a domestic public company;

● for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;

● we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

● we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

● we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and

● we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

We anticipate that we will no longer be able to report as a foreign private issuer starting on September 1, 2026.

**Summary of Significant Risk Factors**

An investment in the offered securities involves a high degree of risk. We set forth a summary of certain of those risks. For a more detailed discussion, see "Risk Factors" beginning on page 20. If any of the factors below or in the section entitled "Risk Factors" occurs, our business, financial condition, liquidity, results of operations and prospects could be materially and adversely affected.

**Risks Related to Our Operations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***There is limited public information on our operating history.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We currently have a net loss, and if we are unable to achieve and grow a net income in the future our ability to grow our business as planned will be adversely affected.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***To carry out our proposed business plan, we will require a significant amount of capital.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Terms of subsequent financings may adversely impact your investment.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Demand in the boat industry is highly volatile.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We face potential liability from workplace accidents.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We are vulnerable to supply chain risks.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Our financial statements have been prepared on a going concern basis and our financial status creates a substantial doubt whether we will continue as a going concern.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***If we are unable to maintain compliance with Nasdaq's continued listing requirements, Nasdaq may choose to delist our securities from its exchange or may subject us to additional restrictions, which may adversely affect the liquidity and trading price of our securities.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***In an effort to maintain compliance with the Minimum Bid Price Requirement, we recently enacted a third reverse stock split. We may need to enact additional reverse stock splits to maintain compliance if we fail to meet the Minimum Bid Price Requirement in the future.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We may lose our foreign private issuer status in the future, which could result in significant additional cost and expense.*** 

***<u>Risks Related to Nautical Ventures</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Our success will depend, in part, upon our continued access to financing for inventory.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Our business model entails carrying substantial amounts of debt.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We rely on one manufacturer for a substantial portion of our sales*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We have the option to acquire additional properties, and if the contingent conditions to do so do not occur, we may be prevented from acquiring such properties.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Changes to trade policies, tariffs, and import/export regulations may have a material adverse effect on our business, financial condition, and results of operations.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We are vulnerable to geographic risk.*** 

***<u>Risks Related to our Electric Operations</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Our plan of operations entails promoting a product that we may never launch or which may not be commercially accepted if launched.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Our future growth depends upon consumers' willingness to purchase electric powerboats.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We rely on a limited number of suppliers for key components of our finished products.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Developments in alternative technologies or improvements in the internal combustion engine may materially adversely affect the demand for our electric powerboats.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We intend to rely on a third-party for the manufacture of what we envision will become our principal product.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***If we are unable to meet our production and development goals, we may need to change our business plans for our E-Motion powertrains or the timeline in which we expect to carry them out.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Our intellectual property is not fully protected through patents or formal copyright registration. As a result, we do not have the full benefit of patent or copyright laws to prevent others from replicating our products, product candidates and brands.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We have limited registered trademarks for our products and trade names*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We may need to defend ourselves against patent or trademark infringement claims, which may be time-consuming and would cause us to incur substantial costs.*** 

**Risks Related to our Common Shares and this Offering**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***The market price and liquidity of our common shares may be volatile and may fluctuate in a way that is disproportionate to our operating performance.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***Management will have broad discretion as to the use of the proceeds from this offering and may not use the proceeds effectively.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***FINRA sales practice requirements may limit your ability to buy and sell our common shares, which could depress the price of our shares.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***As an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure may make our common shares less attractive to investors.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***We incur significant costs as a result of being a public company, which costs will grow after we cease to qualify as an "emerging growth company."*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***If we are, or were to become, a passive foreign investment company (a "PFIC") for U.S. federal income tax purposes, U.S. investors in the offered securities would be subject to certain adverse U.S. federal income tax consequences.*** 

**Offering Summary**

---

| | |
|:---|:---|
| Common Units Offered by Us: | This prospectus relates to a best efforts offering of 19,250,000 common units, each common unit consisting of one common share and one half of one common warrant to purchase a common share, at an offering price of $0.30 per common unit. For further information about the securities offered herein, see "Description of Securities We Are Offering". |
| Shares Outstanding Prior to the Offering: | 5,008,735 common shares, and we assume that the same amount will be outstanding immediately prior to the closing of the offering. |
| Shares Outstanding After the Offering: | 37,008,735 common shares, which includes the shares underlying the pre-funded warrants sold in this offering and excludes the common shares underlying the common warrants sold in this offering. |
| Pre-Funded Units Offered by Us: | 12,750,000 pre-funded units. We are offering to each purchaser of common units that would otherwise result in the purchaser's beneficial ownership exceeding 4.99% of our outstanding common shares immediately following the consummation of this offering the opportunity to purchase 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. A holder of pre-funded warrants will not have the right to exercise any portion of its pre-funded warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, such limit may be increased to up to 9.99%) of the number of common shares outstanding immediately after giving effect to such exercise. Each pre-funded warrant will be exercisable for one common share. The purchase price of each pre-funded warrant will be equal to the price per common share, minus C$0.001, and the remaining exercise price of each pre-funded warrant will equal C$0.001 per common share. The pre-funded warrants will be immediately exercisable (subject to the beneficial ownership cap) and may be exercised at any time until all of the pre-funded warrants are exercised in full. |
| Common Warrants Offered by Us: | 16,000,000 common warrants. Each common unit and and pre-funded unit purchased hereunder contains one half of one common warrant to purchase a common share. Each whole common warrant is exercisable for five years at $0.375, 125% of the per common unit offering price. Because we will issue only whole warrants, holders must purchase an even number of common units or pre-funded units. |
| Use of Proceeds: | We estimate that we will receive net proceeds of approximately $8.4 million from this offering, after deducting estimated placement agent fees, reimbursement of placement agent expenses, and estimated offering expenses payable by us (and excluding any proceeds that we may receive from the exercise of the common warrants). However, because this offering is being made on a best-efforts basis, and there is no minimum offering amount required as a condition to the closing of this offering, we may sell fewer than all of the securities offered hereby and may receive significantly less in net proceeds from this offering.<br>We intend primarily to use the net proceeds from this offering for general corporate purposes and working capital, including for inventory management and servicing our floorplan lines of credit, general and administrative expenses and prosecuting patent applications relating to our E-Motion™ electric powertrain technology. We may also use a portion of the net proceeds from this offering for acquisitions or strategic investments in complementary businesses or technologies, however as of the date of this prospectus, no acquisition targets have been identified. |
| Trading: | Our common shares are currently quoted on the Nasdaq Capital Market under the symbol "VMAR". Neither our common units, pre-funded units, common warrants nor our pre-funded warrants are traded on any public market or quotation system, and we do not intend to apply for either to be traded on any such market or system |

---

---

| | |
|:---|:---|
| Lock-up | Each of our executive officers and directors has agreed, subject to certain exceptions set forth in the lock-up agreements, not to offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any common shares or any securities convertible into or exercisable or exchangeable for common shares for the three-month period following the date of the offering, without the placement agent's prior written consent. In addition, subject to certain exceptions, the company has agreed not to engage in various transactions involving its common shares or related securities, including sales, offerings, registrations, or economic transfers, without the placement agent's prior written consent for thirty (30) days after the offering, and additionally, not to conduct any "at-the-market" or variable rate equity transactions for six months post-offering. |
| Risk Factors: | See "Risk Factors" and the other information included in this prospectus for a discussion of the factors you should consider before deciding to invest in our securities. |

---

Shares outstanding prior to and after the offering is based on 5,008,735 common shares outstanding as of December 11, 2025, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2,187 common shares issuable
 upon the exercise of outstanding options outstanding as of December 11, 2025 with a WAEP of $398.02;

· common shares underlying
 the placement agent warrants to be issued to the placement agent in connection with this registered offering;

· common shares underlying
 the common warrants to be issued pursuant to this offering;

· 440,033 common shares issuable upon exercise of other warrants
 outstanding as of December 11, 2025 with a WAEP of $17.34 .

· 48 common shares exercisable upon the exercise of outstanding
 pre-funded warrants;

· up to 647,802 common shares
 that may be issued upon the conversion of $5,586,646 in convertible notes that were issued pursuant to the Equity Purchase Agreement;

· 285,000 common shares to
 be issued to Alexandre Mongeon as per the Mongeon Employment Agreement;

· up to 255,012 common shares that may
 be issued to the former shareholders of NVG, contingent upon full satisfaction of the conditions related to the NVG real estate
 acquisition; and

· up to 231,911 common shares
 that may be issued upon the conversion of up to $2,000,000 in convertible notes that may still be issued, dependent on the outcome
 of certain claims against Nautical Ventures, at a conversion price of $8.624 per share.

Except as otherwise indicated, all information in this prospectus assumes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· no exercise of the representative's
 warrants;

· any pre-funded warrants
 sold in this offering are immediately exercised without violating any beneficial ownership restrictions therein; and

· no exercise of the common
 warrants sold hereby.

**Summary Financial Data**

The summary financial information set forth below has been derived from the following documents (each of which is incorporated by reference into this prospectus):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our audited consolidated
 financial statements for the fiscal years ended August 31, 2025 and 2024;

· Nautical Ventures'
 unaudited consolidated financial statements and the notes thereto for the three months ended March 31, 2025;

· Nautical Ventures'
 audited consolidated financial statements for the fiscal years ended December 31, 2024 and 2023; and

· the unaudited pro forma
 combined statement of comprehensive loss for the year ended August 31, 2025.

You should read the following summary financial data together with such historical financial statements and the notes thereto.

*Summary Financial Data of Vision Marine Technologies Inc.*

Consolidated Statement of Comprehensive Loss

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** | **For the Fiscal Year Ended August 31,** |
|  | **2025** | **2024** | **2023** |
| Revenue | $13832556 | $2789650 | $4201685 |
| Gross profit | $4766494 | $1101543 | $1138105 |
| Net loss | $(21267257) | $(10358789) | $(15805844) |
| Basic and diluted loss per share | $(24.53) | $(1135.64) | $(2228.34) |

---

Consolidated Statements of Financial Position

---

| | |
|:---|:---|
|  | **As of<br> August 31, <br> 2025** |
| Current Assets | $58973029 |
| Total Assets | $69913257 |
| Current Liabilities | $49695231 |
| Total Liabilities | $61462255 |
| Total Shareholders' Equity | $8451002 |

---

*Summary Financial Data of Nautical Ventures Group Inc.*

Consolidated Statement of Comprehensive Income (Loss)

---

| | | | |
|:---|:---|:---|:---|
|  | **Three <br> Months<br> Ended<br> March 31,** | **For the Fiscal Year Ended December 31,** | **For the Fiscal Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **Unaudited** | | |
| Revenue | $22228700 | $97291543 | $104788069 |
| Gross profit | $3456116 | $20521294 | $29740957 |
| Net income (loss) | $(2369334) | $(7315074) | $4878992 |
| Basic and diluted earnings (loss) per share | $(0.11) | $(0.34) | $0.15 |

---

Consolidated Statements of Financial Position

---

| | |
|:---|:---|
|  | **As of<br> March 31, <br> 2025** |
|  | **Unaudited** |
| Current Assets | $70534130 |
| Total Assets | $90607476 |
| Current Liabilities | $63747814 |
| Total Liabilities | $83673334 |
| Total Shareholders' Equity | $6934142 |

---

*Pro Forma Summary Financial Data*

The selected financial data in the table below is from the unaudited pro forma combined statement of comprehensive loss which is based on the Company's and Nautical Ventures' historical financials and gives effect to the acquisition of Nautical Venture as if it had occurred on September 1, 2024.

---

| | |
|:---|:---|
|  | **For the fiscal<br> year ended<br> August 31,<br> 2025** |
|  | **Unaudited** |
| Revenue | $76531271 |
| Gross loss | $(6178158) |
| Net loss | $(53183857) |
| Basic and diluted loss per share | $(60.26) |

---

**RISK FACTORS**

***An investment in the offered securities carries a significant degree of risk. You should carefully consider the following risks as well as the other information contained in this prospectus (or incorporated by reference herein) including risk factors in the documents incorporated herein by reference and our historical financial statements and related notes incorporated by reference herein,, as well as the other information contained in this prospectus, before you decide to purchase any offered securities. Any one of these risks and uncertainties has the potential to cause material adverse effects on our business, prospects, financial condition and operating results which could cause actual results to differ materially from any forward-looking statements expressed by us and a significant decrease in the value of the offered securities. Refer to "Special Note Regarding Forward-Looking Statements".***

***We may not be successful in preventing the material adverse effects that any of the following risks and uncertainties may cause. These potential risks and uncertainties may not be a complete list of the risks and uncertainties facing us. There may be additional risks and uncertainties that we are presently unaware of, or presently consider immaterial, that may become material in the future and have a material adverse effect on us. You could lose all or a significant portion of your investment due to any of these risks and uncertainties.***

**Risks Related to our Common Shares and this Offering**

***The market price and liquidity of our common shares may be volatile and may fluctuate in a way that is disproportionate to our operating performance.***

Our common shares began trading on the Nasdaq Capital Market in November 2020. From the date of the start of our fiscal year ended August 31, 2024 to December 11, 2025, the highest closing price of our common shares on the Nasdaq Capital Market was $21,114 and the lowest closing price was $0.53. Additionally, the liquidity of our common shares may decrease, meaning that the demand for the purchase of our shares may not be at a level that allows for your sale at a desirable price or even the then market price if you wish to sell your common shares. The market value of our common shares and their liquidity will continue to fluctuate due to the impact of any or all of the following factors:

· sales or potential
 sales of substantial amounts of our common shares;

· announcements
 about us or our competitors;

· litigation
 and other developments relating to our proprietary rights or those of our competitors;

· conditions
 in the marine product industry;

· governmental
 regulation and legislation;

· variations
 in our anticipated or actual operating results;

· change in securities
 analysts' estimates of our performance, or our failure to meet analysts' expectations;

· change in general economic
 trends; and

· investor perception
 of our industry or our prospects.

***There is no trading market for our common units, pre-funded units, pre-funded warrants or common warrants.***

Unlike our common shares, no trading market exists for our common units, pre-funded untis, pre-funded warrants or our common warrants, and we do not intend to take steps to list our common units, pre-funded units, pre-funded warrants or common warrants on any public exchange or quotation system. You should be prepared to only make a return on your investments in the pre-funded warrants and common warrants if you exercise such warrants into common shares and then resell the shares at a price above the exercise price. The market price for our common shares might never be above the exercise price of such warrants. If you exercise such warrants, you might not be able to sell them for a price above which you bought them, if at all.

***Management will have broad discretion as to the use of the proceeds from this offering and may not use the proceeds effectively.***

Our management will have broad discretion as to the use of the net proceeds from any offering by us and could use them for purposes other than those contemplated at the time of this offering. Accordingly, you will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the proceeds will be invested in a way that does not yield a favorable, or any, return for our company.

***This is a "best-efforts" offering, no minimum amount of securities is required to be sold, and we may not raise the amount of capital we believe is required for our business plans.***

The placement agent has agreed to use its reasonable best efforts to solicit offers to purchase the securities in this offering. The placement agent has no obligation to buy any of the securities from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. There is no required minimum number of securities that must be sold as a condition to completion of this offering. Because there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, placement agent fees and proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth above. We may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds received by us, and investors in this offering will not receive a refund in the event that we do not sell an amount of securities sufficient to pursue the business plans outlined in this prospectus. Thus, we may not raise the amount of capital we believe is required for our business and may need to raise additional funds, which may not be available or available on terms acceptable to us.

***We may not receive any additional funds upon the exercise of the pre-funded warrants.***

Each pre-funded warrant may be exercised by way of a cashless exercise, meaning that the holder may not pay a cash purchase price upon exercise, but instead would receive upon such exercise the net number of common shares determined according to the formula set forth in the pre-funded warrants. Accordingly, we may not receive any additional funds upon the exercise of the pre-funded warrants. Even if the remainder of the exercise price on the pre-funded warrants, C$0.001, is paid in cash, such payment will be nominal and will not improve our ability to fund operations.

***You will experience immediate and substantial dilution as a result of this offering.***

The shares being offered hereby (including the shares underlying the pre-funded warrants) represent over 300% of our current outstanding shares, and upon their issuance, your voting and economic rights will be substantially diluted. In the future, we may issue our authorized but previously unissued equity securities, resulting in the further dilution of the ownership interests of our shareholders. We may issue additional common shares or other securities that are convertible into or exercisable for common shares in order to raise additional capital, or in connection with hiring or retaining employees, directors, or consultants, or in connection with future acquisitions of licenses to technology or diagnostic tests in connection with future business acquisitions, or for other business purposes. The future issuance of any such additional common shares or other securities, including those underlying the warrants and options we have issued and granted, would dilute the voting power of our shareholders, could dilute the net tangible book value per share at the time of such future issuance and may create downward pressure on the trading price of our common shares.

We may also issue preferred shares having rights, preferences, and privileges senior to the rights of our common shares with respect to dividends, rights to share in distributions of our assets if we liquidate our company or voting rights. Any preferred shares may also be convertible into common shares on terms that would be dilutive to holders of common shares.

***Holders of pre-funded warrants and common warrants purchased in this offering will have no rights as common shareholders until such holders exercise their warrants and acquire our common shares.***

Until holders of pre-funded warrants and common warrants acquire common shares upon exercise of such warrants, holders of pre-funded warrants and common warrants will have no rights with respect to the common shares underlying such warrants. Upon exercise of the pre-funded warrants and common warrants, the holders will be entitled to exercise the rights of a common shareholder only as to matters for which the record date occurs after the exercise date.

***We do not intend to pay dividends, and there will thus be fewer ways in which you are able to make a gain on your investment.***

We have never paid any cash or stock dividends, and we do not intend to pay any dividends for the foreseeable future. To the extent that we require additional funding currently not provided for in our financing plan, our funding sources may prohibit the payment of any dividends. Because we do not intend to declare dividends, any gain on your investment will need to result from an appreciation in the price of our common shares. There will therefore be fewer ways in which you are able to make a gain on your investment.

***FINRA sales practice requirements may limit your ability to buy and sell our common shares, which could depress the price of our shares.***

The Financial Industry Regulatory Authority ("FINRA") rules require broker-dealers to have reasonable grounds for believing that an investment is suitable for a customer before recommending that investment to the customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status and investment objectives, among other things. Under interpretations of these rules, FINRA believes that there is a high probability such speculative low-priced securities will not be suitable for at least some customers. Thus, FINRA requirements may make it more difficult for broker-dealers to recommend that their customers buy our common shares, which may limit your ability to buy and sell our shares, have an adverse effect on the market for our shares and, thereby, depress their market prices.

***Volatility in our common shares price may subject us to securities litigation.***

The market for our common shares may have, when compared to seasoned issuers, significant price volatility, and we expect that our share price may continue to be more volatile than that of a seasoned issuer for the indefinite future. In the past, plaintiffs have often initiated securities class action litigation against a company following periods of volatility in the market price of its securities. We may, in the future, be the target of similar litigation. Securities litigation could result in substantial costs and liabilities and could divert management's attention and resources.

***We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

We are a foreign private issuer within the meaning of the rules under the Exchange Act. As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

· we are not
 required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

· for interim
 reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that
 apply to domestic public companies;

· we are not
 required to provide the same level of disclosure on certain issues, such as executive compensation;

· we are exempt
 from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

· we are not
 required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect
 of a security registered under the Exchange Act; and

· we are not
 required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and
 trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

Our shareholders may not have access to certain information they may deem important and are accustomed to receiving from U.S. reporting companies.

Additionally, if we fail to retain our status as a foreign private issuer, we will be required to report as a domestic issuer in the United States. Such a requirement would require us, among other matters, to report our financial statements in U.S. generally accepted accounting principles. Such an adjustment would require significant cost and would require our management to adapt to such U.S. domestic reporting standards with which they are not fully experienced.

***As an "emerging growth company" under applicable law, we will be subject to lessened disclosure requirements. Such reduced disclosure may make our common shares less attractive to investors.***

For as long as we remain an "emerging growth company", as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), we will elect to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies", including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Because of these lessened regulatory requirements, our shareholders would be left without information or rights available to shareholders of more mature companies. If some investors find our common shares less attractive as a result, there may be a less active trading market for such securities and their market prices may be more volatile.

***We incur significant costs as a result of being a public company, which costs will grow after we cease to qualify as an "emerging growth company."***

We incur significant legal, accounting and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC and the Nasdaq Capital Market, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company," as defined in the JOBS Act and we anticipate that we will cease being an emerging growth company on September 1, 2026. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costly. After we are no longer an emerging growth company, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We have incurred additional costs in obtaining director and officer liability insurance. In addition, we incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our Board of Directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

***If we are, or were to become, a passive foreign investment company (a "PFIC") for U.S. federal income tax purposes, U.S. investors in the offered securities would be subject to certain adverse U.S. federal income tax consequences.***

In general, a non-U.S. corporation will be a PFIC for any taxable year if (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. We do not expect to be a PFIC for our current taxable year or in the foreseeable future. However, there can be no assurance that we will not be considered a PFIC for any taxable year. If we were a PFIC for any taxable year during which a U.S. investor held any offered securities, such investor would be subject to certain adverse U.S. federal income tax consequences, such as ineligibility for any preferred tax rates on capital gains or on actual or deemed dividends, an additional interest charge on certain taxes treated as deferred, and additional reporting requirements under U.S. federal income tax laws and regulations. If we are characterized as a PFIC, a U.S. investor may be able to make a "mark-to-market" election with respect to the offered securities that would alleviate some of the adverse consequences of PFIC status. Although U.S. tax rules also permit a U.S. investor to make a "qualified electing fund" election with respect to the shares of a non-U.S. corporation that is a PFIC if the non-U.S. corporation provides certain information to its investors, we do not currently intend to provide the information that would be necessary for a U.S. investor to make a valid "qualified electing fund" election with respect to the offered securities.

***A possible "short squeeze" due to a sudden increase in demand of our common shares that largely exceeds supply may lead to price volatility in our common shares.***

Following this offering, investors may purchase our common shares to hedge existing exposure in our common shares or to speculate on the price of our common shares. Speculation on the price of our common shares may involve long and short exposures. To the extent that aggregate short exposure exceeds the number of shares of our common shares available for purchase in the open market, investors with short exposure may have to pay a premium to repurchase our common shares for delivery to lenders of our common shares. Those repurchases may in turn, dramatically increase the price of our common shares until investors with short exposure are able to purchase additional common shares to cover their short position. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements in our common shares that are not directly correlated to the performance or prospects of our company and once investors purchase the common shares necessary to cover their short position the price of our common shares may decline.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus and the documents incorporated herein by reference contain statements that constitute "forward-looking statements". Any statements that are not statements of historical facts may be deemed to be forward-looking statements. These statements appear in a number of different places in this prospectus and, in some cases, can be identified by words such as "anticipates", "estimates", "projects", "expects", "contemplates", "intends", "believes", "plans", "may", "will", or their negatives or other comparable words, although not all forward-looking statements contain these identifying words. Forward-looking statements in this prospectus and the documents incorporated herein by reference may include, but are not limited to, statements and/or information related to: strategy, future operations, projected production capacity, projected sales or rentals, projected costs, expectations regarding demand and acceptance of our products, availability of material components, trends in the market in which we operate, plans and objectives of management.

We believe that we have based our forward-looking statements on reasonable assumptions, estimates, analysis and opinions made in light of our experience and our perception of trends, current conditions and expected developments, as well as other factors that we believe to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although management believes that the assumption and expectations reflected in such forward-looking statements are reasonable, we may have made misjudgments in preparing such forward-looking statements. Assumptions have been made regarding, among other things: our expected production capacity, labor costs and material costs, no material variations in the current regulatory environment and our ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used.

The forward-looking statements, including the statements contained in the sections entitled "Risk Factors", "Description of Business" and elsewhere in this prospectus and the documents incorporated herein by reference, are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. These important factors include those that we discuss under the heading "Risk Factors". The forward-looking statements made herein relate only to events as of the date on which the statements are made.

Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements might not prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements or we may have made misjudgments in the course of preparing the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. We wish to advise you that these cautionary remarks expressly qualify, in their entirety, all forward-looking statements attributable to our company or persons acting on our company's behalf. We do not undertake to update any forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements, except as, and to the extent required by, applicable securities laws. You should carefully review the cautionary statements and risk factors contained in this prospectus, the documents incorporated herein by reference and those documents we may file from time to time with the SEC.

**IMPLICATIONS OF BEING A FOREIGN PRIVATE ISSUER**

We are considered a foreign private issuer. In our capacity as a foreign private issuer, we are exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition, our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and the rules under the Exchange Act with respect to their purchases and sales of our securities. Moreover, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. In addition, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (1) the majority of our executive officers or directors are U.S. citizens or residents, (2) more than 50% of our assets are located in the United States or (3) our business is administered principally in the United States. The next date at which we will assess our status as a foreign private issuer is February 28, 2026, and the recent acquisition of Nautical Ventures increases the likelihood that we will cease to qualify as a foreign private issuer at the date of that assessment. If we deem that we are no longer a foreign private issuer, we will have to report as a U.S. domestic issuer beginning on September 1, 2026. Reporting as a U.S. domestic issuer will require significant expense and time of our management.

We have elected to take advantage of certain reduced reporting and other requirements in this prospectus. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold equity securities.

**IMPLICATIONS OF BEING AN EMERGING GROWTH COMPANY**

The U.S. Congress passed the JOBS Act, which provides for certain exemptions from various reporting requirements applicable to reporting companies under the Exchange Act, that qualify as "emerging growth companies." We are an "emerging growth company" and we will continue to qualify as an "emerging growth company" until the earliest to occur of: (a) the last day of the fiscal year during which we have total annual gross revenues of $1.235 billion (as such amount is indexed for inflation every five years by the SEC) or more; (b) the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act; (c) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; or (d) the date on which we are deemed to be a "large accelerated filer", as defined in Exchange Act Rule 12b–2. Therefore, we expect to continue to be an emerging growth company until August 31, 2026.

An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

· the ability
 to include only two years of audited financial statements and only two years of related management's discussion and
 analysis of financial condition and results of operations disclosure in this prospectus; and

· an exemption
 from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley
 Act of 2002.

We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement under the Securities Act or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our common shares held by non-affiliates or issue more than $1 billion of non-convertible debt over a three-year period. We anticipate that we will cease being an emerging growth company starting September 1, 2026.

**USE OF PROCEEDS**

We estimate that the net proceeds from this offering will be approximately $8.4 million, after deducting the estimated placement agent fees and estimated offering expenses payable by us. However, because this is a best-efforts offering and there is no minimum offering amount required as a condition to the closing of this offering, the actual offering amount, the placement agent fees and net proceeds to us are not presently determinable and may be substantially less than the maximum amounts set forth on the cover page of this prospectus.

The use of proceeds discussed herein excludes any proceeds that we may receive from the exercise of the common warrants. If all of the common warrants are exercised, we will receive additional gross proceeds of $6,000,000.

We intend primarily to use the net proceeds from this offering for general corporate purposes and working capital, including for inventory management and servicing our floorplan lines of credit, general and administrative expenses and prosecuting patent applications relating to our E-Motion™ electric powertrain technology. We may also use a portion of the net proceeds from this offering for acquisitions or strategic investments in complementary businesses or technologies, however as of the date of this prospectus, no acquisition targets have been identified.

**DIVIDEND POLICY**

To date, we have not paid any dividends on our outstanding common shares. The future payment of dividends will depend upon our financial requirements to fund further growth, our financial condition and other factors which our Board of Directors may consider in the circumstances. We do not contemplate paying any dividends in the immediate or foreseeable futures.

**CAPITALIZATION AND INDEBTEDNESS**

The following table sets forth our unaudited capitalization as of August 31, 2025:

---

| |
|:---|
| on an actual basis; |
| on a pro forma basis to reflect (i) the sale of properties under the Equity Purchase Agreement with Nautical Ventures and (ii) the issuance of 101,598 common shares for services rendered; and |
| on a pro forma as adjusted basis to further reflect the issuance and sale of a combined 32,000,000 common units and pre-funded units by us in this offering (and assuming the immediate exercise of the pre-funded warrants sold in this offering) at an offering price of $0.30 per common unit and per pre-funded units (including the remaining exercise price of the pre-funded warrants), for net proceeds of $8,444,849 after deducting placement agent fees and estimated offering expenses payable by us. |

---

The pro forma information below is illustrative only and our capitalization following the completion of this offering will be adjusted based on the actual public offering price and other terms of this offering determined at pricing. You should read this table together with "Management's Discussion and Analysis of Financial Condition and Results of Operations", "Operating and Financial Review and Prospects" and our audited financial statements and the related notes appearing elsewhere in this prospectus and the documents incorporated by reference herein and our unaudited consolidated pro forma information appearing elsewhere in this prospectus and the documents incorporated by reference herein.

---

| | | | |
|:---|:---|:---|:---|
| **Shareholders' Equity** | **Actual<br> (Audited)** | **Pro Forma <br> (Unaudited)** | **Pro Forma <br> as Adjusted<br> (Unaudited)** |
| Cash and Cash Equivalents | $7418779 | $9252382 | $17697231 |
| Floor plan financing | $32511664 | $30511664 | $30511664 |
| Current portion of long-term debt | $657110 | $657110 | $657110 |
| Long-term debt | $1373885 | $1373885 | $1373885 |
| Purchase consideration payable to related party | $5048506 | $5016279 | $5016279 |
| Capital Stock: common shares, no par value per share, unlimited number of common shares authorized, 4,907,137 common shares outstanding on an actual basis, 5,008,735 common shares outstanding on a pro form basis and 20,103,075 common shares outstanding on a pro forma as adjusted basis | $67144672 | $67287061 | $72656910 |
| Contributed Surplus | $11785399 | $11785399 | $11785399 |
| Accumulated other comprehensive income | $1102489 | $1102489 | $1102489 |
| Retained Earnings/(Deficit) | $(71581558) | $(71723947) | $(72148947) |
| **Total Shareholders' Equity** | $8451002 | $8451002 | $13395851 |
| **Total Capitalization and Indebtedness** | $48042167 | $46009940 | $50954789 |

---

Shares outstanding prior to the offering is based on 5,008,735 common shares outstanding as of December 11, 2025, and excludes:

· 2,187 common
 shares issuable upon the exercise of outstanding options outstanding as of December 11, 2025 with a WAEP of $398.02;

· common shares
 underlying the placement agent warrants to be issued to the placement agent in connection with this registered offering;

· common shares underlying
 the common warrants to be issued pursuant to this offering;

· 440,033 common shares issuable upon exercise of other warrants
 outstanding as of December 11, 2025 with a WAEP of $17.34 .

· 48 common shares exercisable upon the exercise of outstanding
 pre-funded warrants;

· up to 647,802 common shares
 that may be issued upon the conversion of $5,586,646 in convertible notes that were issued pursuant to the Equity Purchase Agreement;

· 285,000 common shares to
 be issued to Alexandre Mongeon as per the Mongeon Employment Agreement;

· up to 255,012 common shares
 that may be issued if we exercise all of the Real Property Options (of which 85,004 are currently due to be issued); and

· up to 231,911 common shares
 that may be issued upon the conversion of up to $2,000,000 in convertible notes that may still be issued if we exercise real property
 options and dependent on the outcome of certain claims against Nautical Ventures, at a conversion price of $8.624 per share.

**DILUTION**

Investors in securities often experience immediately dilution in their investment to the extent of the difference between the offering price per common unit included in the securities and the net tangible book value per common share after this offering. Such dilution would result in this offering if the offering price per common share included in the securities is substantially in excess of the book value per common share attributable to the existing shareholders for our presently outstanding common shares. However, there is no such dilution in this offering as our net tangible book value per share on a pro forma as adjusted basis is higher than the assumed offering price. For purposes of this discussion and this discussion only, we have allocated all of the purchase price of the common units to the common shares included therein and have assumed the immediate exercise of all pre-funded warrants.

Net tangible book value represents the amount of our total consolidated tangible assets, which represent the amount of our total consolidated assets, excluding intangible assets, less total consolidated liabilities. Our historical net tangible book value as of August 31, 2025 was $7,969,805, or $1.62 per common share. Our historical net tangible book value is the amount of our total tangible assets less our liabilities. Historical net tangible book value per common share is our historical net tangible book value divided by the number of outstanding common share as of August 31, 2025.

After giving effect to (i) the sale of properties under the Equity Purchase Agreement with Nautical Ventures, and (ii) the issuance of 101,598 common shares for services rendered (the "Post- August 31, 2025 Events"), our pro forma net tangible book value as of August 31, 2025 would have been approximately $8.0 million, or approximately $1.59 per common share, based on 5,008,735 shares of common stock outstanding on a pro forma basis.

After giving effect to the Post- August 31, 2025 Events and the additional proceeds we will receive from this offering and the shares to be issued in connection therewith, our pro forma as adjusted net tangible book value as of August 31, 2025 would have been approximately $12.9 million, or approximately $0.35 per common share, based on shares of common stock outstanding on a pro forma as adjusted basis.

Dilution is determined by subtracting pro forma as adjusted net tangible book value per share from the offering price of $0.30 per common unit and after deducting the placement agent fees and estimated offering expenses payable by us.

Without taking into account any other changes in net tangible book value after August 31, 2025 other than to give effect to the Post-August 31, 2025 Events and the sale of the common units offered in this offering (and assuming the immediate exercise of any pre-funded warrants sold in this offering) and after deducting the placement agent fees and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of August 31, 2025 would have been approximately $12.9 million, or $0.35 per common share. This represents an immediate decrease in net tangible book value of $1.24 per common share to the existing shareholders and an immediate anti-dilution in net tangible book value of $0.05 per common share to investors purchasing securities in this offering. The following table illustrates such dilution and further illustrates that there is no dilution in net tangible book value on a pro forma as adjusted basis for investors participating in this offering:

---

| | |
|:---|:---|
| Offering price per common unit | $0.30 |
| &nbsp;&nbsp;&nbsp;Net tangible book value per share as of August 31, 2025 | $1.62 |
| &nbsp;&nbsp;&nbsp;Pro forma as adjusted net tangible book value as of August 31, 2025 | $1.59 |
| Pro forma as adjusted net tangible book value per share after this offering | $0.35 |
| Dilution per share to new investors in this offering | $(0.05) |

---

The tables and discussion above are based on a total of 5,008,735 common shares issued and outstanding as of December 11, 2025.

To the extent that we issue additional common shares in the future, there could be dilution to new investors participating in this offering.

**COMPANY INFORMATION**

We incorporate by reference into this prospectus the information describing our company set out in our <u>[annual report for the year ended August 31, 2025 filed on Form 20-F with the SEC on November 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1813783/000110465925116945/vmar-20250831x20f.htm)</u>. We draw your particular attention to Item 4 of that annual report entitled "Information on the Company."

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

Our discussion and analysis of the financial condition and results of operations for the fiscal years ended August 31, 2025 and 2024 is included in <u>[Exhibit 99.2](https://www.sec.gov/Archives/edgar/data/1813783/000110465925116876/vmar-20250831xex99d2.htm)</u> to our report on Form 6-K filed on November 28, 2025 and is incorporated herein by reference. Our discussion of results of operations for the year Ended August 31, 2024 as compared to the year ended August 31, 2023 is included in Item 5 of our <u>[annual report on Form 20-F filed on November 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1813783/000110465925116945/vmar-20250831x20f.htm)</u> and is incorporated herein by reference.

**DIRECTORS AND EXECUTIVE OFFICERS**

We incorporate by reference into this prospectus the information describing our directors and officers set out in our <u>[annual report for the year ended August 31, 2025 filed on Form 20-F with the SEC on November 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1813783/000110465925116945/vmar-20250831x20f.htm)</u>. Such information includes the composition of our board and various committees thereof, the business experience of our directors and officers, compensation paid to our directors and officers, family relationships, term of office, involvement in certain legal proceedings, director independence and our code of business conduct and ethics.

**PRINCIPAL SHAREHOLDERS**

**Security Ownership of Certain Beneficial Owners and Management**

The following table sets forth certain information regarding the beneficial ownership of our common shares as of December 11, 2025 by (a) all our directors; (b) all our executive officers, and (c) all our executive officers and directors as a group. We do not know of any person who beneficially owns 5% or more of our outstanding common shares. Except as otherwise indicated, all persons listed below have (i) sole voting power and investment power with respect to their common shares, except to the extent that authority is shared by spouses under applicable law, and (ii) record and beneficial ownership with respect to their common shares.

---

| | | |
|:---|:---|:---|
| <br>**Name** |<br>**Common Shares**<br>**Beneficially**<br>**Owned <sup>(1)</sup>** | **Percentage of**<br>**Common Shares**<br>**Beneficially**<br>**Owned <sup>(2)</sup>** |
| ***Directors and Executive Officers:*** |  |  |
| Alexandre Mongeon, *Chief Executive Officer, Director<sup>(3)</sup>* | 286037 | 5.4% |
| Roger Moore, *Chief Revenue Officer<sup>(6)</sup>* | 687460 | 12.1% |
| Maxime Poudrier, *Chief Operating Officer<sup>(9)(10)</sup>* | 1004 | \*% |
| Raffi Sossoyan, *Chief Financial Officer* | 14702 | \*% |
| Daniel Rathe, *Chief Technical Officer<sup>(7)(8)</sup>* | 501 | \*% |
| Steve P. Barrenechea, *Director* | 4699 | \*% |
| Luisa Ingargiola, *Director* | 4699 | \*% |
| Dr. Philippe Couillard, *Director<sup>(4)</sup>* | 38 | \*% |
| Pierre-Yves Terrisse, *Director<sup>(5)</sup>* | Nil | \*% |
| **All Directors and Executive Officers as a Group (Nine Persons)** | 999140 | 16.7% |

---

\* Under 1%

<sup>(1)</sup> Under Rule 13d-3, a beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the number of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in this table does not necessarily reflect the person's actual ownership or voting power with respect to the number of common shares actually outstanding on December 11, 2025.

<sup>(2)</sup> The percentage is calculated based on (i) 5,008,735 common shares that were outstanding as of December 11, 2025 and (ii) common shares deemed to be beneficially owned by such person or group if the person or group has the right to acquire the common shares within 60 days of the date as of which the information is provided.

<sup>(3)</sup> Includes 16 common shares underlying options that have vested or will vest within the next 60 days. Under the terms of the Mongeon Employment Agreement, Alexandre Mongeon will be issued 285,000 of our common shares as compensation for moving his entire family to Southern Florida. The common shares will be issued once the move is completed.

<sup>(4)</sup> Includes 38 common shares underlying options that have vested or will vest within the next 60 days.

<sup>(5)</sup> Pierre-Yves Terrisse was appointed to our Board of Directors in February 2025.

<sup>(6)</sup> Roger Moore was appointed our Chief Revenue Officer in June 2025. Mr. Moore beneficially owns (a) 93% of the common shares underlying a $3,586,646 convertible note, (b) 93% of the common shares underlying a $2,000,000 convertible note, each convertible at USD$8.624 per share and (c) 85,004 common shares issuable as part of the share consideration for the acquisition of Nautical Ventures.

<sup>(7)</sup> Daniel Rathe was appointed our Chief Technical Officer in July 2025.

<sup>(8)</sup> Includes 498 common shares underlying options that have vested or will vest within the next 60 days.

<sup>(9)</sup> Maxime Poudrier was appointed our Chief Operating Officer in August 2025.

<sup>(10)</sup> Includes 4 common shares underlying options that have vested or will vest within the next 60 days.

The information as to shares beneficially owned, not being within our knowledge, has been furnished by each of our officers and directors, all directors and executive officers as a group, and each person who is known to us to own beneficially more than 5% of our common shares.

As of December 11, 2025, there were 35 holders of record of our common shares in the United States including CEDE & Co., which is a nominee of the Depository Trust Company.

**Transfer Agent**

Our common shares are recorded in registered form on the books of our transfer agent, Odyssey Transfer and Trust Company, located at 2155 Woodland Drive, Suite 100, Woodbury, MN, 55125.

**RELATED-PARTY TRANSACTIONS**

We incorporate by reference into this prospectus the information describing related-party transactions set out in our <u>[annual report for the year ended August 31, 2025 filed on Form 20-F with the SEC on November 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1813783/000110465925116945/vmar-20250831x20f.htm)</u>. We draw your particular attention to Item 7.B of that annual report entitled "Related-Party Transactions."

**MARKET FOR OUR SECURITIES**

Our common shares began trading on the Nasdaq Capital Market in November 2020 under the symbol "VMAR". The following table sets out the high and low closing price for our securities (rounded to the nearest whole cent) in each completed fiscal quarter since September 1, 2023 as quoted on the Nasdaq Stock Market:

---

| | | |
|:---|:---|:---|
|  | **Common Shares** | **Common Shares** |
|  | **High** | **Low** |
| **Fiscal 2024** | | |
| &nbsp;&nbsp;&nbsp;Quarter Ended November 30 | $5089.30 | $1782.06 |
| &nbsp;&nbsp;&nbsp;Quarter Ended February 29 | $2078.92 | $1013.81 |
| &nbsp;&nbsp;&nbsp;Quarter Ended May 31 | $1052.96 | $691.44 |
| &nbsp;&nbsp;&nbsp;Quarter Ended August 31 | $944.96 | $222.30 |
| **Fiscal 2025** |  |  |
| &nbsp;&nbsp;&nbsp;Quarter Ended November 30 | $210.60 | $20.80 |
| &nbsp;&nbsp;&nbsp;Quarter Ended February 28 | $21.50 | $7.31 |
| &nbsp;&nbsp;&nbsp;Quarter Ended May 31 | $8.18 | $4.39 |
| &nbsp;&nbsp;&nbsp;Quarter Ended August 31 | $8.51 | $1.37 |
| **Fiscal 2026** |  |  |
| Quarter Ended November 30 | $1.64 | $1.10 |

---

As of December 11, 2025, the last reported sale price of our common share on the Nasdaq Capital Market was $0.53 per share. The market for our common shares is limited and may become volatile and sporadic.

There is no market for our common units, pre-funded units, pre-funded warrants or common warrants, and we do not intend to apply for or create any such market for such pre-funded warrants or common warrants.

**Holders**

As of December 11, 2025, the registrar and transfer agent for our common shares reported that there were 5,008,735 common shares issued and outstanding. 4,968,994 of our common shares were registered to residents of the United States, including 4,858,184 shares registered to CEDE & Co., which is a nominee of the Depository Trust Company.

**Dividends**

We have not declared any common share dividends to date. We have no present intention of paying any cash dividends on our common shares in the foreseeable future, as we intend to use earnings, if any, to generate growth. The payment by us of dividends, if any, in the future, is within the discretion of our Board of Directors and will depend upon, among other things, our earnings, capital requirements and financial condition, as well as other relevant factors. There are no material restrictions in our Articles of Incorporation and By-laws that restrict us from declaring dividends.

**Authorized Capital**

Our Articles of Incorporation provides that our authorized capital consists of two (2) classes of shares, being an unlimited number of common shares without par value, issuable in four series, of which an unlimited number are designated as Voting Common Shares - Series Founder, an unlimited number are designated as Voting Common Shares - Series Investor 1, an unlimited number are designated as Voting Common Shares - Series Investor 2 and an unlimited number are designated as Non-Voting Common Shares, and we are also authorized to issue an unlimited number of preferred shares without par value, in one (1) or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors.

**Rights, Preferences and Restrictions Attaching to Our Shares**

Our Voting Common Shares, subject to the Business Corporations Act, are entitled to the following rights, privileges, restrictions and conditions attaching to our Voting Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Voting Common Shares carry
 the right to vote at every shareholders' meeting and receive a notice of meeting; each shareholder has one vote per share during
 the meeting;

· Voting Common Shares carry
 the right to receive any dividend;

· Voting Common Shares have
 the right to share the remainder of the assets in the event of the liquidation or dissolution of the Corporation.

Our Non-Voting Common Shares, subject to the Business Corporations Act, are entitled to the following rights, privileges, restrictions and conditions attaching to our Non-Voting Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Voting Common Shares
 do not carry the right to vote at shareholder meetings or to receive notice of such meetings;

· Non-Voting Common Shares
 carry the right to receive any dividend;

· Non-Voting Common Shares
 have the right to share the remainder of the assets in the event of the liquidation or dissolution of the Corporation.

The directors of the Corporation may at any time and from time to time issue the Preferred Shares in one (1) or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors, with such designation, rights, restrictions, conditions and limitations to attach to the Preferred Shares as the directors of the Corporation may determine.

To date, the Corporation has created:

***Series A Preferred Shares***

By certificate of amendment dated December 13, 2023, the Corporation created the Series A Convertible Preferred (the "Series A Preferred Shares"). No Series A Preferred Shares are currently outstanding. The terms of the Series A Preferred Shares are set out in the section entitled "Articles of Incorporation of Our Company."

***Series B Preferred Shares***

By certificate of amendment dated January 15, 2024, the Corporation created the Series B Convertible Preferred (the "Series B Preferred Shares"). No Series B Preferred Shares are currently outstanding. The terms of the Series B Preferred Shares are set out in the section entitled "Articles of Incorporation of Our Company."

**ARTICLES OF INCORPORATION OF OUR COMPANY**

Our company was incorporated under the laws of the Province of Quebec, Canada on August 27, 2012, under the name Riopel Marine, Inc. We amended our Articles of Incorporation on April 22, 2020, to change our name to Vision Marine Technologies Inc. We amended our Articles of Incorporation on September 30, 2022, to create a new class of preferred shares., (ii) on December 13, 2023, to create the Series A Convertible Preferred Shares (the "Series A Preferred Shares"), and (ii) on December 13, 2023, to create the Series B Convertible Preferred Shares (the "Series B Preferred Shares"). The following is a description of certain sections of our Articles of Incorporation as amended.

**Remuneration of Directors**

Our directors are entitled to the remuneration for acting as directors as the directors may from time to time determine. Unless otherwise provided for in a unanimous shareholder's agreement, the Board fixes, from time to time, by resolution, the remuneration of the directors. In addition, the Board, may, by resolution, grant special compensation to a director who performs a specific or additional mandate on our behalf. Directors also have the right to be reimbursed for travel expenses and all reasonable costs and expenses incurred in the exercise of their duties.

**Number of Directors**

Our Articles of Incorporation provide for a minimum of one and a maximum of ten directors. The Board is composed of the fixed number of directors, between these minimum and maximum numbers, determined by resolution of the Board, or failing that by shareholder resolution. An amendment to the Articles of Incorporation which reduces the number of directors does not end the mandate of the directors in office.

**Directors**

Our directors are elected each year at the annual shareholder's meeting. The election of a director is made by plurality of votes; the candidates who collect the greatest number of votes are elected in descending order, up to the number of positions to be filled. Our Articles of Incorporation provide that the Board may, between annual meetings, appoint one or more additional directors to serve until the next annual meeting, but the number of additional directors must not at any time exceed the fixed or maximum number of directors provided for by the Articles of Incorporation.

Our directors may from time to time on behalf of our company, without shareholder approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Take out loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issue, reissue, sell or
 mortgage its debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Give security for the performance
 of another person's obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mortgage all or part of
 his property, present or future, in order to guarantee the performance of any obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fill vacancies in the directors
 or the auditor or to appoint additional directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Appoint our chairman and
 the chairman of our Board, the head of management, the head of operations or the head of finance, and fix their remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Authorize the issue of
 shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approve the transfer of
 unpaid shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Declare dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquire, in particular
 by purchase, redemption or exchange, shares issued by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Subdivide, redesign or
 convert shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Authorize the payment of
 a commission to a person who purchases our shares or other securities, or who undertakes to buy or to have these shares or values
 purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approve the financial statements
 presented at annual meetings of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adopt the rules of
 procedure, modify or repeal them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Authorize calls for payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Authorize the confiscation
 of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approve an amendment to
 the Articles of Incorporation allowing the series division of a class of unissued shares and establish the designation, rights and
 restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approve a simplified merger.

**Authorized Capital**

Our Articles of Incorporation provides that our authorized capital consists of two (2) classes of shares, being an unlimited number of common shares without par value, issuable in four series, of which an unlimited number are designated as Voting Common Shares - Series Founder, an unlimited number are designated as Voting Common Shares - Series Investor 1, an unlimited number are designated as Voting Common Shares - Series Investor 2 and an unlimited number are designated as Non-Voting Common Shares, and we are also authorized to issue an unlimited number of preferred shares without par value, in one (1) or more series, each series to consist of such number of shares as may be determined by the board of directors before issuance thereof.

**Rights, Preferences and Restrictions Attaching to Our Shares**

Our Voting Common Shares, subject to the Business Corporations Act, are entitled to the following rights, privileges, restrictions and conditions attaching to our Voting Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Voting Common Shares carry
 the right to vote at every shareholders' meeting and receive a notice of meeting; each shareholder has one vote per share during
 the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Voting Common Shares carry
 the right to receive any dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Voting Common Shares have
 the right to share the remainder of the assets in the event of our liquidation or dissolution.

Our Non-Voting Common Shares, subject to the Business Corporations Act, are entitled to the following rights, privileges, restrictions and conditions attaching to our Non-Voting Common Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Voting Common Shares
 do not carry the right to vote at shareholder meetings or to receive notice of such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Voting Common Shares
 carry the right to receive any dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Voting Common Shares
 have the right to share the remainder of the assets in the event of our liquidation or dissolution.

Our directors may at any time and from time to time issue the Preferred Shares in one (1) or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors, with such designation, rights, restrictions, conditions and limitations to attach to the Preferred Shares as our directors may determine.

To date, we have created:

***Series A Preferred Shares***

By certificate of amendment dated December 13, 2023, the Corporation created the Series A Convertible Preferred (the "Series A Preferred Shares"). Pursuant to a private placement which closed on December 21, 2023, the Series A Preferred Shares were limited to 6,000 shares in total and each Series A preferred share had a stated Value equal to $1,000. Holders of the Series A Preferred Shares are not entitled to receive any dividends, however as long as any Series A Preferred Shares remain outstanding, the Corporation is prohibited from declaring any dividends or making any distributions on any securities junior to the Series A Preferred Shares.

The Series A Preferred Shares have no voting rights except if the Corporation proposes to (i) alter or adversely change the prior preferences given to the Series A Preferred Shares, (ii) authorize or create any class of shares ranking as to dividends, redemption or distribution any rights senior to or pari-passu with the Series A Preferred Shares, (iv) increase the number of authorized preferred shares, or (v) enter into any agreement with respect to any of the foregoing.

Upon liquidation, dissolution or winding-up of the Corporation, holders of Series A Preferred Shares would be entitled to receive, an amount equal to the stated value plus accrued and unpaid dividends thereon and such payments would be made before any distribution or payment is made to the holders of any junior securities.

Each Series A Preferred Share is convertible, at any time and from time to time, after they are issued, at the option of the holder into that number of Common Shares determined by dividing the stated value of such Series A Preferred Shares by the conversion price. The conversion price shall be equal to $1,417.50 subject to any adjustments otherwise provided in the articles of amendment. However, the conversion price in connection with a forced conversion would be the lesser of the then price and 80% of the average VWAP during the five trading days ending on and including the forced conversion date. In no event, shall the conversion price be less than $405.00, subject to adjustment.

The Series A Preferred Shares are subject to a forced conversion on the one-year anniversary date of original issue pursuant to which the Corporation shall deliver a written notice to all holders of Series A Preferred Shares to cause each holder to convert all or part of such holder's Series A Preferred Shares plus all liquidated damage and other amounts due in respect of the Series A Preferred Shares.

The Series A Preferred Shares also contain a number of negative covenants that prevent the Corporation for taking various actions which would adversely affect any rights of the holders of Series A Preferred Shares including, without limitation, (i) amending its charter documents,(ii) repurchasing or offering to dividends or distributions on junior securities of the Corporation, or (iv) enter into any agreements with respect to any of the foregoing.

The Corporation also has the right to redeem all but not less than all of the stated value of the Series A Preferred Shares then outstanding in cash at a price equal to 120% of the stated value being redeemed as of the redemption date. The Series A Preferred Shares also have adjustment mechanisms in order to insure that upon any splits or reverse splits any appropriate adjustment shall be made to the conversion price and to the number of common shares and contain specific adjustments for any equity sales which are issued below the then set price.

***Series B Preferred Shares***

By certificate of amendment dated January 15, 2024, the Corporation created the Series B Convertible Preferred (the "Series B Preferred Shares"). Pursuant to a private placement which closed on January 19, 2024, the Series B Preferred Shares were limited to 3,000 shares in total and each Series B preferred share had a stated Value equal to $1,000. Holders of the Series B Preferred Shares are not entitled to receive any dividends, however as long as any Series B Preferred Shares remain outstanding, the Corporation is prohibited from declaring any dividends or making any distributions on any securities junior to the Series B Preferred Shares.

The Series B Preferred Shares have no voting rights except if the Corporation proposes to (i) alter or adversely change the prior preferences given to the Series B Preferred Shares, (ii) authorize or create any class of shares ranking as to dividends, redemption or distribution any rights senior to or pari-passu with the Series B Preferred Shares, (iv) increase the number of authorized preferred shares, or (v) enter into any agreement with respect to any of the foregoing.

Upon liquidation, dissolution or winding-up of the Corporation, holders of Series B Preferred Shares would be entitled to receive, an amount equal to the stated value plus accrued and unpaid dividends thereon and such payments would be made before any distribution or payment is made to the holders of any junior securities.

Each Series B Preferred Share is convertible, at any time and from time to time, after they are issued, at the option of the holder into that number of Common Shares determined by dividing the stated value of such Series B Preferred Shares by the conversion price. The conversion price shall be equal to $1,417.50 subject to any adjustments otherwise provided in the articles of amendment. However, the conversion price in connection with a forced conversion would be the lesser of the then price and 80% of the average VWAP during the five trading days ending on and including the forced conversion date. In no event, shall the conversion price be less than $405.00, subject to adjustment.

The Series B Preferred Shares are subject to a forced conversion on the one-year anniversary date of original issue pursuant to which the Corporation shall deliver a written notice to all holders of Series B Preferred Shares to cause each holder to convert all or part of such holder's Series B Preferred Shares plus all liquidated damage and other amounts due in respect of the Series B Preferred Shares.

The Series B Preferred Shares also contain a number of negative covenants that prevent the Corporation for taking various actions which would adversely affect any rights of the holders of Series B Preferred Shares including, without limitation, (i) amending its charter documents,(ii) repurchasing or offering to repurchase or otherwise require more than a de minimus number of common shares, (iii) pay cash dividends or distributions on junior securities of the Corporation, or (iv) enter into any agreements with respect to any of the foregoing.

We also have the right to redeem all but not less than all of the stated value of the Series B Preferred Shares then outstanding in cash at a price equal to 120% of the stated value being redeemed as of the redemption date. The Series B Preferred Shares also have adjustment mechanisms in order to insure that upon any splits or reverse splits any appropriate adjustment shall be made to the conversion price and to the number of common shares and contain specific adjustments for any equity sales which are issued below the then set price.

**Shareholder Meetings**

The Business Corporations Act provides that: (i) we must hold an annual meeting of shareholders; if necessary, we can hold one or more special shareholder's meetings; (ii) shareholders meeting may be held in Quebec, in any place chosen by the Board, or may be held at a location outside Quebec if the articles allow it, or if all the shareholders entitled to vote agree; (iii) an annual meeting must be held within 15 months of the previous annual meeting; (iv) the Board may at any time call a special meeting; (v) shareholders holding at least 10% of the shares giving the right to vote at the special meeting requested to be convened may, by means of a notice, request the Board to convene a special meeting for the purposes set out in their request.

**MATERIAL CONTRACTS**

We incorporate by reference into this prospectus the information describing our material contracts set out in our <u>[annual report for the year ended August 31, 2025 filed on Form 20-F with the SEC on November 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1813783/000110465925116945/vmar-20250831x20f.htm)</u>. We draw your particular attention to Item 10.C of that annual report entitled "Material Contracts."

**LIMITATIONS ON RIGHTS OF NON-CANADIANS**

Vision Marine Technologies Inc. is incorporated pursuant to the laws of the Province of Quebec, Canada. There is no law or governmental decree or regulation in Canada that restricts the export or import of capital, or affects the remittance of dividends, interest or other payments to a non-resident holder of common shares, other than withholding tax requirements. Any such remittances to United States residents are generally subject to withholding tax, however no such remittances are likely in the foreseeable future. See "Certain Canadian Federal Income Tax Considerations For Non-Canadian Holders," below.

There is no limitation imposed by Canadian law or by the charter or other constituent documents of our company on the right of a non-resident to hold or vote common shares of our company. However, the *Investment Canada Act* (Canada) (the "Investment Act") has rules regarding certain acquisitions of shares by non-residents, along with other requirements under that legislation.

The following discussion summarizes the principal features of the Investment Act for a non-resident who proposes to acquire common shares of our company. The discussion is general only; it is not a substitute for independent legal advice from an investor's own advisor; and it does not anticipate statutory or regulatory amendments.

The Investment Act is a federal statute of broad application regulating the establishment and acquisition of Canadian businesses by non-Canadians, including individuals, governments or agencies thereof, corporations, partnerships, trusts or joint ventures (each an "entity"). Investments by non-Canadians to acquire control over existing Canadian businesses or to establish new ones are either reviewable or notifiable under the Investment Act. If an investment by a non-Canadian to acquire control over an existing Canadian business is reviewable under the Investment Act, the Investment Act generally prohibits implementation of the investment unless, after review, the Minister of Innovation, Science and Economic Development (the "Minister"), is satisfied that the investment is likely to be of net benefit to Canada.

A non-Canadian would acquire control of our company for the purposes of the Investment Act through the acquisition of common shares if the non-Canadian acquired a majority of the common shares of our company.

Further, the acquisition of less than a majority but one-third or more of the common shares of our company would be presumed to be an acquisition of control of our company unless it could be established that, on the acquisition, our company was not controlled in fact by the acquirer through the ownership of common shares.

For a direct acquisition that would result in an acquisition of control of our company, subject to the exception for "WTO-investors" that are controlled by persons who are resident in World Trade Organization ("WTO") member nations, a proposed investment would be reviewable where the value of the acquired assets is $5 million or more, or if an order for review was made by the federal cabinet on the grounds that the investment related to Canada's cultural heritage or national identity, where the value of the acquired assets is less than $5 million.

For a proposed indirect acquisition by an investor other than a so-called WTO investor that would result in an acquisition of control of our company through the acquisition of a non-Canadian parent entity, the investment would be reviewable where the value of the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly is $50 million or more. The threshold is reduced to $5 million or more for a direct acquisition of control of the company by a non-WTO investor.

In the case of a direct acquisition by or from a "WTO investor", the threshold is significantly higher. An investment in common shares of our company by a WTO investor would be reviewable only if it was an investment to acquire control of the company and the enterprise value of the assets of the company was equal to or greater than a specified amount, which is published by the Minister after its determination for any particular year. This amount is currently $1.386 billion (unless the WTO member is party to one of a list of certain free trade agreements, in which case the amount is currently $2.079 billion); since January 1, 2019, both thresholds are adjusted annually by a GDP (Gross Domestic Product) based index.

The higher WTO threshold for direct investments and the exemption for indirect investments do not apply where the relevant Canadian business is carrying on a "cultural business". The acquisition of a Canadian business that is a "cultural business" is subject to lower review thresholds under the Investment Act because of the perceived sensitivity of the cultural sector.

In 2009 and 2024, important amendments were enacted to the Investment Act concerning investments that may be considered injurious to national security. If the Minister has reasonable grounds to believe that an investment by a non-Canadian "could be injurious to national security," the Minister may send the non-Canadian a notice indicating that an order for review of the investment may be made. The review of an investment on the grounds of national security may occur whether or not an investment is otherwise subject to review on the basis of net benefit to Canada or otherwise subject to notification under the Investment Act. To date, there is neither legislation nor guidelines published, or anticipated to be published, on the meaning of "injurious to national security." Discussions with government officials suggest that very few investment proposals will cause a review under these new sections. In 2016, 2021 and 2025, the government of Canada released a set of guidelines for the national security review process. The guidelines state that, in assessing a proposed investment under the national security provisions of the Investment Act, the nature of the asset or business activities and the parties, including the potential for third party influence, involved in the transaction will be considered. The guidelines also provide a list of factors that may be taken into account to determine whether a review of an investment on national security grounds will be conducted.

Certain transactions, except those to which the national security provisions of the Investment Act may apply, relating to common shares of our company are exempt from the Investment Act, including:

(a) the acquisition
 of our common shares by a person in the ordinary course of that person's business as a trader or dealer in securities,

(b) the acquisition
 of control of our company in connection with the realization of security granted for a loan or other financial assistance and not
 for a purpose related to the provisions on the Investment Act, and

(c) the acquisition of control
 of our company by reason of an amalgamation, merger, consolidation or corporate reorganization following which the ultimate direct
 or indirect control in fact of our company, through the ownership of common shares, remained unchanged.

**TAXATION**

**Canadian Federal Income Tax Considerations for Non-Canadian Holders**

The following summary describes, as of the date hereof, the material Canadian federal income tax considerations generally applicable to a purchaser who acquires, as a beneficial owner, the offered securities pursuant to this offering and who, at all relevant times, for the purposes of the application of the *Income Tax Act* (Canada) and the Income Tax Regulations, or, collectively, the Canadian Tax Act, (1) is not, and is not deemed to be, resident in Canada for purposes of the Canadian Tax Act and any applicable income tax treaty or convention; (2) deals at arm's length with us; (3) is not affiliated with us; (4) does not use or hold, and is not deemed to use or hold, the offered securities in a business carried on in Canada; (5) has not entered into, with respect to our offered securities, a "derivative forward agreement" as that term is defined in the Canadian Tax Act and (6) holds the offered securities as capital property (a "Non-Canadian Holder"). Special rules, which are not discussed in this summary, may apply to a Non-Canadian Holder that is an insurer carrying on an insurance business in Canada and elsewhere.

This summary is based on the current provisions of the Canadian Tax Act, and an understanding of the current administrative policies of the Canada Revenue Agency published in writing prior to the date hereof. This summary takes into account all specific proposals to amend the Canadian Tax Act and the Canada-United States Tax Convention (1980), as amended, or the Canada-U.S. Tax Treaty, publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof the ("Proposed Amendments") and assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative policy or assessing practice whether by legislative, regulatory, administrative or judicial action nor does it take into account tax legislation or considerations of any province, territory or foreign jurisdiction, which may differ from those discussed herein.

This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Canadian Holder and no representation with respect to the Canadian federal income tax consequences to any particular Non-Canadian Holder or prospective Non-Canadian Holder is made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, prospective purchasers should consult with their own tax advisors for advice with respect to their own particular circumstances.

Generally, for purposes of the Canadian Tax Act, all amounts relating to the acquisition, holding or disposition of the offered securities must be converted into Canadian dollars based on the exchange rates as determined in accordance with the Canadian Tax Act. The amount of any dividends required to be included in the income of, and capital gains or capital losses realized by, a Non-Canadian Holder may be affected by fluctuations in the Canadian exchange rate.

**Dividends**

Dividends paid or credited on the common shares or deemed to be paid or credited on the common shares to a Non-Canadian Holder will be subject to Canadian withholding tax at the rate of 25%, subject to any reduction in the rate of withholding to which the Non-Canadian Holder is entitled under any applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. For example, under the Canada-U.S. Tax Treaty, where dividends on the common shares are considered to be paid to or derived by a Non-Canadian Holder that is the beneficial owner of the dividends and a U.S. resident for the purposes of, and is entitled to benefits of, the Canada-U.S. Tax Treaty, the applicable rate of Canadian withholding tax is generally reduced to 15% (or 5% in the case of a U.S. Holder that is a corporation beneficially owning at least 10% of all of the issued voting shares). We will be required to withhold the applicable withholding tax from any dividend and remit it to the Canadian government for the Non-Canadian Holder's account. Non-Canadian Holders are urged to consult their own tax advisors to determine their entitlement to relief under an applicable income tax treaty.

**Dispositions**

A Non-Canadian Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of an offered security, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless (i) the offered securities are "taxable Canadian property" to the Non-Canadian Holder for purposes of the Canadian Tax Act at the time of disposition; and (ii) the Non-Canadian Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident.

Generally, the offered securities will not constitute "taxable Canadian property" to a Non-Canadian Holder at a particular time provided that the offered securities are listed at that time on a "designated stock exchange" (as defined in the Canadian Tax Act), which includes Nasdaq unless at any particular time during the 60-month period that ends at that time:

· at least 25%
 of the issued shares of any class or series of our capital stock was owned by or belonged to any combination of (a) the Non-Canadian
 Holder, (b) persons with whom the Non-Canadian Holder does not deal at arm's length, and (c) partnerships in which
 the Non-Canadian Holder or a person described in (b) holds a membership interest directly or indirectly through one or more
 partnerships, and

· more than 50%
 of the fair market value of the offered securities was derived, directly or indirectly, from one or any combination of : (i) real
 or immoveable property situated in Canada, (ii) "Canadian resource properties" (as that term is defined in the Canadian
 Tax Act), (iii) "timber resource properties" (as that term is defined in the Canadian Tax Act) and (iv) options
 in respect of, or interests in, or for civil law rights in, property in any of the foregoing whether or not the property exists.

Notwithstanding the foregoing, in certain circumstances, offered securities could be deemed to be "taxable Canadian property."

A Non-Canadian Holder's capital gain (or capital loss) of a disposition or deemed disposition of the offered securities that constitute or are deemed to constitute taxable Canadian property (and are not "treaty-protected property" as defined in the Canadian Tax Act) generally will be computed and taxed as though the Non-Canadian Holder were a resident of Canada for purposes of the Canadian Tax Act. Such Non-Canadian Holder may be required to report the disposition or deemed disposition of offered securities by filing a tax return in accordance with the Canadian Tax Act. Non-Canadian Holders whose offered securities may be taxable Canadian property should consult their own tax advisors regarding the tax and compliance considerations that may be relevant to them. The proceeds of disposition payable by the purchaser to the Non-Canadian Holder may be subject to a mandatory withholding equal to 25% of such proceeds if the Non-Canadian Holder does not provide the purchaser with a proper certificate issued by the Canadian tax authorities.

**United States Federal Income Tax Considerations**

The following discussion is a summary of United States federal income tax considerations relating to the ownership and disposition of the offered securities by a U.S. holder (as defined below) that holds offered securities as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law, which is subject to differing interpretations and may be changed, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service (the "IRS") with respect to any United States federal income tax consequences described below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be important to particular investors in light of their individual circumstances, including investors subject to special tax rules (for example, banks or other financial institutions, insurance companies, broker-dealers, pension plans, cooperatives, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), holders who are not U.S. holders, holders who own (directly, indirectly, or constructively) 10% or more of our voting shares, holders who will hold offered securities as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or investors that have a functional currency other than the United States dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States, alternative minimum tax, state, or local tax considerations, or the Medicare tax on net investment income. Each U.S. holder is urged to consult its tax advisors regarding the United States federal, state, local, and non-United States income and other tax considerations with respect to the ownership and disposition of the offered securities.

***General***

For purposes of this discussion, a "U.S. holder" is a beneficial owner of offered securities that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is subject to United States federal income taxation regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise elected to be treated as a United States person under applicable United States Treasury regulations.

If a partnership (or other entity treated as a partnership for United States federal income tax purposes) is a beneficial owner of offered securities, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding offered securities and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in the offered securities.

***Passive Foreign Investment Company Considerations***

A non-United States corporation, such as our company, will be a "passive foreign investment company," or "PFIC," for United States federal income tax purposes, if, in any particular taxable year, either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the average quarterly value of its assets (as determined on the basis of fair market value) during such year produce or are held for the production of passive income. For this purpose, cash is categorized as a passive asset and the company's unbooked intangibles associated with active business activities may generally be classified as active assets. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. We will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock.

The discussion below under "Dividends" and "Sale or Other Disposition of Offered Securities" is written on the basis that we will not be or become a PFIC for United States federal income tax purposes. The United States federal income tax rules that apply if we are a PFIC for the current taxable year or any subsequent taxable year are generally discussed below under "Passive Foreign Investment Company Rules."

***Dividends***

Subject to the PFIC rules discussed below, any cash distributions (including the amount of any tax withheld) paid on our common shares out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, will generally be includible in the gross income of a U.S. holder as dividend income on the day actually or constructively received by the U.S. holder. Because we do not intend to determine our earnings and profits on the basis of United States federal income tax principles, any distribution paid will generally be reported as a "dividend" for United States federal income tax purposes. A non-corporate recipient of dividend income will generally be subject to tax on dividend income from a "qualified foreign corporation" at a reduced United States federal tax rate rather than the marginal tax rates generally applicable to ordinary income provided that certain holding period requirements are met.

Dividends received by certain non-corporate U.S. Holders (including individuals) may be "qualified dividend income," which is taxed at the lower applicable capital gains rate, provided that (1) our common shares are readily tradable on an established securities market in the United States, (2) we are neither a passive foreign investment company (as discussed below) nor treated as such with respect to the U.S. Holder for our taxable year in which the dividend is paid or the preceding taxable year, (3) the U.S. Holder satisfies certain holding period requirements, and (4) the U.S. Holder is not under an obligation to make related payments with respect to positions in substantially similar or related property. Under IRS authority, common shares generally are considered for purposes of clause (1) above to be readily tradable on an established securities market in the United States if they are listed on the Nasdaq Capital Market, as our common shares are expected to be. U.S. Holders should consult their own tax advisors regarding the availability of the lower rate for dividends paid with respect to our common shares.

***Sale or Other Disposition of Offered Securities***

Subject to the PFIC rules discussed below, a U.S. holder will generally recognize capital gain or loss upon the sale or other disposition of offered securities in an amount equal to the difference between the amount realized upon the disposition and the U.S. holder's adjusted tax basis in such offered securities. Any capital gain or loss will be long-term if the offered securities have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. Long-term capital gain of non-corporate U.S. holders is generally eligible for a reduced rate of taxation. The deductibility of a capital loss may be subject to limitations. U.S. holders are advised to consult its tax advisors regarding the tax consequences if a foreign tax is imposed on a disposition of the offered securities.

***Passive Foreign Investment Company Rules***

If we are a PFIC for any taxable year during which a U.S. holder holds our common shares, and unless the U.S. holder makes a mark-to-market election (as described below), the U.S. holder will generally be subject to special tax rules that have a penalizing effect, regardless of whether we remain a PFIC, for subsequent taxable years, on (i) any excess distribution that we make to the U.S. holder (which generally means any distribution paid during a taxable year to a U.S. holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. holder's holding period for the common shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of common shares. Under the PFIC rules:

· such excess
 distribution and/or gain will be allocated ratably over the U.S. holder's holding period for the common shares;

· such amount
 allocated to the current taxable year and any taxable years in the U.S. holder's holding period prior to the first
 taxable year in which we are a PFIC, or pre-PFIC year, will be taxable as ordinary income; and

· such amount
 allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect
 for that year; and an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to
 each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. holder holds our common shares and any of our non-United States subsidiaries is also a PFIC, such U.S. holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries.

As an alternative to the foregoing rules, a U.S. holder of "marketable stock" in a PFIC may make a mark-to-market election. Since we plan to have our common shares listed on the Nasdaq, and provided that the common shares will be regularly traded on the Nasdaq, a U.S. holder holds common shares will be eligible to make a mark-to-market election if we are or were to become a PFIC. If a mark-to-market election is made, the U.S. holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of common shares held at the end of the taxable year over the adjusted tax basis of such common shares and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the common shares over the fair market value of such common shares held at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. holder's adjusted tax basis in the common shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the common shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. If a U.S. holder makes a mark-to-market election it will be effective for the taxable year for which the election is made and all subsequent taxable years unless the common shares are no longer regularly traded on a qualified exchange or the Internal Revenue Service consents to the revocation of the election.

If a U.S. holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. holder who makes a mark-to-market election with respect to our common shares may continue to be subject to the general PFIC rules with respect to such U.S. holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

We do not intend to provide information necessary for U.S. holders to make qualified electing fund elections, which, if available, would result in tax treatment different from the general tax treatment for PFICs described above.

Dividends that we pay on our common shares will not be eligible for the reduced tax rate that applies to qualified dividend income if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year. In addition, if a U.S. holder owns our common shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. holder is advised to consult its tax advisors regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

***General Treatment of Common Units and Pre-Funded Units***

The acquisition of a common unit should be treated for U.S. federal income tax purposes as the acquisition of one common share and one half of one common warrant, and the acquisition of a pre-funded unit should be treated for U.S. federal income tax purposes as the acquisition of one pre-funded warrant and one half of one common warrant. For U.S. federal income tax purposes, each holder that acquires a unit must allocate the purchase price paid by such holder for such unit between the constituent parts of such unit based on the relative fair market value of each at the time of issuance.

***Treatment of Pre-Funded Warrants***

Although not free from doubt, a pre-funded warrant should be treated as a share of our common shares for U.S. federal income tax purposes, and a holder of pre-funded warrants should generally be taxed in the same manner as a holder of common shares, as described below. Accordingly, no gain or loss should be recognized (other than with respect to cash paid in lieu of a fractional share) upon the exercise of a pre-funded warrant (except in the case of a cashless exercise, the treatment of which for U.S. federal income tax purposes is not clear) and, upon exercise, the holding period of a pre-funded warrant should carry over to the share of common shares received. Similarly, the tax basis of the pre-funded warrant should carry over to the share of common shares received upon exercise, increased by the exercise price of C$0.001. The discussion below assumes the characterization described above is respected for U.S. federal income tax purposes. If a pre-funded warrant is not treated as a common share for U.S. federal income tax purposes and is instead treated as an option to acquire common shares, then the U.S. federal income tax treatment of pre-funded warrants generally should be the same as the treatment of common warrants as described below and the holding period of common shares acquired upon exercise of pre-funded warrants would not include the period during which the pre-funded warrants were held. Holders should consult their tax advisors regarding the risks associated with the acquisition of pre-funded warrants pursuant to this offering (including alternative characterizations).

***Treatment of Common Warrants***

Except as discussed below with respect to the cashless exercise of a common warrant, a U.S. holder generally will not recognize gain or loss for U.S. federal income tax purposes upon exercise of a common warrant. The U.S. holder will take a tax basis in the shares acquired on the exercise of a common warrant equal to the exercise price of the common warrant, increased by the U.S. Holder's adjusted tax basis in the common warrant exercised. The U.S. holder's holding period in the common shares acquired on the exercise of a common warrant will begin on the date of exercise or possibly the day after such exercise, and will not include any period for which the U.S. holder held the common warrant.

The lapse or expiration of a common warrant will be treated as if the U.S. holder sold or exchanged the common warrant and recognized a capital loss equal to the U.S. holder's tax basis in the common warrant. The deductibility of capital losses is subject to limitations.

The tax consequences of a cashless exercise of a common warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S. holder's tax basis in the common shares received generally would equal the U.S. holder's tax basis in the common warrant. If the cashless exercise was not a realization event, it is unclear whether a U.S. holder's holding period for the common shares would be treated as commencing on the date of exercise of the common warrant or the day following the date of exercise of the common warrant. If the cashless exercise were treated as a recapitalization, the holding period of the common shares would include the holding period of the common warrant.

It is also possible that a cashless exercise could be treated as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder could be deemed to have surrendered common warrant having an aggregate fair market value equal to the exercise price for the total number of common warrant to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the common shares received in respect of the common warrants deemed surrendered and the U.S. holder's tax basis in such common warrant. Such gain or loss would be long-term or short-term, depending on the U.S. holder's holding period in the common warrants deemed surrendered. In this case, a U.S. Holder's tax basis in the common shares received would equal the sum of the U.S. holder's initial investment in the exercised common warrant (i.e., the portion of the U.S. holder's purchase price for the investment unit that is allocated to the common warrants, as described above under "Allocation of Purchase Price") and the exercise price of such common warrant. It is unclear whether a U.S. holder's holding period for the common shares would commence on the date of exercise of the common warrant or the day following the date of exercise of the common warrant. There may also be alternative characterizations of any such taxable exchange that would result in similar tax consequences, except that a U.S. holder's gain or loss would be short-term.

Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, there can be no assurance which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their tax advisors regarding the tax consequences of a cashless exercise of the common warrants.

***Allocation of Purchase Price***

For U.S. federal income tax purposes, each common unit (or, in lieu of a commons unit, each pre-funded uit) and the accompanying one-half of a common warrant issued pursuant to this offering will be treated as an "investment unit" consisting of one common share (or pre-funded warrant) and the accompanying one-half of common warrant. The purchase price for each investment unit must be allocated by the holder between these components in proportion to their relative fair market values at the time the unit is purchased by the holder. This allocation of the purchase price for each investment unit will establish the holder's initial tax basis for U.S. federal income tax purposes in the common share (or pre-funded warrant) and the one-half of a common warrant included in each investment unit. Each holder should consult his, her or its own tax advisor regarding the allocation of the purchase price.

***Information Reporting***

Certain U.S. holders may be required to report information to the IRS relating to an interest in "specified foreign financial assets," including shares issued by a non-United States corporation, for any year in which the aggregate value of all specified foreign financial assets exceeds $50,000 (or a higher dollar amount prescribed by the IRS), subject to certain exceptions (including an exception for shares held in custodial accounts maintained with a United States financial institution). These rules also impose penalties if a U.S. holder is required to submit such information to the IRS and fails to do so.

In addition, U.S. holders may be subject to information reporting to the IRS with respect to dividends on and proceeds from the sale or other disposition of the offered securities. Each U.S. holder is advised to consult with its tax advisor regarding the application of the United States information reporting rules to their particular circumstances.

**THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE IMPORTANT TO YOU. EACH PROSPECTIVE PURCHASER SHOULD CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES OF AN INVESTMENT IN THE OFFERED SECURITIES UNDER THE INVESTOR'S OWN CIRCUMSTANCES.**

**DESCRIPTION OF SHARE CAPITAL**

The following is a summary of our share capital. This summary is not complete and you should review our Articles of Incorporation and the Modifications to Certificate, each of which is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the below share capital.

**Common Shares**

The description of our common shares under the section "Articles of Incorporation of our Company" in this prospectus is incorporated herein by reference.

**DESCRIPTION OF SECURITIES WE ARE OFFERING**

The following is a summary of our common shares, common warrants and the pre-funded warrants. You should review the placement agency agreement, our Articles of Incorporation, the Modification to Certificate, the form of the common warrant and the form of the pre-funded warrant, each of which is filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to our common shares and pre-funded warrants.

**Common Units**

Each common unit being offered hereby consists of one common share and one half of one common warrant, each whole common warrant exercisable for one common share. The common shares and common warrants that are part of the common units are immediately separable and will be issued separately in this offering, although they will have been purchased together in this offering.

**Pre-Funded Units**

Each pre-funded unit being offered hereby consists of one pre-funded warrant and one half of one common warrant, each pre-funded warrant and whole common warrant is exercisable for one common share. The pre-funded warrants and common warrants that are part of the pre-funded units are immediately separable and will be issued separately in this offering, although they will have been purchased together in this offering.

**Common Shares**

The description of our common shares under the section "Articles of Incorporation of our Company" in this prospectus is incorporated herein by reference.

Our Articles of Incorporation permit the issuance of an unlimited number of Common shares, and holders of common shares have no pre-emptive or conversion or exchange right or other subscription rights in connection with such further issuance. Under our Articles of Incorporation, the authorized share capital of the Company is comprised of two (2) classes of shares, being: (a) an unlimited number of common shares without par value, issuable in four series, of which (i) an unlimited number are designated as voting common shares - series founder, (ii) an unlimited number are designated as voting common shares - series investor 1, (iii) an unlimited number are designated as voting common shares - series investor 2 and (iv) an unlimited number are designated as non-voting common shares, and (b) an unlimited number of preferred shares without par value, in one (1) or more series, each series to consist of such number of shares as may before issuance thereof be determined by the directors.

<u>Voting Rights</u>

The common shares offered herein, subject to the Business Corporations Act, are entitled to vote at every shareholders' meeting and receive a notice of meeting; each shareholder has one vote per share during the meeting.

**Pre-Funded Warrants**

***General***

The term "pre-funded" refers to the fact that the purchase price of the pre-funded warrants in this offering includes almost the entire exercise price that will be paid under the pre-funded warrants, except for a nominal remaining exercise price of C$0.001. The purpose of the pre-funded warrants is to enable investors that may have restrictions on their ability to beneficially own more than 4.99% (or, at the election of such purchaser, 9.99%) of our outstanding common shares following the consummation of this offering the opportunity to invest capital into the Company without triggering their ownership restrictions, by receiving pre-funded warrants in lieu of common shares which would result in such ownership of more than 4.99% or 9.99%, as applicable, and receiving the ability to exercise their option to purchase the shares underlying the pre-funded warrants at a nominal price at a later date.

The following is a brief summary of certain terms and conditions of the pre-funded warrants being offered by us. The following description is subject in all respects to the provisions contained in the form of pre-funded warrants, the form of which is being filed as an exhibit to the registration statement of which this prospectus forms a part.

***Exercise price***

The exercise price of each pre-funded warrants is equal to the offering price of each common share sold in this offering, of which all but C$0.001, the remaining nominal exercise price, has been paid. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets, including cash, stock or other property to our shareholders.

***Exercisability***

The pre-funded warrants are exercisable at any time after their original issuance and until exercised in full. The pre-funded warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and by payment in full of the exercise price in immediately available funds for the number of common shares purchased upon such exercise. As an alternative to payment in immediately available funds, the holder may elect to exercise the pre-funded warrant through a cashless exercise, in which the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the pre-funded warrant. No fractional common shares will be issued in connection with the exercise of a pre-funded warrant.

***Exercise limitations***

The pre-funded warrants may not be exercised by the holder to the extent that the holder, together with its affiliates, would beneficially own, after such exercise more than 4.99% of the common shares then outstanding (including for such purpose the common shares issuable upon such exercise). However, any holder may increase or decrease such beneficial ownership limitation upon notice to us, provided that such limitation cannot exceed 9.99%, and provided that any increase in the beneficial ownership limitation shall not be effective until 61 days after such notice is delivered. Purchasers of pre-funded warrants in this offering may also elect prior to the issuance of the pre-funded warrants to have the initial exercise limitation set at 9.99% of our outstanding common shares.

***Transferability***

Subject to applicable laws, the pre-funded warrants may be offered for sale, sold, transferred or assigned without our consent.

***Exchange listing***

There is no established trading market for the pre-funded warrants. We do not intend to list the pre-funded warrants on any securities exchange or nationally recognized trading system. Without an active trading market, the liquidity of the pre-funded warrants will be limited.

***Fundamental transactions***

In the event of a fundamental transaction, generally including any reorganization, recapitalization or reclassification of our common shares, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation, merger, amalgamation or arrangement with or into another person, the acquisition of more than 50% of our outstanding common shares, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common shares, the holder shall have the right to receive, for each common share that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of common share of the successor or acquiring corporation or of us if we are the surviving corporation, and any additional consideration receivable as a result of such fundamental transaction by a holder of the number of common shares for which the pre-funded warrant was exercisable immediately prior to such fundamental transaction.

***No rights as a shareholder***

Except as otherwise provided in the pre-funded warrants or by virtue of such holder's ownership of common shares, the holders of pre-funded warrants do not have the rights or privileges of a holder of our common shares, including any voting rights, until the holder exercises the pre-funded warrant. The pre-funded warrants will provide that holders have the right to participate in distributions or dividends paid on our common shares.

**Common Warrants**

The following summary of certain terms and provisions of the common warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the common warrants, the form of which is filed as an exhibit to the registration statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the form of the common warrant for a complete description of the terms and conditions of the common warrants.

***Duration and Exercise Price***

Each whole common warrant offered hereby will have an exercise price of $0.375, equal to 125% of the assumed public offering price of one common share (which is the last reported sales price of our common shares on Nasdaq on December 11, 2025). The Warrants will be immediately exercisable and may be exercised at any time until the Warrants are exercised in full for a period of five years from the date of issuance. The exercise price and number of common shares issuable upon exercise is subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common shares and the exercise price.

***Exercisability***

Each common warrant may be exercised, in cash at the election of the holder at any time following the date of issuance until five years from the date of issuance. The common warrants will be exercisable in whole or in part by delivering to us a completed instruction form for exercise and complying with the requirements for exercise set forth in the common warrant. Payment of the exercise price may be made in cash, in which case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the common warrant.

If at any time there is no effective registration statement available for the issuance of the shares underlying the Warrants, the holder may elect to exercise the Warrants on cashless basis, in which case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the Warrants.

***Exercise Limitation***

In general, a holder will not have the right to exercise any portion of a common warrant if the holder (together with its Attribution Parties (as defined in the common warrant)) would beneficially own in excess of 4.99% or 9.99%, at the election of the holder, of the number of common shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the common warrant. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon notice to us, provided that any increase in this limitation will not be effective until 61 days after such notice from the holder to us and such increase or decrease will apply only to the holder providing such notice.

***Transferability***

Subject to applicable laws, a common warrant may be transferred at the option of the holder upon surrender of the common warrant to us together with the appropriate instruments of transfer.

***Fractional Shares***

No fractional common shares will be issued upon the exercise of the common warrants. Rather, the number of common shares to be issued will, at our election, either be rounded up to the nearest whole number or we will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price.

***Trading Market***

There is no trading market available for the common warrants on any securities exchange or nationally recognized trading system. We do not intend to apply for the listing of the common warrants on any securities exchange or trading platform. Without an active trading market, the liquidity of the common warrants will be limited.

***Right as a Shareholder***

Except as otherwise provided in the common warrants or by virtue of such holder's ownership of common shares, the holders of the common warrants do not have the rights or privileges of holders of our common shares, including any voting rights, until they exercise their common warrants.

***Fundamental transactions***

In the event of a fundamental transaction, generally including any reorganization, recapitalization or reclassification of our common shares, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation, merger, amalgamation or arrangement with or into another person, the acquisition of more than 50% of our outstanding common shares, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding common shares, the holder shall have the right to receive, for each common share that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of common share of the successor or acquiring corporation or of us if we are the surviving corporation, and any additional consideration receivable as a result of such fundamental transaction by a holder of the number of common shares for which the common warrant was exercisable immediately prior to such fundamental transaction.

***Governing Law***

The Warrants are governed by New York law.

**PLAN OF DISTRIBUTION**

We have engaged ThinkEquity LLC, or the placement agent, to act as our exclusive placement agent to solicit offers to purchase the securities offered by this prospectus. The placement agent is not purchasing or selling any such securities, nor is it required to arrange for the purchase and sale of any specific number or dollar amount of such securities, other than to use its "reasonable best efforts" to arrange for the sale of such securities by us. The terms of this offering are subject to market conditions and negotiations between us, the placement agent and prospective investors. The placement agent will have no authority to bind us by virtue of their placement agency agreement. This is a best efforts offering and there is no minimum offering amount required as a condition to the closing of this offering. The placement agent may retain sub-agents and selected dealers in connection with this offering.

Delivery of the securities offered hereby is expected to occur on or about December 19, 2025, subject to satisfaction of certain customary closing conditions.

**Fees and Expenses**

The following table summarizes the public offering price, placement agent fees and allocatable expenses and proceeds before other expenses to us. The placement agent fee is 6.5% of the public offering price. We have also agreed to pay a non-accountable expense allowance to the placement agent equal to 1% of the gross proceeds received at the closing of the offering.

---

| | | |
|:---|:---|:---|
|  | **Per <br> Common<br> Unit** | **Per <br> Pre-Funded<br> Unit<sup>(1)(3)</sup>** |
| Public offering price | $0.30 | $0.299 |
| Placement agent fees (6.5%) | $0.0195 | $0.0195 |
| Non-accountable expense allowance (1%) | $0.0030 | $0.0030 |
| Proceeds, before other expenses, to us<sup>(2)</sup> | $0.2775 | $0.2765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross proceeds do not include
 a nominal exercise price to be paid to us upon the exercise of the pre-funded warrants.

(2) Because there is no minimum
 number of securities or amount of proceeds required as a condition to closing in this offering, the actual public offering amount,
 placement agent fees, and proceeds to us, if any, are not presently determinable and may be substantially less than the total maximum
 offering amounts set forth above.

(3) Each common unit and pre-funded unit purchased hereunder
 contains one half of one common warrant to purchase a common share. Each whole common warrant is exercisable for five years at 125%
 of the per common unit offering price.

We have also agreed to pay certain of the placement agent's expenses relating to the offering, including: all filing fees and expenses associated with the review of the offering by FINRA; all fees, expenses and disbursements relating to background checks of the Company's officers, directors and entities in an amount not to exceed $15,000 in the aggregate; the fees and expenses of the placement agent's legal counsel not to exceed $125,000; the $29,500 cost associated with the use of Ipreo's book building, prospectus tracking and compliance software for the offering; $10,000 for data services and communications expenses; up to $10,000 of the placement agent's actual accountable "road show" expenses; and up to $20,000 of the placement agent's market making and trading, and clearing firm settlement expenses for the offering.

**Placement Agent's Warrants**

Upon closing of this offering, we have agreed to issue to the placement agent, or its designees, as compensation, placement agent's warrants to purchase 1,600,000 common shares, which is equal to 5% of the aggregate number of common units and pre-funded units sold in this offering. The placement agent's warrants will be exercisable at a per share exercise price equal to $0.375, 125% of the public offering price per common unit in this offering. The placement agent's warrants are exercisable at any time and from time to time, in whole or in part, immediately following the closing of the offering and expiring on the date which is five years from the effective date of the registration statement of which this prospectus is a part. The placement agent's warrants provide for one demand registration right of the shares underlying the placement agent's warrants, and unlimited "piggyback" registration rights with respect to the registration of the shares of common shares underlying the placement agent's warrants and customary anti-dilution provisions. The demand registration right provided will not be greater than five years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration right provided will not be greater than seven years from the effective date of the registration statement related to this offering in compliance with FINRA Rule 5110(g)(8)(D).

The placement agent's warrants will provide for adjustment in the number and price of the placement agent's warrants and the common shares underlying such placement agent's warrants in the event of recapitalization, merger, share split or other structural transaction.

**Right of First Refusal**

We have agreed that for a period of six months from the closing of the offering, that the placement agent has the option to act as sole investment banker, sole book-runner, and/or sole placement agent, at the placement agent's sole and exclusive discretion, for each and every future public and private equity offering, including all of our equity linked financings (each, a "Subject Transaction"), or any successor (or any of our subsidiaries), subject to the same cash, discount, and warrant compensation for the placement agent on such same terms and conditions as the common units are being offered herein for such Subject Transactions (the "Right of First Refusal").

**Lock-Up Agreements**

In connection with this offering, each of our executive officers and directors has agreed, subject to certain exceptions set forth in the lock-up agreements, not to offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any common shares or any securities convertible into or exercisable or exchangeable for common shares for the three-month period following the date of the offering without the placement agent's prior written consent.

**Company Lock-Up Agreement**

In addition, we have agreed that without the prior written consent of the placement agent, we will not, for a period of 30 days after the date of the offering, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any common shares or any securities convertible into or exercisable or exchangeable for common shares; (ii) file or cause to be filed any registration statement with the SEC relating to the offering of any of common shares or any securities convertible into or exercisable or exchangeable for common shares; (iii) complete any offering of our debt securities, other than entering into a line of credit with a traditional bank; or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of common shares, whether any such transaction described in (i), (ii), (iii) or (iv) above is to be settled by delivery of common shares or such other securities, in cash or otherwise. The prohibitions above, among other exemptions, shall not apply to the issuance of securities that we may issue if we exercise the Real Property Options.

Additionally, we have agreed that for a period of 6 months after the date of the offering we will not directly or indirectly offer to sell, contract to sell, grant any option to sell or otherwise dispose of common shares or any securities convertible into or exercisable or exchangeable for common shares in any "at-the-market", continuous equity or variable rate transaction, without the prior written consent of the placement agent.

**Regulation M Compliance** 

The placement agent may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As an underwriter, the placement agent would be required to comply with the requirements of the Securities Act and the Exchange Act, including, without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of common shares by the placement agent acting as principal. Under these rules and regulations, the placement agent:

· may not engage in
 any stabilization activity in connection with our securities; and

· may not bid for
 or purchase any of our securities or attempt to induce any person to purchase any of our
 securities, other than as permitted under the Exchange Act, until it has completed its participation
 in the distribution.

**Other Relationships**

From time to time, the placement agent and/or its affiliates may provide in the future, various advisory, investment and commercial banking and other services to us in the ordinary course of business, for which it will receive customary fees and commissions. ThinkEquity LLC acted as underwriter in our November 2020 public offering, for which it received compensation. We have paid ThinkEquity LLC approximately $2,007,000 and issued it (or its assignees) approximately 200,433 warrants to purchase common shares since September 1, 2022 for its services as a placement agent or as an underwriter in various security offerings, including under the placement agency agreement dated September 13, 2024, at the market sales agreement dated October 17, 2024, the placement agency agreement dated January 12, 2025 and the underwriting agreement dated August 15, 2025.

On June 7, 2024, we entered into a strategic advisory agreement with the placement agent, pursuant to which the placement agent agreed to serve as our exclusive financial advisor in connection with a potential business combination transaction or other transactions (the "Strategic Advisory Agreement"). A non-refundable advisory fee equal to $45,000 (the "Advisory Fee") is payable at the Company's first closing of a minimum gross financing amount of $2,500,000. If during the term of the Strategic Advisory Agreement, or within the 12 month period following the term of the agreement, a business combination is completed with a target company introduced to us by the placement agent, the Company shall pay the placement agent a cash fee equal to the greater of (i) 3% of the value of the business combination, and or (ii) $300,000, which amount shall be reduced by the amount of the Advisory Fee, if any. In addition to any fees payable under the Strategic Advisory Agreement, the Company agreed to pay the placement agent for all reasonable travel and other out-of-pocket expenses incurred in connection with the agreement, including the preapproved and reasonable fees and expenses of the placement agent's counsel and due diligence analysis efforts not to exceed $25,000.

On September 11, 2024, the Strategic Advisory Agreement was amended to grant the placement agent a right of first refusal in connection with future business combinations (the "Right of First Refusal"). If during the term of the Strategic Advisory Agreement or within the twelve-month period following its expiration, and following the closing of a business combination with a company identified on a pre-approved list, we elect to pursue a subsequent business combination, the placement agent shall have the exclusive right, but not the obligation, to act as our exclusive financial advisor and sole investment banker for such transaction. If the placement agent accepts this engagement, the parties will enter into a separate agreement on customary terms, including provisions for appropriate fees and indemnification consistent with similar transactions. In accordance with FINRA Rule 5110(g)(6)(a), this Right of First Refusal is limited to three years from the date of the amendment.

On July 11, 2025, we entered into a debt financing engagement agreement with the placement agent (the "Debt Engagement Agreement"), pursuant to which the placement agent agreed to act as a non-exclusive financial advisor and placement agent in connection with potential debt financing transactions. Under the terms of the Debt Engagement Agreement, if we complete a debt financing during the term of the agreement with a lender or investor introduced by the placement agent (a "Debt Financing"), we are required to pay the placement agent a cash fee equal to the greater of (i) 2.5% of the total facility size of the Debt Financing or (ii) $75,000.

In addition, upon the closing of a Debt Financing, we agreed to issue to the placement agent (or its designees) a five-year warrant to purchase a number of our common shares equal to 2.5% of the total facility size of such Debt Financing. The exercise price of these warrants will be equal to the price per share at which warrants, if any, are issued to the lender in such Debt Financing, or, if no such warrants are issued to the lender, the closing price of our common shares on the date of the agreement. These warrants include a net-exercise feature and provide for one-time piggyback registration rights, unless the shares underlying the warrants are then freely tradeable under Rule 144 of the Securities Act.

The agreement provides that if any subsequent loans are executed, or if an existing loan is increased, within 18 months following the termination of the Debt Engagement Agreement with a lender or investor who participated in an initial Debt Financing for which the placement agent received a fee, we must pay the placement agent a fee consistent with the foregoing compensation structure (i.e., 2.5% of new or incremental capital raised), payable at closing. The Debt Engagement Agreement also includes customary indemnification and contribution provisions.

Except as disclosed in this prospectus, we have no present arrangements with the placement agent or any of its affiliates for any further services.

**Offer Restrictions Outside the United States**

Other than in the United States, no action has been taken by us or the placement agent that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this Prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**LEGAL MATTERS**

The legality and validity of the securities offered from time to time under this prospectus was passed upon by Dentons Canada LLP, our Canadian counsel. The current address of Dentons Canada LLP is 1 Place Ville-Marie, Suite 3900, Montreal, Quebec, H3B 4M7. Ortoli Rosenstadt LLP is acting as counsel to our company regarding U.S. securities law matters. The current address of Ortoli Rosenstadt LLP is 366 Madison Avenue, 3<sup>rd</sup> Floor, New York, NY 10017. Cozen O'Connor LLP is acting as counsel to the placement agent. The address of Cozen O'Connor LLP is Bentall 5, 550 Burrard Street, Suite 2501, Vancouver, BC, V6C 2B5, Canada.

**EXPERTS**

The audited consolidated financial statements of Vision Marine Technologies Inc. as of August 31, 2025 and 2024 and the two years in the fiscal years ended August 31, 2025 and 2024, incorporated by reference into this prospectus, have been so incorporated by reference in reliance on the report of M&K CPA, PLLC, an independent registered public accounting firm, which contains an explanatory paragraph describing conditions that raise substantial doubt about the Company's ability to continue as a going concern as described in Note 2 to the consolidated financial statements, given on the authority of said firm as experts in accounting and auditing. M&K CPA, PLLC has offices at 24955 Interstate Highway 45 Suite 400, The Woodlands, Texas.

The audited consolidated financial statements of Vision Marine Technologies Inc. as of August 31, 2023 and the year ended August 31, 2023, incorporated by reference into this prospectus, have been so incorporated by reference in reliance on the report of Ernst & Young LLP, an independent registered public accounting firm, which contains an explanatory paragraph describing conditions that raise substantial doubt about the Company's ability to continue as a going concern as described in Note 2 to the consolidated financial statements, given on the authority of said firm as experts in accounting and auditing. Ernst & Young LLP has offices at 900, Blvd. de Maisonneuve West, Suite 2300, Montréal, Québec H3A 0A8, Canada.

**EXPENSES OF THIS OFFERING**

The estimated expenses payable by us in connection with the offering described in this prospectus (other than the placement agent fees) will be as set forth in the table below. With the exception of the SEC registration fee, and FINRA filing fee all amounts are estimates. All such expenses will be borne by us.

---

| | |
|:---|:---|
| **Item** | **Amount to<br> be Paid** |
| SEC registration fee | $1271 |
| Printing and engraving expenses | $2500 |
| Legal fees and expenses | $150000 |
| FINRA filing fee | $1880 |
| Accounting fees and expenses | $60000 |
| Miscellaneous expenses | $10000 |
| &nbsp;&nbsp;&nbsp;Total | $225651 |

---

**INTERESTS OF EXPERTS AND COUNSEL**

None of the named experts or legal counsel was employed on a contingent basis, owns an amount of shares in our company which is material to that person, or has a material, direct or indirect economic interest in our company or that depends on the success of the offering.

**DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION FOR SECURITIES ACT LIABILITIES**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**ENFORCEABILITY OF CIVIL LIABILITIES**

We are a corporation organized under the laws of Canada, and some of our directors and officers, as well as the Canadian independent registered public accounting firm named in the "Experts" section of this prospectus, reside outside of the United States. Service of process upon such persons may be difficult or impossible to effect within the United States. Furthermore, because a substantial portion of our assets, and substantially all the assets of our directors and officers and the Canadian expert named herein, are located outside of the United States, any judgment obtained in the United States, including a judgment based upon the civil liability provisions of United States federal securities laws, against us or any of such persons may not be collectible within the United States.

In addition, there is doubt as to the applicability of the civil liability provisions of United States federal securities law to original actions instituted in Canada. It may be difficult for an investor, or any other person or entity, to assert United States securities laws claims in original actions instituted in Canada. However, subject to certain time limitations, a foreign civil judgment, including a United States court judgment based upon the civil liability provisions of United States federal securities laws, may be enforced by a Canadian court, provided that:

· the judgment
 is enforceable in the jurisdiction in which it was given;

· the judgment
 was obtained after due process before a court of competent jurisdiction that recognizes and enforces similar judgments of Canadian
 courts, and the court had authority according to the rules of private international law currently prevailing in Canada;

· adequate service
 of process was effected and the defendant had a reasonable opportunity to be heard;

· the judgment
 is not contrary to the law, public policy, security or sovereignty of Canada and its enforcement is not contrary to the laws governing
 enforcement of judgments;

· the judgment
 was not obtained by fraud and does not conflict with any other valid judgment in the same matter between the same parties;

· the judgment
 is no longer appealable; and

· an action between
 the same parties in the same matter is not pending in any Canadian court at the time the lawsuit is instituted in the foreign court.

Foreign judgments enforced by Canadian courts generally will be payable in Canadian dollars. A Canadian court hearing an action to recover an amount in a non-Canadian currency will render judgment for the equivalent amount in Canadian currency.

The name and address of our agent for service of process in the United States is CorpoMax Inc., 2915 Ogletown Road, Newark, DE 19713.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form F-1 under the Securities Act with respect to the offered securities. This prospectus and the documents incorporated herein by reference do not contain all of the information set forth in the registration statement and the exhibits thereto, to which reference is hereby made including the documents filed with the SEC incorporated by reference herein. With respect to each contract, agreement or other document filed as an exhibit to the registration statement, reference is made to such exhibit for a more complete description of the matter involved. The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding registrants that make electronic filings with the SEC using its EDGAR system.

We are subject to the information reporting requirements of the Exchange Act that are applicable to foreign private issuers, and under those requirements are filing reports with the SEC. Those other reports or other information may be inspected without charge at the locations described above. As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to file with the SEC, within four months after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm, and will submit to the SEC, on Form 6-K, unaudited quarterly financial information.

**We have not authorized anyone to give any information or make any representation about their companies that is different from, or in addition to, that contained in this prospectus. Therefore, if anyone does give you information of this sort, you should not rely on it. If you are in a jurisdiction where offers to exchange or sell, or solicitations of offers to exchange or purchase, the securities offered by this prospectus or the solicitation of proxies is unlawful, or if you are a person to whom it is unlawful to direct these types of activities, then the offer presented in this prospectus does not extend to you. The information contained in this prospectus speaks only as of the date of this prospectus unless the information specifically indicates that another date applies.**

**INCORPORATION OF DOCUMENTS BY REFERENCE**

The United States Securities and Exchange Commission (the "SEC") allows us to incorporate by reference the information we file with them. This means that we can disclose important information to you by referring you to those documents. Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference of such documents should not create any implication that there has been no change in our affairs since such date. The information incorporated by reference is considered to be a part of this prospectus and should be read with the same care. When we update the information contained in documents that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus is considered to be automatically updated and superseded. In other words, in the case of a conflict or inconsistency between information contained in this prospectus and information incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed later.

We incorporate by reference the documents listed below:

● [Report on Form 6-k filed on December 3, 2025;](https://www.sec.gov/Archives/edgar/data/1813783/000110465925117974/tm2532656d1_6k.htm)

● [Annual Report on Form 20-F for the fiscal year ended August 31, 2025 filed with the SEC on November 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1813783/000110465925116945/vmar-20250831x20f.htm) ;

● [Report on Form 6-K filed with the SEC on November 28, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1813783/000110465925116876/vmar-20250831x6k.htm) ;

● Exhibits [99.1](https://www.sec.gov/Archives/edgar/data/1813783/000110465925064339/tm2519398d1_ex99-1.htm) and [99.2](https://www.sec.gov/Archives/edgar/data/1813783/000110465925064339/tm2519398d1_ex99-2.htm) to the report on [Form 6-k](http://www.sec.gov/Archives/edgar/data/1874252/000121390022023291/f20f2021_mainzbiomed.htm) filed with the SEC on July 1, 2025; and

● The description of our common shares contained in our registration statement on [Form 8-A (File No. 001-39730), filed with the SEC on November 20, 2020](https://www.sec.gov/Archives/edgar/data/1813783/000110465920128006/tm2036572-1_8a12b.htm) , and any amendment or report filed for the purpose of updating such description.

Any statement contained herein or in a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or amended, to constitute a part of this prospectus.

Our filings with the SEC, and exhibits incorporated in and amendments to those reports, are available free of charge on our website (http://www.investors.visionmarinetechnologies.com) as soon as reasonably practicable after they are filed with, or furnished to, the SEC. Our website and the information contained on that site, or connected to that site, are not incorporated into and are not a part of this prospectus.

Upon written or oral request, we will provide to each person to whom this prospectus is delivered, a copy of any or all of the reports or documents that have been incorporated by reference into this prospectus at no cost. If you would like a copy of any of these documents, at no cost, please write or call us at:

Vision Marine Technologies Inc.

730 Boulevard du Curé-Boivin

Boisbriand, Québec J7G 2A7, Canada

Telephone: 450-951-7009

Attention: Chief Executive Officer

**19,250,000** Common Units**

**Each Common Unit consisting of One Common Share and One Half of One Common Warrant to Purchase One Common Share**

**12,750,000** Pre-Funded Units**

**Each Pre-Funded Unit consisting of One Pre-Funded Warrant and One Half of One Common Warrant to Purchase One Common Share**

**19,250,000** Common Shares included in the Common Units**

**12,750,000** Pre-Funded Warrants to purchase Common Shares included in the Pre-Funded Units**

**16,000,000** Common Warrants to purchase Common Shares included in the Common Units and the Pre-Funded Units**

**12,750,000** Common Shares underlying the Pre-Funded Warrants**

**16,000,000** Common Shares underlying the Common Warrants**

![](tm2527757d5_f1asp03img01.jpg)

**Vision Marine Technologies Inc.**

 **<br> PROSPECTUS**

**ThinkEquity**

December 17, 2025