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Forza X1, Inc. (Nasdaq: FRZA) is a forward-thinking company dedicated to revolutionizing the recreational boating industry with its all-electric sport boats. Forza X1 aims to produce affordable electric boats without compromising on performance, speed, or comfort. With an ambitious vision to inspire the widespread adoption of sustainable recreational boating, Forza X1 designs and manufactures fully integrated electric boats, utilizing advanced electric vehicle (EV) technology to power and control its proprietary outboard electric motors.
Forza X1's initial offerings include the FX1 Dual Console and FX1 Center Console models, each spanning 24 feet in length and utilizing a catamaran hull to reduce drag and enhance runtime. These boats are meticulously designed to appeal to the mass market, combining style and affordability.
The company is currently in the process of constructing a state-of-the-art manufacturing facility on an 11-acre property in Marion, North Carolina. The facility is expected to cover 60,000 square feet and will have the capacity to produce up to 550 boats annually. This significant step in Forza X1's expansion plan underscores the company's commitment to contributing to both the local community and the broader goal of marine electrification.
Recent leadership changes have seen Joseph Visconti, who boasts nearly 30 years of experience in product development and market strategy, step into the role of Interim CEO, with Daniel Norton appointed as President. Both leaders bring vast expertise and strategic insight, aiming to drive the company through its next growth phase.
Despite industry challenges, such as economic uncertainties and slow adoption rates of electric vehicles, Forza X1 remains resilient. The company is actively improving its outboard motor designs, enhancing durability, optimizing cooling systems, and increasing manufacturing efficiency. Furthermore, Forza X1 is exploring strategic partnerships to offer its electrification technology as a service to other marine manufacturers.
Forza X1 continues to host regular conference calls and webcasts to discuss its financial results and development efforts, maintaining transparency and engagement with its investors. For more information about Forza X1, Inc., please visit www.forzax1.com.
Twin Vee PowerCats Co. (NASDAQ:VEEE) reported Q3 2024 results showing significant challenges. Revenue decreased 64% to $2.9 million from $8.1 million in Q3 2023. The company posted a consolidated net loss of $3 million, with Twin Vee's loss at $2.1 million and Forza X1's at $896,000. Cash and equivalents declined to $11.4 million from $15.1 million in Q2. The company implemented cost-cutting measures including workforce reduction and lowered production in response to declining industry demand. Shareholders approved the merger between Twin Vee and Forza X1. The company is investing in facility expansion and new manufacturing equipment while aiming to reduce monthly consolidated adjusted net loss to $400,000 by Q1 2025 exit.
Twin Vee PowerCats (Nasdaq:VEEE) and Forza X1 (OTC PINK:FRZA) shareholders have approved their merger agreement at their respective annual meetings on November 11, 2024. Upon closing, Forza will become a wholly-owned subsidiary of Twin Vee, operating under the Twin Vee PowerCats Co. name and trading on NASDAQ as 'VEEE'. Each Forza shareholder will receive 0.61166627 Twin Vee shares for each Forza share, resulting in a maximum issuance of 5,355,000 Twin Vee shares. The company plans to leverage its manufacturing assets and liquidity for facility expansion, new boat designs, and the development of a web-based Pro-Direct Platform.
Forza X1, Inc. (Nasdaq:FRZA) has suspended its Second Quarter 2024 Financial Results Call due to the announcement of a Merger Agreement with Twin Vee PowerCats Co. (NASDAQ:VEEE). The call was originally scheduled for August 14, 2024, at 2:00 p.m. EDT. Instead, investors are encouraged to attend Twin Vee's Earnings Call on August 14 at 4:00 pm EDT.
Twin Vee's call details include:
- Toll-Free: 1-877-407-3982
- Toll/International: 1-201-493-6780
- Conference ID: 13747918
An audio webcast will also be available, with a recording accessible for at least 90 days after the call through Twin Vee's 'Investor Relations' website section.
Twin Vee PowerCats Co. (Nasdaq:VEEE) and Forza X1, Inc. (Nasdaq:FRZA) have announced a definitive merger agreement in an all-stock transaction. Under the terms, Forza shareholders will receive 0.61166627 Twin Vee shares for each Forza share, with a maximum of 5,355,000 Twin Vee shares to be issued. Post-merger, Twin Vee and Forza shareholders will own approximately 64% and 36% of the combined company, respectively.
Key highlights include:
- A unified company building on 30 years of heritage in high-quality boat manufacturing
- Expected strong balance sheet with over $1.00 per share in cash and $2.00 per share in net assets
- Streamlined operations by eliminating duplicate public company costs
- Commitment to operational excellence and growth
The merger is expected to close by the end of 2024, subject to regulatory and shareholder approvals. The combined company will operate as Twin Vee PowerCats Co. and continue trading on NASDAQ under the ticker 'VEEE'.
Forza X1, Inc. (Nasdaq: FRZA), a developer of electric sport boats, has announced its Second Quarter 2024 Financial Results conference call scheduled for August 14, 2024, at 2:00 p.m. Eastern Time. The company will discuss its research and development efforts and answer questions. Financial results will be released via press release before the call.
Investors can join the call toll-free at 1-877-407-4018 or internationally at 1-201-689-8471 using Conference ID 13747916. An audio webcast will also be available, but participants listening via this method won't be able to submit questions during the Q&A session. The webcast link will be accessible through Forza X1's Investor Relations section, with a recording available for at least 90 days after the call.
Forza X1 reported its financial results for Q1 2024, showing cash reserves of approximately $9.95 million, down from $12.80 million at the end of 2023. The company reduced its cash burn by lowering SG&A expenses. Executive Chairman and Interim CEO Joseph Visconti noted a global decline in demand for recreational marine vehicles due to economic uncertainties and slower-than-expected EV adoption. Forza's electric boats are still in development, while competitors like Mercury Marine have launched their products. The company is focusing on cost management, capital expenditure reduction, workforce optimization, and strategic partnerships to navigate market challenges and sustain operations.
Forza X1, Inc., developer of electric sport boats for sustainable recreational boating, will host a conference call on May 15, 2024, to discuss first quarter financial results. The company's focus on eco-friendly boating solutions enhances its appeal to investors and consumers.
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