Twin Vee PowerCats Co. and Forza X1, Inc. Shareholders Vote to Approve Merger Between Companies

Rhea-AI Summary

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.

Positive

• Merger approval received from shareholders of both companies
• Company will maintain NASDAQ listing under VEEE symbol
• Debt-free status with substantial liquidity for future investments
• Planned manufacturing facility expansion in Fort Pierce, FL
• Implementation of state-of-the-art CNC machine to improve efficiency

Negative

• Share dilution through issuance of up to 5,355,000 new Twin Vee shares

FORT PIERCE, FL / ACCESSWIRE / November 13, 2024 / Twin Vee PowerCats Co. (Nasdaq:VEEE), ("Twin Vee"), and Forza X1, Inc. (OTC PINK:FRZA), ("Forza"), today announced that their respective shareholders have voted to approve the previously announced merger agreement at their respective annual shareholder meetings held on November 11, 2024.

The merger's closing is subject to the satisfaction of the remaining customary closing conditions and both companies expect the merger to close in the near future. Upon closing, Forza will merge with and into Twin Vee Merger Sub, Inc., a wholly-owned subsidiary of Twin Vee, with Forza surviving the merger as a wholly-owned subsidiary of Twin Vee. The merged company will operate under the Twin Vee PowerCats Co. name, and Twin Vee's common stock is expected to continue to trade on NASDAQ under its current ticker symbol, "VEEE."

"We are pleased that the Twin Vee and Forza shareholders have overwhelmingly approved the merger," said Joseph Visconti, Chairman and CEO of Twin Vee. "We intend to use this momentum to leverage our substantial boat design and manufacturing assets, unencumbered by significant debt, and the war chest of available liquidity to invest in our future. Completing the expansion of our Fort Pierce, FL manufacturing facility, developing new and innovative boat designs, improving our vertical integration and efficiency by adding a state-of-the-art CNC machine into our manufacturing process, and designing our web-based ‘Pro-Direct Platform' to help revolutionize Twin Vee sales and customer engagement are just some of the ongoing projects we are currently working on. I'm excited to enter the next chapter as a combined public company so that we may accelerate our growth and expand our reach in the recreational marine market."

Under the terms of the merger agreement, upon closing, each holder of Forza Common Stock (other than Twin Vee) will receive 0.61166627 shares of Twin Vee Common Stock for each share of Forza Common Stock owned as of October 4, 2024 (the effective date of the merger). This exchange will result in a maximum issuance of 5,355,000 Twin Vee Common Stock shares. No fractional shares will be issued. The 7,000,000 shares of Forza Common Stock held by Twin Vee will be canceled.

More information on the Forza's Annual Meeting in its recent 8-K filing.

About Twin Vee PowerCats Co.

Twin Vee PowerCats Co. manufactures Twin Vee and AquaSport boats. The Company produces a range of boats designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water™." The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. Learn more at twinvee.com.

Visit Twin Vee PowerCats Co. on Facebook and Instagram.

Visit AquaSport on Facebook and Instagram.

Watch Twin Vee and AquaSport's Legacy of Boat Building Excellence on YouTube.

Watch the Twin Vee team talk about the development of the GFX-2 on YouTube.

About Forza X1, Inc.

Forza X1, Inc. was founded as a recreational boat builder focused on the creation, implementation and sale of electric boats.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding closing the merger with Forza in the near future, leveraging the Company's substantial boat design and manufacturing assets, unencumbered by significant debt, and the war chest of available liquidity to invest in its future, completing the expansion of our Fort Pierce, FL manufacturing facility, developing new and innovative boat designs, improving vertical integration and efficiency by adding a state-of-the-art CNC machine into the Company's manufacturing process, and designing the Company's web-based ‘Pro-Direct Platform' to help revolutionize Twin Vee sales and customer engagement and accelerating the Company's growth and expanding its reach in the recreational marine market. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to close the merger with Forza as planned, the Company's ability to leverage its boat design and manufacturing assets and available liquidity to invest in its future, the Company's ability to complete the expansion of its Fort Pierce, FL manufacturing facility, develop new and innovative boat designs, improve vertical integration and efficiency and revolutionize Twin Vee sales and customer engagement, the Company's ability to accelerate growth and expand its reach in the recreational marine market, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Contact:

Glenn Sonoda
investor@forzax1.com

SOURCE: Forza X1, Inc.

View the original press release on accesswire.com

FAQ

What is the share exchange ratio in the Twin Vee and Forza X1 (FRZA) merger?

Forza X1 (FRZA) shareholders will receive 0.61166627 shares of Twin Vee Common Stock for each share of Forza Common Stock owned as of October 4, 2024.

When did shareholders approve the Twin Vee and Forza X1 (FRZA) merger?

Shareholders of both companies approved the merger at their respective annual meetings held on November 11, 2024.

How many new shares will Twin Vee issue for the Forza X1 (FRZA) merger?

Twin Vee will issue a maximum of 5,355,000 new shares of Common Stock for the merger with Forza X1.

What will happen to Forza X1's (FRZA) stock after the merger?

After the merger, Forza X1 will become a wholly-owned subsidiary of Twin Vee, and the combined company will trade on NASDAQ under the ticker symbol 'VEEE'.