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Twin Vee Announces 1-For-10 Reverse Stock Split

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Twin Vee PowerCats Co. (NASDAQ:VEEE) has announced a 1-for-10 reverse stock split effective April 7, 2025. The company's common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market on April 8, 2025, maintaining its 'VEEE' ticker symbol.

The split will reduce outstanding shares from approximately 14,874,452 to 1,487,445. The primary objective is to raise the per-share trading price to maintain Nasdaq Capital Market listing compliance, which requires a minimum bid price of $1.00 per share. The authorized shares will remain at 50,000,000 with a par value of $0.001 per share.

Stockholders will receive one new share for every 10 shares held, with cash payments issued for fractional shares based on the average closing price over the ten days preceding the split. The new CUSIP number will be 90177C200.

Twin Vee PowerCats Co. (NASDAQ:VEEE) ha annunciato un frazionamento azionario inverso di 1-per-10 effettivo dal 7 aprile 2025. Le azioni ordinarie della società inizieranno a essere scambiate sulla base del frazionamento corretto sul Nasdaq Capital Market l'8 aprile 2025, mantenendo il simbolo ticker 'VEEE'.

Il frazionamento ridurrà le azioni in circolazione da circa 14.874.452 a 1.487.445. L'obiettivo principale è quello di aumentare il prezzo di scambio per azione per mantenere la conformità con i requisiti di quotazione del Nasdaq Capital Market, che richiede un prezzo minimo di offerta di $1,00 per azione. Le azioni autorizzate rimarranno a 50.000.000 con un valore nominale di $0,001 per azione.

Gli azionisti riceveranno una nuova azione per ogni 10 azioni detenute, con pagamenti in contante per le azioni frazionarie basati sul prezzo medio di chiusura nei dieci giorni precedenti al frazionamento. Il nuovo numero CUSIP sarà 90177C200.

Twin Vee PowerCats Co. (NASDAQ:VEEE) ha anunciado una división de acciones inversa de 1-por-10 que entrará en vigor el 7 de abril de 2025. Las acciones ordinarias de la compañía comenzarán a cotizar en una base ajustada por la división en el Nasdaq Capital Market el 8 de abril de 2025, manteniendo su símbolo de cotización 'VEEE'.

La división reducirá las acciones en circulación de aproximadamente 14,874,452 a 1,487,445. El objetivo principal es aumentar el precio de negociación por acción para mantener la conformidad con los requisitos de cotización del Nasdaq Capital Market, que requiere un precio mínimo de oferta de $1.00 por acción. Las acciones autorizadas permanecerán en 50,000,000 con un valor nominal de $0.001 por acción.

Los accionistas recibirán una nueva acción por cada 10 acciones que posean, con pagos en efectivo por acciones fraccionarias basados en el precio promedio de cierre durante los diez días anteriores a la división. El nuevo número CUSIP será 90177C200.

Twin Vee PowerCats Co. (NASDAQ:VEEE)는 2025년 4월 7일부터 1대 10의 역분할을 발표했습니다. 회사의 보통주는 2025년 4월 8일부터 나스닥 자본 시장에서 분할 조정 기준으로 거래를 시작하며, 'VEEE' 티커 기호를 유지합니다.

이번 분할로 발행 주식 수는 약 14,874,452주에서 1,487,445주로 줄어듭니다. 주요 목표는 나스닥 자본 시장의 상장 요건을 유지하기 위해 주당 거래 가격을 높이는 것으로, 이는 주당 최소 입찰 가격이 $1.00이어야 합니다. 승인된 주식 수는 50,000,000주로 유지되며, 주당 액면가는 $0.001입니다.

주주들은 보유한 10주당 1주의 신주를 받게 되며, 분할 전 10일 동안의 평균 종가를 기준으로 한 현금 지급이 이루어집니다. 새로운 CUSIP 번호는 90177C200입니다.

Twin Vee PowerCats Co. (NASDAQ:VEEE) a annoncé un regroupement d'actions de 1 pour 10 prenant effet le 7 avril 2025. Les actions ordinaires de la société commenceront à être négociées sur une base ajustée le 8 avril 2025 sur le Nasdaq Capital Market, tout en conservant son symbole boursier 'VEEE'.

Ce regroupement réduira le nombre d'actions en circulation d'environ 14 874 452 à 1 487 445. L'objectif principal est d'augmenter le prix de négociation par action afin de respecter les exigences de cotation du Nasdaq Capital Market, qui nécessite un prix d'offre minimum de 1,00 $ par action. Le nombre d'actions autorisées restera à 50 000 000 avec une valeur nominale de 0,001 $ par action.

Les actionnaires recevront une nouvelle action pour chaque 10 actions détenues, avec des paiements en espèces pour les actions fractionnaires basés sur le prix de clôture moyen des dix jours précédant le regroupement. Le nouveau numéro CUSIP sera 90177C200.

Twin Vee PowerCats Co. (NASDAQ:VEEE) hat eine 1-zu-10-Rückwärtsaktienaufspaltung angekündigt, die am 7. April 2025 wirksam wird. Die Stammaktien des Unternehmens werden ab dem 8. April 2025 an der Nasdaq Capital Market auf einer aufgespaltenen Basis gehandelt, wobei das Tickersymbol 'VEEE' beibehalten wird.

Die Aufspaltung wird die ausstehenden Aktien von etwa 14.874.452 auf 1.487.445 reduzieren. Das Hauptziel ist es, den Handelspreis pro Aktie zu erhöhen, um die Anforderungen für die Nasdaq Capital Market-Notierung einzuhalten, die einen Mindestgebotskurs von 1,00 USD pro Aktie erfordert. Die genehmigten Aktien bleiben bei 50.000.000 mit einem Nennwert von 0,001 USD pro Aktie.

Aktionäre erhalten eine neue Aktie für jeweils 10 gehaltene Aktien, wobei für Bruchstücke auf der Grundlage des durchschnittlichen Schlusskurses der zehn Tage vor der Aufspaltung Barzahlungen ausgegeben werden. Die neue CUSIP-Nummer wird 90177C200 sein.

Positive
  • Helps maintain Nasdaq listing compliance
  • No change to company's market capitalization
  • Potentially attracts institutional investors with higher share price
Negative
  • Indicates underlying share price weakness
  • May signal company's struggle to maintain listing requirements
  • Could face negative market perception associated with reverse splits

Insights

Twin Vee's announcement of a 1-for-10 reverse stock split is primarily a compliance-driven corporate action aimed at maintaining its Nasdaq Capital Market listing. With the current share price at $0.32, well below Nasdaq's $1.00 minimum requirement, this maneuver will mechanically boost the trading price to approximately $3.20 post-split.

This action reduces the company's outstanding shares from 14.9 million to 1.5 million while leaving the total market capitalization unchanged at roughly $4.9 million. The micro-cap boat manufacturer is clearly taking necessary steps to avoid delisting, which would significantly impact liquidity and institutional investor access.

While reverse splits don't fundamentally alter company value, they often carry negative market perception as they're typically implemented by struggling companies. However, maintaining Nasdaq listing provides tangible benefits including better trading liquidity, broader investor exposure, and improved capital raising capabilities.

For existing shareholders, this is a mechanical adjustment that shouldn't directly impact the value of their holdings, though they should note the treatment of fractional shares will result in cash payments rather than partial shares. The unchanged authorized share count of 50 million (now representing 10x the previous per-share value) maintains significant potential dilution capacity relative to the reduced outstanding share count.

Common Stock Will Begin Trading on a Split-Adjusted Basis on April 8, 2025

FORT PIERCE, FL / ACCESS Newswire / April 4, 2025 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced that it will implement a 1-for-10 reverse stock split of the issued and outstanding shares of the Company's common stock (the "Reverse Stock Split"), effective 11:59 p.m. Eastern Time on April 7, 2025, and the Company's common stock will begin trading on the Nasdaq Capital Market on a split-adjusted basis at the opening of the market on April 8, 2025 under the existing ticker symbol "VEEE."

The Reverse Stock Split was approved by the Company's stockholders at the Company's 2024 Annual Meeting of Stockholders held on November 11, 2024 (the "2024 Annual Meeting"). At the 2024 Annual Meeting, the Company's stockholders voted in favor of an amendment to the Company's Certificate of Incorporation, as amended (the "Certificate of Incorporation"), at the discretion of the Twin Vee Board of Directors (the "Board"), to effect a reverse stock split with respect to the issued and outstanding shares of the Twin Vee common stock, at a ratio of 1-for-2 to 1-for-20 (the "Reverse Stock Split Range"), with the Board having the discretion as to whether or not the Reverse Stock Split is to be effected, and the exact ratio to be set at a whole number within the Reverse Stock Split Range. On March 17, 2025, the Board exercised such discretion to effect the Reverse Stock Split at a ratio of 1-for-10 shares of common stock.

The 1-for-10 Reverse Stock Split will reduce the number of outstanding shares of the Company's common stock from approximately 14,874,452 shares to approximately 1,487,445 shares. Proportional adjustments will be made to the number of shares of Twin Vee common stock issuable upon exercise or conversion of Twin Vee's outstanding equity awards and warrants, as well as the applicable exercise price. The number of authorized shares of Twin Vee's common stock will remain unchanged at 50,000,000 shares, and the par value of the common stock will remain unchanged at $0.001 per share.

The primary purpose of the 1-for-10 Reverse Stock Split is to raise the per-share trading price of the Company's common stock to allow for its continued listing on the Nasdaq Capital Market, among other benefits. The Nasdaq Capital Market requires, among other things, that a listing a company's common stock maintain a minimum bid price of at least $1.00 per share.

The CUSIP number for Twin Vee's common stock will change to 90177C200 following the Reverse Stock Split.

Information for Twin Vee Stockholders

At the effective time of the Reverse Stock Split, Twin Vee stockholders will receive one new share of Company common stock for every 10 shares of common stock held. Record holders of Company common stock will receive a transaction statement with respect to the exchange of such shares for post-reverse split shares. Direct Transfer LLC, the transfer agent for Company's common stock, will act as the exchange agent. Registered stockholders holding pre-reverse-split shares of Twin Vee's common stock electronically in book-entry form are not required to take any action to receive post-reverse-split shares. Those stockholders who hold their shares in brokerage accounts or in "street name" who have any questions are encouraged to contact their bank, broker or other nominee.

Twin Vee does not intend to issue fractional shares in connection with the Reverse Stock Split. In lieu of fractional shares, any person who would otherwise be entitled to a fractional share of Twin Vee common stock as a result of the reclassification and combination following the effective time of the Reverse Stock Split will be entitled to receive a cash payment equal to the number of shares of the Twin Vee common stock held by such stockholder before the Reverse Stock Split that would otherwise have been exchanged for such fractional share interest multiplied by the average closing sales price of the Twin Vee common stock as reported on the Nasdaq Capital Market for the ten (10) days preceding the effective time of the Reverse Stock Split.

For more information on the Reverse Stock Split, please refer to Twin Vee's joint proxy statement/prospectus for the 2024 Annual Meeting, which can be accessed through the investor portion of Twin Vee's website at https://ir.twinvee.com/sec-filings and on the SECs EDGAR website, https://www.sec.gov.

About Twin Vee PowerCats Co.

Twin Vee PowerCats Co. manufactures Twin VeeTM and AquaSportTM 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 over 30 years. Learn more about Twin Vee the Company's website, https://twinvee.com.

You may also visit Twin Vee PowerCats Co. on Facebook, Instagram, and YouTube.

You may also visit AquaSport on Facebook and Instagram.

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. These statements are based upon current beliefs, expectations and assumptions and include statements regarding Twin Vee's ability to realize any anticipated benefits from the Reverse Stock Split, including an increase in the price of the common stock and maintaining the listing of the common stock on the Nasdaq Capital 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Twin Vee's current expectations and assumptions and speak only as of the date of this release. Actual results may differ materially from Twin Vee's current expectations depending upon a number of factors. These factors include, among others, those risks and uncertainties that are described in the "Risk Factors" section of Twin Vee's most recent Annual Report on Form 10-K, Twin Vee's subsequent Quarterly Reports on Form 10-Q, Twin Vee's Current Reports on Form 8-K and other 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.

For further information, please contact:

Glenn Sonoda
investor@twinvee.com

SOURCE: Twin Vee PowerCats Co.



View the original press release on ACCESS Newswire

FAQ

When will Twin Vee (VEEE) implement its reverse stock split?

Twin Vee will implement the 1-for-10 reverse stock split effective April 7, 2025, at 11:59 p.m. Eastern Time.

How many shares of VEEE will be outstanding after the reverse split?

The outstanding shares will reduce from approximately 14,874,452 to 1,487,445 shares.

What happens to fractional shares in VEEE's reverse stock split?

Stockholders will receive cash payments for fractional shares based on the 10-day average closing price before the split.

Why is Twin Vee (VEEE) conducting a reverse stock split?

The primary purpose is to raise the per-share trading price to maintain Nasdaq Capital Market listing compliance, which requires a minimum $1.00 bid price.
Twin Vee Powercats Co

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4.59M
11.28M
18.59%
6.68%
0.88%
Recreational Vehicles
Ship & Boat Building & Repairing
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United States
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