Twin Vee PowerCats Co. Announces Closing of Public Offering

Rhea-AI Summary

Twin Vee PowerCats Co. (Nasdaq:VEEE) has successfully closed a public offering of 2,500,000 shares at $2.75 each, generating gross proceeds of $6,875,000. An additional 375,000 shares may be purchased by underwriters to cover over-allotments. The proceeds will primarily fund product development and general corporate purposes, including working capital and potential acquisitions. This offering is made under an effective registration statement with the SEC, ensuring compliance with securities laws.

Positive

• Gross proceeds of $6,875,000 from the offering.
• Intended use of funds for product development and strategic acquisitions.

Negative

• Potential dilution of existing shares due to the offering.

FORT PIERCE, FL / ACCESSWIRE / October 3, 2022 / Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport catamaran boats, today announced the closing of its previously announced public offering of 2,500,000 shares of its common stock at a public offering price of $2.75 per share, for gross proceeds of $6,875,000, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares of common stock to cover over-allotments, if any, at the public offering price, less underwriting discounts and commissions.

The Company intends to use the net proceeds from the offering primarily for product development and general corporate purposes, which may include working capital, capital expenditures, operational purposes and potential acquisitions in complementary businesses.

ThinkEquity acted as sole book-running manager for the offering.

The offering is being made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the "SEC"). The final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at prospectus@think-equity.com, Attention: Prospectus Department.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Twin Vee PowerCats Co.

Twin Vee is a designer, manufacturer, distributor, and marketer of power sport catamaran boats. The Company is located in Fort Pierce, Florida, and has been building and selling boats for over 27 years. Learn more at twinvee.com. 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™".

Forward-Looking Statements

This press release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "predict," "potential," "plan" or the negative of these terms and similar expressions intended to identify forward-looking statements. These statements include statements related to the intended use of proceeds. Twin Vee PowerCats Co. cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this news release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to, risks related to prevailing market conditions, the impact of general economic, and industry or political conditions in the United States. Forward-looking statements reflect its analysis only on their stated date, and Twin Vee PowerCats Co. undertakes no obligation to update or revise these statements except as may be required by law.

For Investor Relations Inquiries:
Contact:
Glenn Sonoda
investor@twinvee.com

SOURCE: Twin Vee PowerCats Co.

View source version on accesswire.com:
https://www.accesswire.com/718547/Twin-Vee-PowerCats-Co-Announces-Closing-of-Public-Offering

FAQ

What is the details of the Twin Vee PowerCats Co. public offering on October 3, 2022?

Twin Vee PowerCats Co. closed a public offering of 2,500,000 shares at $2.75 each, raising $6,875,000.

How will Twin Vee use the proceeds from the public offering?

The funds will be used primarily for product development and general corporate purposes.

What is the stock symbol for Twin Vee PowerCats Co.?

The stock symbol for Twin Vee is VEEE.

Is there an option for underwriters in the Twin Vee public offering?

Yes, underwriters have a 45-day option to purchase up to 375,000 additional shares.

Where can I find the final prospectus for the Twin Vee public offering?

The final prospectus supplement can be found on the SEC's website at http://www.sec.gov.