Twin Vee PowerCats Co. Announces Pricing of Public Offering

Rhea-AI Summary

Twin Vee PowerCats Co. (NASDAQ:VEEE) announced a public offering of 2,500,000 shares at $2.75 per share, aiming for gross proceeds of $6,875,000. The offering is expected to close on October 3, 2022. Additionally, underwriters have a 45-day option to purchase 375,000 extra shares for overallotments. Proceeds will be allocated for product development and general corporate purposes, including working capital and potential acquisitions. ThinkEquity is the sole book-running manager.

Positive

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

Negative

• Potential dilution for existing shareholders due to new share issuance.

FORT PIERCE, FL / ACCESSWIRE / September 28, 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 pricing of its underwritten 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, commissions and offering expenses. All of the shares of common stock are being offered by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares of common stock at the public offering price less discounts and commissions, to cover over-allotments. The offering is expected to close on October 3, 2022, subject to satisfaction of customary closing conditions.

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 is acting as sole book-running manager for the offering.

The securities will be offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-266858), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the "SEC") on August 15, 2022 and declared effective on August 24, 2022. The offering will be made only by means of a written prospectus. A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004, by telephone at (877) 436-3673 or by email at prospectus@think-equity.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or 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 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 the closing of the public offering and the intended use of the net proceeds of the offering 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 ability of the Company to close the offering, the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, 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.

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/718065/Twin-Vee-PowerCats-Co-Announces-Pricing-of-Public-Offering

FAQ

What is the stock offering price for Twin Vee PowerCats Co. (VEEE)?

The offering price is set at $2.75 per share.

When is the expected closing date for the public offering of VEEE?

The offering is expected to close on October 3, 2022.

How many shares is Twin Vee PowerCats Co. offering?

The company is offering 2,500,000 shares, with an additional option for 375,000 shares.

What will the proceeds from the VEEE offering be used for?

Net proceeds will primarily be used for product development and general corporate purposes.

Who is managing the public offering for Twin Vee PowerCats Co.?

ThinkEquity is acting as the sole book-running manager for the offering.