Twin Vee PowerCats Co. Announces Stock Repurchase Program
Twin Vee PowerCats (NASDAQ: VEEE) announced a stock repurchase program allowing the company to buy back up to $1,000,000 worth of its shares. This move is intended to strengthen the balance sheet amid market challenges, particularly for microcap stocks. CEO Joseph Visconti noted the potential for buying back shares at advantageous prices due to current market conditions. The repurchases may occur in various ways, including in open market transactions. As of November 9, 2022, the company had approximately 9,520,000 shares outstanding. The company aims to provide transparency in its repurchase activities through future SEC filings.
- Authorization for stock buyback program up to $1,000,000.
- Potential to enhance shareholder value through repurchase.
- Current market conditions could allow for share repurchases at favorable prices.
- Microcap status may limit institutional support and liquidity.
- Current economic conditions may pose risks for stock performance.
FORT PIERCE, FL / ACCESSWIRE / January 17, 2023 / Twin Vee PowerCats, Co. (NASDAQ:VEEE),("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport catamaran boats, today announced that its Board of Directors has approved a stock repurchase program authorizing the repurchase of up to
Joseph Visconti, President and Chief Executive Officer, commented, "The Board of Directors understands that microcap stocks are facing challenges on multiple fronts. Historically, when the economy falters, there is a natural flight to quality and income. Twin Vee, and its subsidiary, Forza X1, Inc., are early-stage companies and viewed as microcap stocks with limited liquidity for large institutional investors. Although Twin Vee has strengthened its balance sheet and is currently growing, we believe the Company might still be considered on the speculative side in terms of institutional support and investors. The stock market, along with year-end selling and a larger block of liquid shares being free to trade from the merger of Twin Vee Powercats, Inc. with and into Twin Vee has created a possible opportunity for us. We successfully sold our shares to investors at
Under the authorization, the Company may purchase shares of the Company's common stock from time to time in the open market at prevailing market prices, in privately negotiated transactions or other means in compliance with applicable federal securities laws. The timing and amount of stock repurchases under the program, if any, will be at the discretion of management, and will depend on a variety of factors, including price, available cash, general business and market conditions and other investment opportunities. Information regarding share repurchases will be available in the Company's periodic reports on Form 10-Q and 10-K filed with the Securities and Exchange Commission or as otherwise required by applicable federal securities laws. The Company had approximately 9,520,000 million shares outstanding as of November 9, 2022.
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 nearly 30 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 Company's institutional support, the stock market creating an opportunity for the Company and maximizing the Company's balance sheet by potentially buying back up to
Contact:
Glenn Sonoda
investor@twinvee.com
SOURCE: Twin Vee PowerCats Co.
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FAQ
What is the purpose of Twin Vee PowerCats' stock repurchase program?
How much is Twin Vee PowerCats authorized to repurchase in shares?
What factors will influence the timing of share repurchases by Twin Vee PowerCats?
Why might the stock repurchase program be beneficial for Twin Vee PowerCats shareholders?