Twin Vee PowerCats Completes Merger with Forza X1, Inc.

Twin Vee PowerCats Co. announced the completion of its merger with Forza X1, Inc. on November 26, 2024. The merger, which became effective on the same date, involved Forza surviving as a wholly-owned subsidiary of Twin Vee following the merger with Twin Vee Merger Sub, Inc.

As part of the merger process, each outstanding share of Forza Common Stock, excluding those held by Twin Vee, was converted into 0.611666275 shares of Twin Vee Common Stock. Additionally, outstanding Forza stock options and warrants were converted into Twin Vee Common Stock equivalents. Moreover, Twin Vee canceled the 7,000,000 shares of Forza Common Stock it held.

The issuance of Twin Vee Common Stock to former Forza shareholders was registered under the Securities Act of 1933 through a previously filed registration statement, which was declared effective on October 10, 2024. Information regarding the merger and related transactions could be found in the Joint Proxy Statement/Prospectus.

Following the merger, changes were made to Twin Vee’s board of directors. Marcia Kull was appointed as a new director, and she will serve on various committees. Furthermore, previous directors Bard Rockenbach and James Melvin resigned in connection with the merger.

Financial statements of Forza, including balance sheets and statements of operations, have been incorporated into Twin Vee’s financial disclosures. These pro forma financial statements reflect adjustments related to the merger and provide an overview of the combined financial position and performance of the two entities.

The pro forma financial data shows the potential impact of the merger on Twin Vee’s financials, offering stakeholders a clearer picture of the combined entity’s financial health. Details regarding net sales, cost of products sold, income taxes provision, and net loss are included in the pro forma financial statements for the periods ended September 30, 2024, and December 31, 2023.

The comparison of historical net loss and book value per share of Twin Vee and Forza with the pro forma equivalent data after the merger provides insights into the financial implications of the transaction.

Investors and stakeholders are encouraged to review the detailed financial information disclosed in the filing to better understand the implications of the merger between Twin Vee PowerCats and Forza X1.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Twin Vee Powercats’s 8K filing here.

Twin Vee Powercats Company Profile

Twin Vee PowerCats Co engages in the design, manufacture, and marketing of recreational and commercial power catamaran boats. It operates in three segments: Gas-Powered Boat, Electric-Powered Boat, and Franchise. The company's boats allow consumers to use them for a range of recreational activities, such as fishing, diving, and water skiing; and commercial activities, including transportation, eco tours, fishing, and diving expeditions.