Twin Vee PowerCats and Forza X1 to Merge

August 13, 2024

DENVER, Colo., Aug 13, 2024 (247marketnews.com)- Twin Vee PowerCats Co. (Nasdaq: VEEE) and Forza X1, Inc. (Nasdaq: FRZA) stated, in a joint announcement, that the Companies agreed to merge in an all-stock transaction, in which Forza will merge with and into a wholly owned subsidiary and survive the merger.

Forza Common Stock holders will receive 0.61166627 shares of Twin Vee Common Stock in exchange for each share of Forza Common Stock that they own on the effective date.

Following the merger, Twin Vee expects to have over $1.00 per share in cash, $2.00 per share in net assets, no funded debt, and streamlined operations.

Joseph Visconti, Twin Vee’s Chairman and CEO, and also serves as Forza’s Interim CEO, stated, “Twin Vee is taking the steps necessary to drive this company forward. We believe this merger is the next logical step. We began by bringing in top talent from larger organizations that could help us achieve our growth and profit objectives. Karl Zimmer, our new President, and Michael Dickerson, our new CFO, are laser-focused on leaning out waste and inefficiency, driving down our product and overhead costs, continuing the ERP implementation, and developing procedures and platforms to build the best boats possible and scale those efficiencies as we grow the business.

“It will take time, resources, and effort to achieve our goals, but we have assembled the right team, we have a strong balance sheet, and we have the support of a great group of shareholders to help us get there. I am so excited to bring these two companies together at this time. This merger represents the latest significant milestone for both Twin Vee and Forza X1. By combining our resources and strengths, we are creating a more competitive company that is positioned to achieve our long-term profitable growth and drive shareholder value,” Visconti concluded.

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