Twin Vee Announces 1-For-10 Reverse Stock Split

About this update from Twin Vee Powercats Co.

[{"type":"text","content":"Common Stock Will Begin Trading on a Split-Adjusted Basis on April 8, 2025","length":74,"tagName":"p"},{"type":"text","content":"FORT PIERCE, FL / ACCESS Newswire / April 4, 2025 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport boats, today announced that it will implement a 1-for-10 reverse stock split of the issued and outstanding shares of the Company's common stock (the "Reverse Stock Split"), effective 11:59 p.m. Eastern Time on April 7, 2025, and the Company's common stock will begin trading on the Nasdaq Capital Market on a split-adjusted basis at the opening of the market on April 8, 2025 under the existing ticker symbol "VEEE."","length":641,"tagName":"p"},{"type":"text","content":"The Reverse Stock Split was approved by the Company's stockholders at the Company's 2024 Annual Meeting of Stockholders held on November 11, 2024 (the "2024 Annual Meeting"). At the 2024 Annual Meeting, the Company's stockholders voted in favor of an amendment to the Company's Certificate of Incorporation, as amended (the "Certificate of Incorporation"), at the discretion of the Twin Vee Board of Directors (the "Board"), to effect a reverse stock split with respect to the issued and outstanding shares of the Twin Vee common stock, at a ratio of 1-for-2 to 1-for-20 (the "Reverse Stock Split Range"), with the Board having the discretion as to whether or not the Reverse Stock Split is to be effected, and the exact ratio to be set at a whole number within the Reverse Stock Split Range. On March 17, 2025, the Board exercised such discretion to effect the Reverse Stock Split at a ratio of 1-for-10 shares of common stock.","length":984,"tagName":"p"},{"type":"text","content":"The 1-for-10 Reverse Stock Split will reduce the number of outstanding shares of the Company's common stock from approximately 14,874,452 shares to approximately 1,487,445 shares. Proportional adjustments will be made to the number of shares of Twin Vee common stock issuable upon exercise or conversion of Twin Vee's outstanding equity awards and warrants, as well as the applicable exercise price. The number of authorized shares of Twin Vee's common stock will remain unchanged at 50,000,0...

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