Twin Vee PowerCats Co. and Forza X1, Inc. Announce Merger Agreement

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[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / August 12, 2024 / Twin Vee PowerCats Co. (Nasdaq:VEEE) (\"Twin Vee\") and Forza X1, Inc. (Nasdaq:FRZA) (\"Forza\") today jointly announced that they have entered into a definitive merger agreement for an all stock transaction pursuant to which Forza will merge with and into a wholly owned subsidiary and survive the merger.Under the terms of the merger agreement, each holder of Forza Common Stock (other than Twin Vee) will receive 0.61166627 shares of Twin Vee Common Stock (the \"Exchange Ratio\") in exchange for each share of Forza Common Stock that they own on the effective date of the merger for a maximum of 5,355,000 shares of Twin Vee Common Stock (no fractional shares will be issued) and the 7,000,000 shares of Forza Common Stock held by Twin Vee will be canceled. The Exchange Ratio was negotiated so that the pre-closing securityholders of each of Twin Vee and Forza would beneficially own approximately 64% and 36%, respectively, of the outstanding shares of Twin Vee Common Stock following the closing of the merger.Key Highlights of the Merger:One Company, One Mission! Building on our 30-year heritage of delivering high-quality, offshore fishing and recreational boats recognized for their fuel efficiency, ride quality and performance.Strong Balance Sheet: At closing, we expect to have over $1.00 per share in cash, $2.00 per share in net assets, and no funded debt providing a solid foundation for future investments and growth.Streamlined Operations: Eliminating the overhead costs and management attention required to maintain two separate public companies.Operational Excellence: Our factory expansion, redesign and vertical integration demonstrates our commitment to high performance engineering and manufacturing, providing a solid foundation from which to rebuild and grow.Twin Vee's Chairman and Chief Executive Officer, Joseph Visconti, who also serves as Forza's Interim Chief Executive Officer, commented, \"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 o...

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