Business
Twin Vee PowerCats Co. and Forza X1, Inc. Shareholders Vote to Approve Merger Between Companies
FORT PIERCE, FL / ACCESSWIRE / November 13, 2024 / Twin Vee PowerCats Co. (Nasdaq:VEEE), ("Twin Vee" or the "Company"), and Forza X1, Inc.
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / November 13, 2024 / Twin Vee PowerCats Co. (Nasdaq:VEEE), (\"Twin Vee\" or the \"Company\"), and Forza X1, Inc. (OTC:FRZA),(\"Forza\"), today announced that their respective shareholders have voted to approve the previously announced merger agreement at their respective annual shareholder meetings held on November 11, 2024.The merger's closing is subject to the satisfaction of the remaining customary closing conditions, and both companies expect the merger to close in the near future. Upon closing, Forza will merge with and into Twin Vee Merger Sub, Inc., a wholly-owned subsidiary of Twin Vee, with Forza surviving the merger as a wholly-owned subsidiary of Twin Vee. The merged company will operate under the Twin Vee PowerCats Co. name, and the Company's common stock is expected to continue to trade on NASDAQ under its current ticker symbol, \"VEEE.\"\"We are pleased that the Twin Vee and Forza shareholders have overwhelmingly approved the merger,\" said Joseph Visconti, Chairman and CEO of Twin Vee. \"We intend to use this momentum to leverage our substantial boat design and manufacturing assets, unencumbered by significant debt, and the war chest of available liquidity to invest in our future. Completing the expansion of our Fort Pierce, FL manufacturing facility, developing new and innovative boat designs, improving our vertical integration and efficiency by adding a state-of-the-art CNC machine into our manufacturing process, and designing our web-based ‘Pro-Direct Platform' to help revolutionize Twin Vee sales and customer engagement are just some of the ongoing projects we are currently working on. I'm excited to enter the next chapter as a combined public company so that we may accelerate our growth and expand our reach in the recreational marine market.\"Under the terms of the merger agreement, upon closing, each holder of Forza Common Stock (other than Twin Vee) will receive 0.61166627 shares of Twin Vee Common Stock for each share of Forza Common Stock owned as of October 4, 2024 (the effective date of the merger). This exchange will result in a maximum issuance of 5,355,000 Twin Vee Common Stock shares. No fractional shares will be issued. The 7,000,000 shares of Forza Common Stock held by Twin Vee will be canceled.More information on the Company's Annual Meeting in its recent 8-K filing....