Business
Twin Vee PowerCats Co. Announces Closing of Initial Public Offering
FORT PIERCE, FL / ACCESSWIRE / July 23, 2021 / Twin Vee PowerCats Co. (NASDAQ:VEEE), ("Twin Vee" or the "Company") a designer, manufacturer and marketer of
About this update from Twin Vee Powercats Co.
[{"type":"text","content":"FORT PIERCE, FL / ACCESSWIRE / July 23, 2021 / Twin Vee PowerCats Co. (NASDAQ:VEEE), (\"Twin Vee\" or the \"Company\") a designer, manufacturer and marketer of recreational and commercial power catamaran boats, today announced the closing of its initial public offering of 3,000,000 shares of its common stock at a public offering price of $6.00 per share, for gross proceeds of $18,000,000, before deducting underwriting discounts and offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount.The Company intends to use the proceeds for production and marketing of its larger fully equipped boats, for the design, development, testing, manufacturing, and marketing of its new line of electric boats and fully electric propulsion system, for the acquisition of waterfront property and development of the Electra Power Sports EV Innovation & Testing Center, and for working capital.ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.A registration statement on Form S-1 (File No. 333-255134) relating to the shares was filed with the Securities and Exchange Commission (\"SEC\") and became effective on July 20, 2021. A registration statement on Form S-1 MEF was also filed with the SEC on July 20, 2021, which became effective upon its filing. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at [email protected] press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About Twin VeeTwin Vee is a designer, manufacturer and marketer of recreational and commercial power catamaran boats. Founded in 1996, the Company has been an innovator in the recreational and commercial power catamaran industry. The Compa...