FORT PIERCE, FL / ACCESS Newswire / July 13, 2026 / Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor and marketer of power sport boats, today announced that it has entered into a definitive agreement for a transformative transaction that will combine a merger involving the publicly traded company with the concurrent privatization of its boating business under the brands Twin Vee and Bahama Boat Works (the "Marine Business").
Pursuant to the terms of the transaction, a subsidiary of USFM Corporation, a developer of strategic mineral interests in Greenland, will merge with and into the Company (the "Merger"), and in exchange the Company's common stockholders (the "Pre-Merger Stockholders") will receive equity in the combined company. Additionally, prior to the Merger, the Company will form a Delaware statutory trust (the "CVR Trust") for the benefit of the Pre-Merger Stockholders. Each Pre-Merger Stockholder will receive a non-transferable contingent value right ("CVR") in the CVR Trust as a special distribution from the Company. Prior to the consummation of the Merger, the Company will transfer the assets and liabilities relating to the Marine Business to the CVR Trust and the CVR Trust will operate the Marine Business as a privately held company focused on delivering leading recreational marine products to boating enthusiasts. The CVRs will entitle holders to receive future distributions from the CVR Trust, which are expected to be generated from the operations of the Marine Business.
The transactions are intended to unlock value for stockholders, provide the operating business with greater strategic and financial flexibility, and position both businesses for their next phase of growth.
"This transaction represents an important milestone for the Company," said Kevin Schuyler, Lead Independent Director of the Company. "After a thorough review of strategic alternatives, our Board concluded that the combination of the public company merger and the privatization of the Marine Business provides a compelling path forward for our stockholders, employees, customers, and business partners."
"For more than 30 years, Twin Vee has earned its reputation by building exceptional boats, standing behind our products, and supporting our customers," added Preston Yarborough, Vice-President of the Company, "That commitment extends to our employees, dealers, vendors, suppliers, financial partners, and the entire boating community who have helped make Twin Vee what it is today. Our commitment remains unchanged. We will continue to focus on supporting our team, maintaining strong day-to-day operations, and delivering the quality, service, and reliability that our customers have come to expect. Our facilities remain open, our team is hard at work, and we remain fully committed to serving our customers, fulfilling orders, supporting our dealer network, and standing behind every Twin Vee boat."