Forza boat at night in Miami

Twin Vee PowerCats and Forza X1 have officially agreed to a merger. In an all-stock transaction, Forza, currently a subsidiary of Twin Vee, will become a wholly-owned subsidiary of Twin Vee.

The merger is subject to shareholder and regulatory approvals but is expected to close by the end of 2024. The combined entity will continue under the Twin Vee PowerCats Co. name, and the company’s common stock is expected to continue to trade on NASDAQ under the current ticker symbol “VEEE.”

Twin Vee PowerCats, based in Fort Pierce, Florida, manufactures Twin Vee and AquaSport boats. Forza is an electric boat builder with a facility in North Carolina.

In July this year, Forza stopped selling its electric boats amid a slowdown in the marine EV market, in an attempt to conserve cash. After the announcement, the firm said it was committed to adjusting its strategy to maintain long-term success.

“Twin Vee is taking the steps necessary to drive this company forward,” says Twin Vee’s chairman and chief executive, Joseph Visconti, who also serves as Forza’s interim chief executive. “We believe this merger is the next logical step. We began by bringing in top talent from larger organisations 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 overhead costs, continuing the ERP implementation, and developing procedures and platforms to build the best boats possible and scale those efficiencies as we grow the business.

“It will take time, resources, and effort to achieve our goals, but we have assembled the right team, we have a strong balance sheet, and we have the support of a great group of shareholders to help us get there. I am so excited to bring these two companies together at this time.

“This merger represents the latest significant milestone for both Twin Vee and Forza X1. By combining our resources and strengths, we are creating a more competitive company that is positioned to achieve our long-term profitable growth and drive shareholder value.”

The merger will see Forza shareholders, excluding Twin Vee, receive 0.61166627 Twin Vee shares for each Forza share they hold.

The post Twin Vee merges with Forza appeared first on Marine Industry News.