Forza X1, Twin Vee PowerCats to merge in all-stock deal

Twin Vee PowerCats (VEEE) and Forza X1 (FRZA) 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 will receive 0.61166627 shares of Twin Vee Common Stock 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 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. 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 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.”