Twin Vee (NASDAQ: VEEE), a designer, manufacturer and marketer of recreational and commercial power catamaran boats, has announced the pricing of its initial public offering of 3,000,000 shares of its common stock, each at a public offering price of $6.00, for gross proceeds of $18,000,000. 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. All of the shares of common stock are being offered by the company. Twin Vee intends to use the proceeds for production and marketing of its larger fully equipped boats, the design, development, testing, manufacturing, and marketing of its new line of electric boats and fully electric propulsion system, the acquisition of waterfront property and development of the Electra Power Sports EV Innovation & Testing Center, as well as for working capital. Subject to satisfaction of customary conditions, the offering is expected to close on July 23, 2021. ThinkEquity, a division of Fordham Financial Management Inc., is acting as sole book-running manager for the offering.
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About Twin Vee PowerCats Co.
Twin 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 company currently has ten gas-powered models in production ranging in size from its 24-foot, dual engine, center console to its newly designed 40-foot offshore 400 GFX. The company’s twin-hull catamaran running surface, known as a symmetrical catamaran hull design, adds to the Twin Vee ride quality by reducing drag, increasing fuel efficiency and offering users a stable riding boat. Twin Vee’s home base of operations is a 7.5-acre facility in Fort Pierce, Florida. Learn more at www.TwinVee.com.
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