Menu
Recreational catamaran boat manufacturer Twin Vee PowerCats Co. (VEEE) entered into a merger agreement on August 12, 2024, to acquire electric boat maker Forza X1, Inc. (FRZA) in an all-stock deal.
Under the terms of this agreement, shareholders of Forza will receive 0.61 shares of Twin Vee, at about $0.31 per share, representing a premium of 7.64% from the stock’s last close.
Forza X1, incorporated in 2021, is a U.S. company based in Fort Pierce, Florida, that makes and sells electric boats directly to customers.
Twin Vee PowerCats is a Florida company that makes and sells recreational and commercial catamaran boats, known for their stability and fuel efficiency, through dealers across the Americas.
The merger is expected to close by the end of 2024, with Twin Vee’s shareholders owning about 64% of the combined company and Forza’s shareholders owning about 36%.
Forza’s current Price/Sales (TTM) ratio is 118.76, above the sector median of 0.88.
The merged company will operate under the name Twin Vee PowerCats Co., and its common stock will continue to trade on Nasdaq under the ticker symbol “VEEE”.
For more insights into this M&A transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Forza X1, Inc. (FRZA) by Twin Vee PowerCats Co. (VEEE)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.
Disclaimer: Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.
Editor’s Note: Baranjot Kaur contributed to this article