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Twin Vee PowerCats Co. Announces Strategic Merger and Concurrent Privatization of its Recreational Marine Business

VEEE
  • Twin Vee PowerCats Co. (NASDAQ: VEEE) announced a definitive agreement to merge with USFM Corporation, a Greenland mineral developer.
  • The transaction involves a public company merger concurrent with the privatization of Twin Vee's marine business under the Twin Vee & Bahama Boat Works brands.
  • USFM Corporation's subsidiary will merge into Twin Vee, with pre-merger stockholders receiving equity in the combined entity.
  • A Delaware statutory trust (CVR Trust) will be formed to hold marine business assets & liabilities, operating the business privately.
  • Pre-merger stockholders will receive non-transferable contingent value rights (CVRs) from the CVR Trust, entitling them to future distributions from marine operations.
  • The combined public company is expected to trade on NYSE American following the transaction.
  • Parties anticipate the transaction to close in the third quarter of 2026, subject to shareholder & regulatory approvals.
  • Marine business operations, customer service, & vendor relationships are expected to continue in the ordinary course without immediate changes.
  • Twin Vee's board & USFM's board have both approved the transaction.
  • Sheppard, Mullin, Richter & Hampton LLP serves as legal counsel to Twin Vee, while Loeb & Loeb LLP represents USFM.
  • USFM focuses on critical mineral opportunities in Greenland, specifically the Disko-Nuussuaq Project.
  • Twin Vee has operated in Fort Pierce, Florida for 30 years, manufacturing catamaran sport boats.