Twin Vee PowerCats Co (Pre-Reincorporation) (VEEE) News & EventsVEEENews & EventsTwin Vee PowerCats Co (Pre-Reincorporation)

Twin Vee Powercats Co Trading Halted Due to Volatility Trading Pause

Twin Vee Powercats Co trading halted, volatility trading pause

Twin Vee PowerCats Enters Merger Agreement with USFM

Twin Vee PowerCats entered into a definitive agreement for a transaction that will combine a merger involving the publicly traded company with the concurrent privatization of its boating business under the brands Twin Vee and Bahama Boat Works. Pursuant to the terms of the transaction, a subsidiary of USFM Corporation, a developer of strategic mineral interests in Greenland, will merge with and into the Company, and in exchange the Company's common stockholders will receive equity in the combined company. Additionally, prior to the Merger, the Company will form a Delaware statutory trust for the benefit of the Pre-Merger Stockholders. Each Pre-Merger Stockholder will receive a non-transferable contingent value right in the CVR Trust as a special distribution from the Company. Prior to the consummation of the Merger, the Company will transfer the assets and liabilities relating to the Marine Business to the CVR Trust and the CVR Trust will operate the Marine Business as a privately held company focused on delivering leading recreational marine products to boating enthusiasts. The CVRs will entitle holders to receive future distributions from the CVR Trust, which are expected to be generated from the operations of the Marine Business. The transactions are intended to unlock value for stockholders, provide the operating business with greater strategic and financial flexibility, and position both businesses for their next phase of growth. The transaction has been approved by the Board of Directors of the Company and the Board of Directors of USFM Corporation. The closing of the transactions is subject to customary closing conditions, including approval by the Company's disinterested shareholders, applicable regulatory approvals, and the satisfaction or waiver of other conditions contained in the definitive agreements. Upon completion of the transactions, the combined public company is expected to trade on NYSE American. The parties currently expect the transaction to close in the third quarter of 2026, subject to the satisfaction of closing conditions. The Marine Business will continue to operate in the ordinary course through and after the closing. The Company does not expect any immediate changes to customer service, vendor relationships, or employee operations as a result of today's announcement.