Twin Vee and Forza shareholders approve merger
Shareholders of Twin Vee PowerCats and electric boat firm Forza X1 have voted to approve the proposed merger between the companies. The merger was first proposed in August, and the vote to seal the deal took place at the firms’ respective annual shareholder meetings on 11 November 2024.
Twin Vee previously had a majority ownership in Forza X1. The merger is expected to close shortly, pending the fulfilment of remaining customary conditions. Under the merger terms, Forza will merge with Twin Vee Merger Sub, Inc., a wholly-owned subsidiary of Twin Vee, and will continue as a wholly-owned subsidiary under Twin Vee PowerCats Co.
Earlier this year, Florida-based Twin Vee announced ‘organisational realignment initiatives’ to reduce overheads as it heads into the 2025 model year. As a result of these initiatives, the company says it expects to reduce overhead costs and ‘rightsize its operations’ based on demand into next year.
Twin Vee’s cost-saving initiatives have previously included laying off staff, operational restructuring to become more streamlined, and cutting unnecessary expenses related to its inventory and manufacturing processes.
“We are pleased that the Twin Vee and Forza shareholders have overwhelmingly approved the merger,” says Joseph Visconti, chairman and CEO of Twin Vee. “We intend to use this momentum to leverage our substantial boat design and manufacturing assets, unencumbered by significant debt, and the war chest of available liquidity to invest in our future.
“Completing the expansion of our Fort Pierce manufacturing facility in Florida, developing new and innovative boat designs, improving our vertical integration and efficiency by adding a state-of-the-art CNC machine into our manufacturing process, and designing our web-based ‘Pro-Direct Platform’ to help revolutionise Twin Vee sales and customer engagement are just some of the ongoing projects we are currently working on.
“I’m excited to enter the next chapter as a combined public company so that we may accelerate our growth and expand our reach in the recreational marine market.”
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