Twin Vee PowerCats Co. Announces Pricing of Public Offering
FORT PIERCE, FL / ACCESSWIRE / September 28, 2022 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport catamaran boats, today announced the pricing of its underwritten public …
FORT PIERCE, FL / ACCESSWIRE / September 28, 2022 / Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor, and marketer of power sport catamaran boats, today announced the pricing of its underwritten public offering of 2,500,000 shares of its common stock at a public offering price of $2.75 per share, for gross proceeds of $6,875,000, before deducting underwriting discounts, commissions and offering expenses. All of the shares of common stock are being offered by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares of common stock at the public offering price less discounts and commissions, to cover over-allotments. The offering is expected to close on October 3, 2022, subject to satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering primarily for product development and general corporate purposes, which may include working capital, capital expenditures, operational purposes and potential acquisitions in complementary businesses.
ThinkEquity is acting as sole book-running manager for the offering.
The securities will be offered and sold pursuant to a shelf registration statement on Form S-3 (File No. 333-266858), including a base prospectus, filed with the U.S. Securities and Exchange Commission (the "SEC") on August 15, 2022 and declared effective on August 24, 2022. The offering will be made only by means of a written prospectus. A prospectus supplement and accompanying prospectus describing the terms of the offering will be filed with the SEC on its website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from the offices of ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004, by telephone at (877) 436-3673 or by email at firstname.lastname@example.org.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Twin Vee PowerCats Co.
Twin Vee is a designer, manufacturer, distributor, and marketer of power sport catamaran boats. The Company is located in Fort Pierce, Florida, and has been building and selling boats for over 27 years. Learn more at twinvee.com. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category, and is known as the "Best Riding Boats on the Water™".