Forza X1 Stock Price, News & Analysis

Twin Vee PowerCats (Nasdaq:VEEE) and Forza X1 (OTC PINK:FRZA) shareholders have approved their merger agreement at their respective annual meetings on November 11, 2024. Upon closing, Forza will become a wholly-owned subsidiary of Twin Vee, operating under the Twin Vee PowerCats Co. name and trading on NASDAQ as 'VEEE'. Each Forza shareholder will receive 0.61166627 Twin Vee shares for each Forza share, resulting in a maximum issuance of 5,355,000 Twin Vee shares. The company plans to leverage its manufacturing assets and liquidity for facility expansion, new boat designs, and the development of a web-based Pro-Direct Platform.

Forza X1, Inc. (Nasdaq:FRZA) has suspended its Second Quarter 2024 Financial Results Call due to the announcement of a Merger Agreement with Twin Vee PowerCats Co. (NASDAQ:VEEE). The call was originally scheduled for August 14, 2024, at 2:00 p.m. EDT. Instead, investors are encouraged to attend Twin Vee's Earnings Call on August 14 at 4:00 pm EDT.

Twin Vee's call details include:

• Toll-Free: 1-877-407-3982
• Toll/International: 1-201-493-6780
• Conference ID: 13747918

An audio webcast will also be available, with a recording accessible for at least 90 days after the call through Twin Vee's 'Investor Relations' website section.

Twin Vee PowerCats Co. (Nasdaq:VEEE) and Forza X1, Inc. (Nasdaq:FRZA) have announced a definitive merger agreement in an all-stock transaction. Under the terms, Forza shareholders will receive 0.61166627 Twin Vee shares for each Forza share, with a maximum of 5,355,000 Twin Vee shares to be issued. Post-merger, Twin Vee and Forza shareholders will own approximately 64% and 36% of the combined company, respectively.

Key highlights include:

• A unified company building on 30 years of heritage in high-quality boat manufacturing
• Expected strong balance sheet with over $1.00 per share in cash and $2.00 per share in net assets
• Streamlined operations by eliminating duplicate public company costs
• Commitment to operational excellence and growth

The merger is expected to close by the end of 2024, subject to regulatory and shareholder approvals. The combined company will operate as Twin Vee PowerCats Co. and continue trading on NASDAQ under the ticker 'VEEE'.

Forza X1, Inc. (Nasdaq: FRZA), a developer of electric sport boats, has announced its Second Quarter 2024 Financial Results conference call scheduled for August 14, 2024, at 2:00 p.m. Eastern Time. The company will discuss its research and development efforts and answer questions. Financial results will be released via press release before the call.

Investors can join the call toll-free at 1-877-407-4018 or internationally at 1-201-689-8471 using Conference ID 13747916. An audio webcast will also be available, but participants listening via this method won't be able to submit questions during the Q&A session. The webcast link will be accessible through Forza X1's Investor Relations section, with a recording available for at least 90 days after the call.

Forza X1 reported its financial results for Q1 2024, showing cash reserves of approximately $9.95 million, down from $12.80 million at the end of 2023. The company reduced its cash burn by lowering SG&A expenses. Executive Chairman and Interim CEO Joseph Visconti noted a global decline in demand for recreational marine vehicles due to economic uncertainties and slower-than-expected EV adoption. Forza's electric boats are still in development, while competitors like Mercury Marine have launched their products. The company is focusing on cost management, capital expenditure reduction, workforce optimization, and strategic partnerships to navigate market challenges and sustain operations.

Forza X1, Inc., developer of electric sport boats for sustainable recreational boating, will host a conference call on May 15, 2024, to discuss first quarter financial results. The company's focus on eco-friendly boating solutions enhances its appeal to investors and consumers.