Twin Vee PowerCats Co. reports developments tied to its power sport boat manufacturing, distribution, and marketing business. The company builds recreational and commercial boats, including Twin Vee power catamarans, 400 GFX2 models used in commercial tourism applications, and boats under the Bahama Boat Works brand for the offshore center console market.
Recurring news themes include quarterly operating results, product-line expansion, dealer network additions, custom boat orders, working-capital financing, and corporate governance actions. Company updates also cover the completed reincorporation to Nevada, equity offerings, field inventory management, product development costs, and efforts to broaden model availability through authorized marine dealers.
Twin Vee PowerCats (VEEE) and USFM amended their pending merger agreement, revising the transaction structure and ownership allocation. Pre-closing Twin Vee holders would own 7% of the new parent, Twin Vee Holdco, down from 10%; USFM holders would own 93%, up from 90%. USFM must use reasonable best efforts to seek an up to $5 million private investment in public equity.
Twin Vee Holdco would hold both companies as wholly owned subsidiaries. Before completion, Twin Vee would transfer its marine assets and liabilities to a trust. Existing holders would receive non-transferable contingent value rights to future trust distributions, expected from marine operations or a sale. Both boards approved the amendment. Closing remains subject to Twin Vee disinterested shareholder and regulatory approvals. The parties expect closing in Q4 2026 or Q1 2027; the parent's stock is expected to list on NYSE American or another national exchange.
USFM Corporation announced a definitive agreement under which a USFM subsidiary will merge with Twin Vee PowerCats (Nasdaq: VEEE). Twin Vee stockholders are expected to receive equity in the combined public company, which the parties currently expect to list on NYSE American after a targeted third-quarter 2026 close, subject to shareholder and regulatory approvals.
Twin Vee’s recreational marine business, including the Twin Vee and Bahama Boat Works brands, will be separated into a privately held entity via a Delaware statutory trust. Existing Twin Vee holders will receive a non-transferable contingent value right (CVR) for future distributions from that business. The announcement coincides with USFM’s fully funded 2026 drill program at Greenland’s Disko-Nuussuaq Project, operated by 80 Mile plc, featuring two rigs, up to 9,000 metres of planned drilling, and a USFM earn-in funding commitment of US$30 million, including US$10 million for spring/summer 2026.
Twin Vee PowerCats (Nasdaq: VEEE) announced a definitive agreement for a strategic transaction combining a merger of the public company with the concurrent privatization of its Twin Vee and Bahama Boat Works recreational marine business (the “Marine Business”). A subsidiary of USFM Corporation, a developer of strategic mineral interests in Greenland, will merge with and into Twin Vee, and existing common stockholders will receive equity in the combined public company.
Before closing, Twin Vee will create a Delaware statutory trust (the “CVR Trust”) for current stockholders. Each pre‑merger stockholder will receive a non‑transferable contingent value right (CVR), and the Marine Business assets and liabilities will be moved into the CVR Trust, which will operate the Marine Business as a private company. CVR holders will be entitled to future distributions generated by that business. The boards of Twin Vee and USFM have approved the deal, which is expected to close in the third quarter of 2026, subject to disinterested shareholder and regulatory approvals. The combined public company is expected to trade on NYSE American, while the Marine Business is expected to continue day‑to‑day operations without immediate changes.
Twin Vee PowerCats (Nasdaq:VEEE) reported first quarter 2026 results with revenues up ~10% year-over-year and +31% versus Q4 2025. The company posted a $2.09M net loss and an Adjusted EBITDA loss of $776,000. Cash and equivalents rose by more than $4M after equity offerings. Twin Vee relaunched Bahama Boat Works with new 21' and 23' models and delivered the first Bahama 35 built at its factory. The company completed a 1-for-37 reverse stock split effective May 4, 2026 after receiving Nasdaq notice of minimum bid-price noncompliance.
Twin Vee PowerCats (Nasdaq:VEEE) announced a repeat order from Bahamas tour operator Exuma Water Sports for a second custom 400 GFX2 power catamaran on May 6, 2026. The vessel is purpose-built for daily commercial use, aimed at delivering ride quality, stability, and high-capacity passenger experiences in luxury tourism operations.
Management says the repeat order validates the 400 GFX2 for high-demand commercial applications and supports Twin Vee's positioning of the model for premium global operators.
Twin Vee PowerCats (Nasdaq:VEEE) announced a 1-for-37 reverse stock split effective 12:01 a.m. ET on May 4, 2026, with trading on a split-adjusted basis beginning May 4, 2026 under the existing ticker VEEE.
The reverse split will reduce outstanding shares from ~19.6 million to ~0.5 million and authorized common shares from 500.0 million to ~13.5 million; fractional shares will be rounded up. The board said the measure aims to regain compliance with Nasdaq's minimum bid price requirement.
Twin Vee PowerCats Co (Nasdaq:VEEE) completed its reincorporation from Delaware to Nevada on April 13, 2026. Stockholders approved the move at the company's November annual meeting. The company says the change eliminates Delaware franchise tax obligations, may reduce litigation distractions, and provides greater corporate flexibility while keeping operations unchanged.
Twin Vee PowerCats (Nasdaq:VEEE) named Nautical Ventures Group as its exclusive authorized dealer in Broward County, Florida, effective March 31, 2026. The agreement covers two Broward locations, initial inventory deliveries in the coming weeks, and collaboration on two custom adventure boat models aimed at South Florida demand.
The tie-up leverages Nautical Ventures' Top 100 dealer ranking and targets near-term retail activity in a high-volume Florida boating market.
Vision Marine Technologies (NASDAQ: VMAR) subsidiary Nautical Ventures secured exclusive Twin Vee PowerCats (NASDAQ: VEEE) distribution rights for Broward County, Florida, with initial inventory deliveries expected within weeks.
The agreement grants territorial exclusivity, aligns Nautical Ventures' retail network with Twin Vee's manufacturing scale (12 models; >700 boats annual capacity; ~10,000 boats produced) and includes two custom "Adventure Edition" models, including a 34-foot 340 GFX-2 V Edition, with select platforms planned for integration with Vision Marine's E-Motion electric propulsion subject to final development.
Twin Vee PowerCats (Nasdaq:VEEE) completed delivery of the first Bahama vessel under its ownership on March 25, 2026, a 35-foot model delivered to longtime customer Richard Robinson.
The move preserves Bahama Boat Works' premium lineup while Twin Vee continues production of legacy models and develops new Bahama platforms, including a planned 31-foot design. The company will display Bahama 21 and 23 models at the Palm Beach International Boat Show (Booth #1049).