USFM Corporation to Combine with Nasdaq-Listed Twin Vee PowerCats Co., Creating Publicly Traded Company Focused on Greenland's Disko-Nuussuaq District-Scale Magmatic Nickel-Copper-Cobalt-PGE Project
USFM Corporation announced a definitive agreement under which a USFM subsidiary will merge with Twin Vee PowerCats (Nasdaq: VEEE).
Rhea-AI Summary
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.
Positive
- US$30 million Disko-Nuussuaq earn-in funding commitment
- Up to 9,000 metres of 2026 drilling planned at Disko-Nuussuaq
- Twin Vee shareholders to receive equity in combined public company post-merger
- Existing Twin Vee holders granted non-transferable CVR over marine business distributions
- Combined company expected to trade on NYSE American after closing
- US$10 million committed for spring/summer 2026 drilling season
Negative
- None.
News Explained
The exploration component has moved from planned to active: two rigs commenced operations on
Details
Market reaction after USFM merger agreement: VEEE +36.07% in the Jul 16 session
In the Jul 16 session, VEEE gained 36.07%, reflecting a significant positive market reaction. Argus tracked a peak move of +92.2% during that session. Our momentum scanner triggered 115 alerts that day, indicating very high trading interest and price volatility. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Earn-in funding commitment
- US$30 million
- Drilling-related expenditure at Disko-Nuussuaq under earn-in agreement
- 2026 season commitment
- US$10 million
- Committed drilling spend for spring/summer 2026 at Disko-Nuussuaq
- 2026 drilling program
- up to 9,000 metres
- Planned drilling across Disko Island and Nuussuaq Peninsula
- Planned hole depth
- 1,000 metres
- Maximum depth for each drill hole, subject to conditions
- Project area
- 3,020 km²
- Disko-Nuussuaq Project coverage in West Greenland Flood Basalt Province
- Massive sulphide boulder
- 28 tonnes
- Pure massive sulphide boulder recovered in 1994 from licence area
- Nickel grade
- 6.9% nickel
- Assay of massive sulphide boulder from Disko Island
- Copper grade
- 3.7% copper
- Assay of massive sulphide boulder from Disko Island
Historical Context
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Announced merger with USFM and privatization of marine business via CVR trust.
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Reported revenue growth with ongoing losses and equity raises to bolster liquidity.
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Disclosed repeat order for custom 400 GFX2 vessel from Exuma Water Sports.
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Implemented 1-for-37 reverse split to address Nasdaq minimum bid price deficiency.
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Completed reincorporation to Nevada aimed at tax savings and flexibility.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
contingent value right financial
magmatic massive sulphide technical
three-dimensional geophysical inversion modelling technical
picritic magmas technical
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Announcement Comes as USFM's 2026 Drill Program at Disko Island Advances, with Rigs Now Actively Drilling Toward Priority Target Zones
In connection with the transaction, Twin Vee's recreational marine business — operating under the Twin Vee and Bahama Boat Works brands — will be separated into a privately held company prior to closing, held through a newly formed
The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by Twin Vee's disinterested shareholders, USFM's, stockholders and applicable regulatory approvals. The parties currently expect the transaction to close in the third quarter of 2026, at which point the combined company is expected to trade on NYSE American.
Olga Solovieva, Vice President Exploration of USFM, commented:
"The combination with Twin Vee comes at a pivotal point for the Disko-Nuussuaq Project. Following years of target generation, geological modelling and planning, drilling is now underway at one of the world's most prospective underexplored magmatic nickel districts. Becoming a publicly listed company through this transaction will provide broader access to capital markets as we continue systematically evaluating this district-scale opportunity. We believe the combination of an exceptional geological asset, an active drill program and a public market platform positions USFM to create long-term value for stockholders"
Disko-Nuussuaq Drill Program Update
The transaction comes as USFM advances its 2026 exploration program at the Disko-Nuussuaq Project in
As of today, the drill rigs have been successfully established drilling infrastructure at the first drill site, with surface casing cemented, pressure testing completed, and drilling underway toward the primary target zones. Each hole is planned to reach a maximum depth of 1,000 metres, subject to ongoing geological conditions and technical evaluation.
The program is fully funded under USFM's earn-in agreement with project operator 80 Mile plc (AIM: 80M), under which USFM is funding
With drilling underway and progressing as planned, the Company expects to provide shareholders with regular operational updates, including geological observations and assay results, as they become available throughout the field season.
Physical Evidence of a Fertile Magmatic System
The Disko-Nuussuaq Project covers approximately 3,020 km² within the West Greenland Flood Basalt Province and is recognised as one of the world's largest underexplored magmatic nickel-copper-cobalt-PGE districts. Under the operatorship of 80 Mile plc, the project has benefited from a systematic, district-scale exploration approach integrating geological mapping, geochemistry, airborne gravity gradiometry, magnetic surveys and three-dimensional geophysical inversion modelling. This work has identified multiple priority Magmatic Massive Sulphide ("MMS") targets interpreted to represent magma conduit systems analogous to those hosting the world-class Norilsk-Talnakh nickel-copper sulphide deposits.Disko Island has already produced direct, physical evidence of the district's metal endowment. In 1994, a 28-tonne boulder of pure massive sulphide was recovered from the licence area. Independent assay results returned
Exploration has also confirmed the presence of a working magmatic sulfide system. Surface sampling and field observations identified coarse interlocking nickel-copper sulfide crystals and geological characteristics consistent with significant sulfide segregation within picritic magmas, a key process required for the formation of large magmatic massive sulfide deposits. Disko is also interpreted to contain a greater volume of picritic lavas than the Norilsk district, providing further support for the Project's geological prospectivity.
The combination of a proven fertile magmatic system, district-scale geophysical targets, and a geological setting directly analogous to the Norilsk-Talnakh district provides the technical foundation for USFM's 2026 drill program. The current campaign is designed to systematically evaluate these priority MMS targets and advance one of the world's most prospective underexplored magmatic nickel-copper-cobalt-PGE districts.
Advisors
Think Equity acted as Advisor in connection with this transaction. Loeb & Loeb LLP is serving as legal counsel to USFM. Sheppard, Mullin, Richter & Hampton LLP is serving as legal counsel to Twin Vee. Houlihan Capital provided a fairness opinion to the Board of Directors of Twin Vee.
About USFM Corporation
USFM Corporation is a privately held
Learn more about USFM at usfm.com.
About Twin Vee PowerCats Co.
Twin Vee PowerCats Co. manufactures a range of boats under the Twin Vee and Bahama Boat Works brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. 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™." Bahama Boat Works is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels.
Twin Vee is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.
Learn more at twinvee.com and bahamaboatworks.com.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the proposed merger between USFM Corporation and Tein Vee and the concurrent privatization of the Marine Business; the formation of a contingent value rights trust to operate the Marine Business as a private company; the anticipated strategic and financial benefits of the transactions, including the unlocking of shareholder value, the lowering of operating overhead, and the ability to dedicate more resources to product development, manufacturing, and customer support; the expected timing for completion of the transactions in the third quarter of 2026; the expectation that there will be no immediate changes to operations, customer service, or vendor relationships; the impact of the transaction to either company's stockholders, employees, customers, business partners, dealers, vendors, suppliers, and other stakeholders; and the combined public company's future trading on NYSE American.
These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict, that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability of the parties to consummate the proposed transaction; satisfaction of closing conditions to the consummation of the proposed transaction; the impact of the announcement of the proposed transaction on Twin Vee's relationships with its employees, existing customers or potential future customers, and the risk factors described in Twin Vee's Annual Report on Form 10-K for the year ended December 31, 2025, Twin Vee's Quarterly Reports on Form 10-Q, Twin Vee's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and USFM undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
Additional Information and Where to Find It
USFM Corporation intends to file with the Securities and Exchange Commission (the "SEC") a Registration Statement on Form S-4, which shall include a joint proxy statement, in connection with its proposed acquisition of Twin Vee and Twin Vee will furnish or file other materials with the SEC in connection with the proposed transaction. The definitive proxy statement will be sent or given to the stockholders of USFM and Twin Vee and will contain important information about the proposed transaction and related matters. BEFORE MAKING ANY VOTING DECISION, USFM'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THOSE OTHER MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. The Registration Statement, proxy statement and other relevant materials (when they become available), and any other documents filed by USFM Corporation and Twin Vee with the SEC, may be obtained free of charge at the SEC's website at www.sec.gov. In addition, security holders will be able to obtain free copies of the proxy statement from USFM by contacting USFM by telephone at (872) 216-1518, by mail to USFM at 1707 Cole Blvd, Suite 200, Golden, Colorado 80401.
Participants in the Solicitation
USFM, Twin Vee and their directors and officers may be deemed to be participants in the solicitation of proxies from the stockholders of USFM in connection with the proposed transaction. Information regarding the interests of these directors and officers in the transaction described herein will be included in the proxy statement described above. Additional information regarding the directors and executive officers of Twin Vee is included in the proxy statement for its 2025 Annual Meeting, which was filed with the SEC on October 23, 2025, its Annual Report on Form 10-K, which was filed with the SEC on February 27, 2026, and is supplemented by other public filings made, and to be made, with the SEC by Twin Vee and USFM Corporation.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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