Twin Vee PowerCats has announced a merge rwith US-based mineral exploration company USFM Corporation.
The agreement will simultaneously spin off Twin Vee’s recreational boating businesses Twin Vee and Bahama Boat Works to form a privatised Marine Business, with a Delaware statutory trust – CVR Trust – formed for existing shareholders.
Twin Vee Powercats, manufacturer, distributor and marketer of power sport boats, says the transactions are intended to unlock value for stockholders, provide the operating business with greater strategic and financial flexibility, and position both businesses for their next phase of growth.
“This transaction represents an important milestone for the company,” said Kevin Schuyler, lead independent director of the company.
“After a thorough review of strategic alternatives, our board concluded that the combination of the public company merger and the privatisation of the Marine Business provides a compelling path forward for our stockholders, employees, customers, and business partners.”
Lower operating overheads
The transaction has been approved by the board of directors of the company and the board of directors of USFM Corporation.
The transaction is anticipated to lower operating overheads, allowing additional resources to be put to product development, manufacturing and customer support.
“Our commitment remains unchanged. We will continue to focus on supporting our team, maintaining strong day-to-day operations, and delivering the quality, service, and reliability that our customers have come to expect,” said vice-president Preston Yarborough.
“Our facilities remain open, our team is hard at work, and we remain fully committed to serving our customers, fulfilling orders, supporting our dealer network, and standing behind every Twin Vee boat.”
The closing of the transactions is subject to customary closing conditions.
Upon completion of the transactions, which are expected to close in the third quarter of 2026, the combined public company is expected to trade on NYSE American.
