Forza X1, Inc.: restructuring charge — Forza X1 halts electric boat business, cuts workforce to 5 employees

Forza X1, Inc.

Board voted July 11, 2024 to discontinue electric boat development and wind down operations.
Exploring strategic alternatives, including potential merger with Twin Vee PowerCats Co.
Workforce reduced to five employees; expects pre-tax charges under $100,000 in Q3 2024.
Wind-down targets monthly cash burn cut from ~$403K to under ~$200K, a >50% reduction.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Forza X1, Inc. announced a restructuring with charges of less than $100,000 affecting business related to the development and sale of electric boats utilizing its proprietary outboard electric motor (down to five employees).

Type: restructuring
Charge: less than $100,000
Affected area: business related to the development and sale of electric boats utilizing its proprietary outboard electric motor
Headcount: down to five employees

Exact text from the filing

its workforce to align with current production needs and financial realities and is currently down to five employees. The Company expects to incur pre-tax charges of less than $100,000 for the workforce reduction, most of which is expected to be incurred in the third quarter of fiscal year 2024. These charges will be substantially settled in cash and almost

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Source: SEC EDGAR

accession 0001731122-24-001100

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