---
schema_version: "secwatch.filing_event.v1"
accession: "0001731122-24-001100"
form_type: "8-K"
ticker: null
cik: "0001901305"
company_name: "Forza X1, Inc."
filed_at: "2024-07-12T23:59:59+00:00"
generated_at: "2026-05-31T21:26:34.666152+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Forza X1 halts electric boat business, cuts workforce to 5 employees

## Summary
- 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.

## SEC filing metadata
- accession: 0001731122-24-001100
- form_type: 8-K
- cik: 0001901305
- company_name: Forza X1, Inc.
- filed_at: 2024-07-12T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.05
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1901305/000173112224001100/0001731122-24-001100-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1901305/000173112224001100/e5814_8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001731122-24-001100
- JSON: https://secwatch.observer/filing/0001731122-24-001100.json
- Plain text: https://secwatch.observer/filing/0001731122-24-001100.txt

## Key facts
- Restructurings & Charges
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1901305/000173112224001100/0001731122-24-001100-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.