Forza X1 subsidiary to discontinue electric boat business, wind down operations

Twin Vee PowerCats, Co.

Forza X1 board on July 11, 2024 decided to discontinue and wind down electric boat development and sales.
Workforce reduced to 5 employees; expects pre-tax charges <$100k in Q3 2024.
Monthly cash burn expected to drop from ~$403k to <$200k after wind down.
Forza X1 exploring strategic alternatives, including potential merger with Twin Vee PowerCats.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.