Twin Vee to merge with Forza X1 in all-stock deal; Forza holders get 0.6117 VEEE shares each

Twin Vee PowerCats, Co.

Forza stockholders (excluding Twin Vee) receive 0.61166627 VEEE shares per FRZA share, up to 5,355,000 VEEE shares.
Twin Vee's 7,000,000 FRZA shares will be cancelled; post-merger ownership: ~64% VEEE holders, ~36% FRZA holders.
Marcia Kull (Forza board) will join Twin Vee board at closing; merger expected by end of 2024.
Combined company expects >$1.00 cash per share, >$2.00 net assets per share, and no funded debt.
Transaction unanimously approved by both boards; subject to shareholder and regulatory approvals.

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