Twin Vee PowerCats, a manufacturer, distributor and marketer of power sport boats, announced that it has entered into a definitive agreement for a transformative transaction combining a merger involving the publicly traded company with the concurrent privatization of its boating business under the Twin Vee and Bahama Boat Works brands.
Under the terms of the transaction, a subsidiary of USFM Corporation, a developer of strategic mineral interests in Greenland, will merge with and into Twin Vee, with the company’s common stockholders receiving equity in the combined company. Prior to the merger, Twin Vee will form a Delaware statutory trust for the benefit of pre-merger stockholders, who will each receive a non-transferable contingent value right as a special distribution. The company will transfer the assets and liabilities of its marine business to the trust, which will operate the business privately, with the contingent value rights entitling holders to future distributions generated from its operations.
The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by Twin Vee’s disinterested shareholders and applicable regulatory approvals. Upon completion, the combined public company is expected to trade on NYSE American, with closing anticipated in the third quarter of 2026. Sheppard, Mullin, Richter & Hampton LLP is serving as legal counsel to Twin Vee, Houlihan Capital provided a fairness opinion to its board, and Loeb & Loeb LLP is serving as legal counsel to USFM Corporation.
Twin Vee manufactures boats under the Twin Vee and Bahama Boat Works brands for fishing, cruising, and recreational use, and has been building and selling boats in Fort Pierce, Florida for 30 years. USFM Corporation is a privately held mineral exploration company focused on advancing critical mineral opportunities in stable jurisdictions, currently centered on the Disko-Nuussuaq Project in Greenland.
KEY QUOTES:
“This transaction represents an important milestone for the Company. After a thorough review of strategic alternatives, our Board concluded that the combination of the public company merger and the privatization of the Marine Business provides a compelling path forward for our stockholders, employees, customers, and business partners.”
Kevin Schuyler, Lead Independent Director, Twin Vee PowerCats Co.
“For more than 30 years, Twin Vee has earned its reputation by building exceptional boats, standing behind our products, and supporting our customers.”
“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.”
Preston Yarborough, Vice-President, Twin Vee PowerCats Co.
“As the proposed transaction is completed, we look forward to the opportunities that operating as a private company may provide. We believe this transition will lower operating overhead and allow us to dedicate more resources to product development, manufacturing and customer support.”
“Our objective is simple: build and deliver amazing boats and support our 10,000 plus customers with exceptional customer service.”
Joseph Visconti, President and Chief Executive Officer, Twin Vee PowerCats Co.
