- Forza X1 ( NASDAQ: FRZA ), a wholly owned subsidiary of Twin Vee Powercats ( NASDAQ: VEEE ) has priced its initial public offering of 3M shares of the company's common stock at $5.00 per share, for aggregate gross proceeds of $15M.
- Underwriters' over-allotment is an additional 450K shares of common stock.
- Trading kicks off on Nasdaq under the ticker symbol "FRZA" on August 12, 2022.
- The offering is expected to close on August 16, 2022.
- The net proceeds from the initial public offering will be used for the acquisition of property and the development of a manufacturing plant, infrastructure and equipment to build, design and manufacture Forza's new line of electric boats, ramp up of production and inventory and working capital.
For further details see:
Electric sports boat developer, Forza X1 prices $15M IPO