- Twin Vee PowerCats ( NASDAQ: VEEE ) on Wednesday announced a proposed underwritten public stock offering .
- Shares of VEEE, which ended 8.2% higher on Wednesday, dropped 20% after the bell.
- Net proceeds will be used primarily for product development and general corporate purposes, which may include working capital, operational purposes and potential acquisitions.
- VEEE expects to grant the underwriter a 45-day option to buy up to an additional 15% of the number of shares sold in the offering to cover over-allotments, if any.
- There can be no assurance as to whether or when the offering may be completed, or the actual size or terms.
For further details see:
Twin Vee PowerCats announces proposed stock offering