Twin Vee PowerCats Co. (NASDAQ: VEEE), a manufacturer of power sport boats, has entered into a definitive agreement under which a subsidiary of USFM Corporation will merge with the company, while its Twin Vee and Bahama Boat Works marine business will be transferred into a privately held Delaware statutory trust. The transaction is intended to unlock shareholder value while providing greater strategic and financial flexibility for both businesses.
Existing shareholders will receive equity in the combined public company and contingent value rights tied to potential future distributions generated by the privatized marine business. Upon closing, the combined public company is expected to trade on the NYSE American, while the marine business will continue operating without interruption. The transaction, which has been approved by both companies’ boards of directors, is expected to close in the third quarter of 2026, subject to shareholder approval, regulatory approvals and customary closing conditions.
This strategic move allows Twin Vee to separate its core marine operations from the public entity, potentially enabling more focused management and capital allocation for the marine business. The contingent value rights provide a mechanism for shareholders to benefit from future distributions, aligning interests with the long-term success of the privatized operations.
Twin Vee PowerCats manufactures a range of boats under the Twin Vee and Bahama Boat Works brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, smooth-riding catamaran hull designs. Bahama Boat Works is an iconic luxury brand celebrated for its craftsmanship and offshore fishing vessels. The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.
For more details on the transaction, view the full press release at https://ibn.fm/xhjxa. Additional information about Twin Vee can be found at twinvee.com and bahamaboatworks.com.
