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. 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.
The transaction is intended to unlock shareholder value while providing greater strategic and financial flexibility for both businesses. 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 marine operations from the public entity, potentially enabling the marine business to operate with more autonomy and focus on its core manufacturing and brand development. The contingent value rights provide shareholders with a mechanism to benefit from future distributions generated by the privatized marine business, aligning interests with the company's long-term success.
Twin Vee PowerCats Co. 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. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the “Best Riding Boats on the Water(TM).” Bahama Boat Works is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels. The Company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.
For more information about Twin Vee PowerCats, visit twinvee.com and bahamaboatworks.com. To view the full press release, visit https://ibn.fm/xhjxa.
