Twin Vee PowerCats to Merge With USFM, Privatize Marine Business in Strategic Transaction

Twin Vee PowerCats Co. (NASDAQ: VEEE), a manufacturer of power sport boats, announced a definitive agreement to merge with a subsidiary of USFM Corporation while transferring its Twin Vee and Bahama Boat Works marine business into a privately held Delaware statutory trust. The transaction aims to unlock shareholder value and provide greater strategic and financial flexibility for both businesses.

Under the terms of the agreement, existing shareholders will receive equity in the combined public company, which is expected to trade on the NYSE American, as well as contingent value rights tied to potential future distributions from the privatized marine business. The marine operations, including manufacturing and sales under the Twin Vee and Bahama Boat Works brands, will continue without interruption.

The boards of directors of both Twin Vee and USFM have approved the transaction, which is expected to close in the third quarter of 2026, subject to shareholder approval, regulatory approvals, and customary closing conditions. The move is designed to separate the marine business from the public company structure, allowing it to focus on long-term growth while the combined public entity pursues other opportunities.

Twin Vee PowerCats, based in Fort Pierce, Florida, has been building boats for 30 years and is known for its stable, fuel-efficient catamaran hull designs under the Twin Vee brand and luxury offshore fishing vessels under Bahama Boat Works. The company’s brands are recognized for their craftsmanship and performance.

For more details, view the full press release at https://ibn.fm/xhjxa.

This strategic transaction is significant as it allows Twin Vee to unlock value for shareholders while giving the marine business operational independence. The privatization of the marine segment could lead to more focused management and potential future distributions through contingent value rights. The listing on NYSE American may provide the combined public company with enhanced visibility and access to capital markets.