Twin Vee (NASDAQ: VEEE) has announced the pricing of its initial public offering (IPO) meaning that it is now offering the stock of a company on a public stock exchange for the first time, at a public offering price of $6.00, for gross proceeds of $18,000,000.
Furthermore, they are offering a 45-day option to purchase up to an additional 450,000 shares of common stock to cover over-allotments at the initial public offering price, less the underwriting discount.
All of the shares of common stock are available to buy. Twin Vee intends to reinvest the profit into production and marketing of its larger fully equipped boats, the design and development, testing, manufacturing. There will be focus on marketing of its new line of electric boats and fully electric propulsion system, the acquisition of waterfront property and development of the Electra Power Sports EV Innovation & Testing Center.
About Twin Vee
Twin Vee is a designer and manufacturer of recreational and commercial power catamaran boats. Founded in 1996, the company makes and manufactures its boats in Fort Pierce, Florida. Twin Vee is best known for designing and manufacturing safe, reliable twin-hull PowerCats at an affordable price.
The Company currently has ten gas-powered models in production ranging in size from its 24-foot, dual engine, center console to its newly designed 40-foot offshore 400 GFX. However, with a team dedicated to the future of boating, not only have they transition into launching electric boats, they are also coming up with methods to improve existing stock but encouraging existing boat owners to retrofit their existing gas-powered boats with Electra’s outboard motors and battery packs. Twin Vee is advancing marine technology to a sustainable net zero-emission environment. Boat owners worldwide can enjoy a new, safer, quieter experience on the water.