Twin Vee PowerCats will merge with USFM, while privatizing its recreational marine business under Twin Vee and Bahama Boat Works. Under the new agreement, a subsidiary of USFM will merge with the publicly traded company while a newly formed trust will operate Twin Vee’s marine assets and liabilities as a privately held company.
“This transaction represents an important milestone for the company,” lead independent director Kevin Schuyler said in a statement, reports Trade Only Today. “After a thorough review of strategic alternatives, our board concluded that the combination of the public company merger and the privatization of the marine business provides a compelling path forward for our stockholders, employees, customers and business partners.”
The merger and privatization of its boatbuilding operations will provide more strategic and financial flexibility for the company, allowing for future growth. Twin Vee said the marine business will continue operating in the ordinary course through and after the closing, with no immediate changes expected to customer service, vendor relationships or employee operations. Shareholders of Twin Vee will receive equity in the combined public company and contingent value rights tied to future distributions generated by the marine business.
To learn more, visit twinvee.com.
