Twin Vee PowerCats Co. (NASDAQ: VEEE) saw its shares surge more than 370% on Monday following the announcement of a definitive merger agreement with a subsidiary of USFM Corporation and a plan to privatize its marine business. The transaction is designed to unlock shareholder value while providing greater strategic and financial flexibility for the Twin Vee and Bahama Boat Works brands.
According to reporting by Emily Jarvie of Proactive, existing shareholders will receive equity in the combined public company along with contingent value rights tied to potential future distributions from the marine business. The marine business will be separated into a privately held Delaware statutory trust. Following the merger, the combined company is expected to trade on the NYSE American, with the transaction anticipated to close in the third quarter of 2026, subject to customary closing conditions.
This strategic move aims to streamline operations and focus on core strengths. 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. 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." 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. More information can be found at twinvee.com and bahamaboatworks.com.
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