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. Concurrently, Twin Vee's marine business, including the Twin Vee and Bahama Boat Works brands, will be transferred into a privately held Delaware statutory trust. This strategic transaction is designed to unlock shareholder value while providing greater strategic and financial flexibility for both businesses.
Under the terms of the agreement, 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. 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 has been approved by the boards of directors of both companies and is expected to close in the third quarter of 2026, subject to shareholder approval, regulatory approvals and customary closing conditions.
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. Bahama Boat Works is an iconic luxury brand celebrated for its craftsmanship and offshore fishing vessels. The company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.
For more details, the full press release can be viewed at https://ibn.fm/xhjxa. Additional information about Twin Vee PowerCats is available at twinvee.com and bahamaboatworks.com.
This move reflects a growing trend among publicly traded companies to separate core operations from non-core assets, allowing each to pursue distinct strategic goals. For Twin Vee shareholders, the transaction offers a path to potential value realization through both the public entity and future distributions from the privatized marine business.
