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. Simultaneously, Twin Vee's marine business, including its 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 of Twin Vee will receive equity in the combined public company, which is expected to trade on the NYSE American following the closing. Additionally, shareholders will receive contingent value rights tied to potential future distributions generated by the privatized marine business. The marine operations, including the manufacturing and sales of boats under the Twin Vee and Bahama Boat Works brands, will continue without interruption.
The transaction has been unanimously approved by the boards of directors of both Twin Vee and USFM. It is expected to close in the third quarter of 2026, subject to approval by Twin Vee's shareholders, regulatory approvals, and other customary closing conditions. The move is intended to separate the publicly traded entity from the operational marine business, allowing each to pursue its own strategic objectives.
Twin Vee PowerCats is known for its stable, fuel-efficient catamaran hull designs and has been building boats for 30 years from its facility in Fort Pierce, Florida. Bahama Boat Works, an iconic luxury brand, is celebrated for its craftsmanship and offshore fishing vessels. The combined public company will focus on growth and investment opportunities, while the privatized trust will continue the legacy of boat manufacturing.
For more details, the full press release is available at https://ibn.fm/xhjxa. Information about Twin Vee PowerCats can be found at twinvee.com and bahamaboatworks.com.
