Twin Vee PowerCats, Forza X1 shareholders vote to approve merger

Twin Vee PowerCats (VEEE) announced that their respective shareholders have voted to approve the previously announced merger agreement at their respective annual shareholder meetings held on November 11, 2024. The merger’s closing is subject to the satisfaction of the remaining customary closing conditions, and both companies expect the merger to close in the near future. Upon closing, Forza will merge with and into Twin Vee Merger Sub, Inc., a wholly-owned subsidiary of Twin Vee, with Forza surviving the merger as a wholly-owned subsidiary of Twin Vee. The merged company will operate under the Twin Vee PowerCats Co. name, and the Company’s common stock is expected to continue to trade on NASDAQ under its current ticker symbol, “VEEE.” Under the terms of the merger agreement, upon closing, each holder of Forza Common Stock will receive 0.61166627 shares of Twin Vee Common Stock for each share of Forza Common Stock owned as of October 4, 2024. This exchange will result in a maximum issuance of 5,355,000 Twin Vee Common Stock shares. No fractional shares will be issued. The 7,000,000 shares of Forza Common Stock held by Twin Vee will be canceled.