FORT PIERCE, FL - Twin Vee PowerCats Co. (NASDAQ:VEEE), a manufacturer of power sport boats, has set the public offering price for 750,000 shares of its common stock at $4.00 per share, with the aim of raising $3 million in gross proceeds before deductions for underwriting discounts and other expenses. The stock, currently trading at $7.45, has shown remarkable momentum with a 181% return over the past week. According to InvestingPro analysis, the company appears overvalued at current levels. The offering is scheduled to close on May 12, 2025, subject to customary closing conditions.
The company has expressed its intention to allocate the net proceeds from this offering primarily to working capital and general corporate purposes. This capital raise comes at a crucial time, as InvestingPro data shows the company is quickly burning through cash, though it maintains more cash than debt on its balance sheet. ThinkEquity is serving as the sole book-running manager for the offering.
Investors can access the offering through a shelf registration statement on Form S-3, previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective as of August 24, 2022. The offering is made exclusively by means of a written prospectus, and a final prospectus supplement will be filed with the SEC, which will also be available on the SEC’s website.
Twin Vee PowerCats, known for their catamaran hull designs that provide stability, efficiency, and a smooth ride, has been in the business for three decades, building a reputation for their boats in the sport boat category. The company, headquartered in Fort Pierce, Florida, currently has a market capitalization of $11.07 million and maintains a healthy current ratio of 2.78, indicating strong short-term liquidity. For deeper insights into Twin Vee’s financial health and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks.
This press release includes forward-looking statements, as identified by words like "anticipate," "estimate," and "expect," which involve risks and uncertainties that could cause actual results to differ from those projected. These statements pertain to the proposed offering’s timing and completion, as well as the intended use of proceeds.
Investors are cautioned to consider the risk factors outlined in Twin Vee’s annual and quarterly reports filed with the SEC, as these could affect the company’s ability to complete the offering as planned.
The information provided in this announcement is based on a press release statement from Twin Vee PowerCats Co. and is current as of today’s date. Twin Vee does not undertake any obligation to publicly update or revise any forward-looking statements after the date of this release.
In other recent news, Twin Vee PowerCats Co. reported a substantial increase in revenue for the first quarter of 2025, achieving a 91.7% rise compared to the previous quarter. The company generated $3.6 million in revenue, with gross margins improving by 961 basis points year-over-year, despite a decrease in the average sale price per unit. Operational efficiencies and strategic initiatives contributed to this strong performance, as Twin Vee shipped 24 units, marking a 118% sequential increase. Additionally, the company announced plans for an underwritten public offering of its common stock to boost capital, with ThinkEquity serving as the exclusive book-running manager. The proceeds from this offering are intended to enhance working capital and support general corporate purposes. Twin Vee has also made strides in inventory management, reducing field inventory significantly, and is focusing on the development of a new digital platform. While the company faces potential challenges from tariffs and the recreational sector’s volatility, it remains committed to operational efficiency and margin expansion.
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