Mergers & Acquisitions ·
Twin Vee and USFM amend merger agreement, adjusting ownership to 93% for USFM stockholders
VEEETwin Vee PowerCats, Co.
Twin Vee PowerCats Co. and USFM Corporation have entered into an Amended and Restated Merger Agreement modifying the terms of their pending business combination. The revised structure allocates 93% of the combined company's equity to pre-closing USFM stockholders, down from the previously proposed 90%, while Twin Vee shareholders will retain a 7% stake. The transaction involves Pubco acquiring both entities as wholly owned subsidiaries and requires USFM to use reasonable best efforts to close an up to $5 million PIPE investment. Additionally, Twin Vee's marine business assets and liabilities are being transferred to a contingent value rights trust for distribution to existing shareholders. The deal remains subject to customary closing conditions, including stockholder approvals, with parties expecting completion in the fourth quarter of 2026 or first quarter of 2027. Twin Vee PowerCats Co. manufactures and markets recreational power sport boats.