Recent Updates — VEEE
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.
Twin Vee PowerCats Co. filed a Certificate of Validation to formally ratify a 1-for-37 reverse stock split that became effective on May 4, 2026, following stockholder approval at a special meeting held on September 8, 2026. The company also approved a name change from Twin Vee PowerCats Co. to Twin Vee Bahama Co. and corrected an administrative error in the proxy statement regarding the number of shares issued and outstanding as of the August 10 record date. This high-ratio reverse split is material as it significantly alters the share structure and likely aims to address Nasdaq listing compliance requirements. The company operates in the marine industry, designing and manufacturing high-performance power catamarans.
On August 21, 2026, Twin Vee PowerCats Co. revised the base salary of Chief Executive Officer and President Joseph Visconti to $250,000. Additionally, Mr. Visconti is eligible for a $150,000 bonus contingent on the successful closing of the merger with USFM Corporation, dated July 12, 2026; this payment would occur within ten days of closing. Twin Vee PowerCats Co. manufactures and sells high-performance catamaran boats.
Twin Vee PowerCats Co. disclosed that its April 10, 2026 attempt to reincorporate from Delaware to Nevada was invalid due to insufficient stockholder approval under Delaware law. Consequently, the company filed certificates in August 2026 to dissolve the Nevada entity and correct its status as a Delaware corporation. The filing also announced an amendment to reduce the stockholder meeting quorum requirement from a majority to one-third of outstanding shares. Additionally, the company is seeking stockholder ratification for a previously board-approved 1-for-37 reverse stock split executed on April 30, 2026, which lacked requisite shareholder consent under Delaware law. Twin Vee PowerCats Co. designs and manufactures high-performance aluminum catamaran boats.
Twin Vee PowerCats Co. entered into a merger agreement with USFM Corporation to be acquired as a wholly owned subsidiary. Under the terms, shareholders will receive a pro rata portion of Acquiror shares representing 10% of the Acquiror's fully diluted issued and outstanding shares. The agreement includes a $500,000 termination fee payable by the Acquiror and a $1,500,000 fee payable by the Company. Additionally, Joseph Visconti resigned as Interim CFO effective July 10, 2026, and Michael P. Dickerson was appointed as Interim CFO on July 11, 2026. Twin Vee PowerCats Co. is a consumer electronics and lifestyle products company.