Forza X1 Completes Merger with Twin Vee; Announces Change in Control

Forza X1, Inc. (NASDAQ: FRZA) recently finalized its merger with Twin Vee PowerCats Co., marking a significant development for the company. The merger, which officially took effect on November 26, 2024, saw Forza X1 being merged with and into Twin Vee, with Forza emerging as a wholly-owned subsidiary of Twin Vee.

As part of the merger agreement, each outstanding share of Forza Common Stock, except those held by Twin Vee, was converted into the right to receive 0.611666275 shares of Twin Vee Common Stock. Additionally, all outstanding Forza stock options and warrants were converted into Twin Vee Common Stock equivalents. Notably, Twin Vee canceled the 7,000,000 shares of Forza Common Stock held by them.

The issuance of shares of Twin Vee Common Stock to former Forza shareholders was registered under the Securities Act of 1933. This process was backed by a registration statement on Form S-4, filed by Twin Vee with the Securities and Exchange Commission (SEC), and declared effective on October 10, 2024.

Following the merger, Forza Common Stock was suspended from trading on the Nasdaq Capital Market, with plans underway for delisting and deregistering the stock under the provisions of the Exchange Act. This will involve filing a Form 25 notification for delisting with the SEC, alongside a certification on Form 15 for deregistering the stock and suspending reporting obligations.

As a consequence of the merger, Forza X1 experienced a change in control, becoming a wholly-owned subsidiary of Twin Vee. Moreover, in line with the terms of the agreement, several directors, including Marcia Kull, Neill Ross, and Kevin Schuyler, resigned from Forza X1’s board, effective immediately after the merger.

Overall, the completion of the merger with Twin Vee marks a significant milestone for Forza X1, bringing about strategic changes in ownership and governance within the company.

The full details and implications of the merger can be found in the Merger Agreement and related documents filed with the SEC.

This report on Form 8-K provides a comprehensive overview of the completion of the merger, the subsequent change in control, and forthcoming actions surrounding the delisting and deregistration of Forza X1’s common stock.

This news article has been composed in light of the recent 8-K SEC Filing by Forza X1 (NASDAQ: FRZA) on the completion of its merger with Twin Vee.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Forza X1’s 8K filing here.

Forza X1 Company Profile

Forza X1, Inc focuses on designing, developing, and manufacturing electric boats in the United States. It intends to offer its products through a vertically integrated direct-to-consumer system. Forza X1, Inc was incorporated in 2021 and is headquartered in Fort Pierce, Florida.