Twin Vee PowerCats Co. (NASDAQ: VEEE) experienced a dramatic surge in its stock price, climbing more than 370% on Monday following the announcement of a definitive merger agreement and a plan to privatize its marine business. The company disclosed that a subsidiary of USFM Corporation will merge with Twin Vee, while the marine operations will be separated into a privately held Delaware statutory trust. According to reporting by Emily Jarvie of Proactive, existing shareholders will receive equity in the combined public company along with contingent value rights tied to potential future distributions from the marine business.
The transaction is designed to unlock shareholder value while providing greater strategic and financial flexibility for the Twin Vee and Bahama Boat Works brands. Following the merger, the combined company is expected to trade on the NYSE American, with the transaction anticipated to close in the third quarter of 2026, subject to customary closing conditions. This move is seen as a strategic shift to enhance the company's market position and financial structure.
Twin Vee PowerCats manufactures a range of boats under the Twin Vee and Bahama Boat Works brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the “Best Riding Boats on the Water.” Bahama Boat Works is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels.
The company is located in Fort Pierce, Florida, and has been building and selling boats for 30 years. For more information, visit twinvee.com and bahamaboatworks.com.
