Twin Vee PowerCats Co. (NASDAQ: VEEE), a manufacturer of power sport boats, has entered into a definitive agreement under which a subsidiary of USFM Corporation will merge with the company, while its Twin Vee and Bahama Boat Works marine business will be transferred into a privately held Delaware statutory trust. The transaction is designed to unlock shareholder value and provide greater strategic and financial flexibility for both businesses.
According to the press release, existing shareholders will receive equity in the combined public company and contingent value rights tied to potential future distributions generated by the privatized marine business. The combined public company is expected to trade on the NYSE American following the closing, while the marine business will continue operating without interruption.
The transaction has been approved by the boards of directors of both companies and is expected to close in the third quarter of 2026, subject to shareholder approval, regulatory approvals, and customary closing conditions. Twin Vee PowerCats, headquartered in Fort Pierce, Florida, has been building and selling boats for 30 years under the Twin Vee and Bahama Boat Works brands. Twin Vee is known for its stable, fuel-efficient, smooth-riding catamaran hull designs, while Bahama Boat Works is celebrated for its craftsmanship and offshore fishing vessels.
This strategic move allows Twin Vee to separate its marine operations from the public market structure, potentially attracting investors focused on the growth prospects of the combined entity with USFM. The contingent value rights offer shareholders a stake in the future success of the privatized marine business. For more details, the full press release can be viewed at https://ibn.fm/xhjxa.
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