Twin Vee PowerCats to Merge With USFM, Privatize Marine Business in Strategic Transaction

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 intended to unlock shareholder value while providing greater strategic and financial flexibility for both businesses.

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. Upon closing, the combined public company is expected to trade on the NYSE American, while the marine business will continue operating without interruption. The transaction, which has been approved by both companies’ boards of directors, is expected to close in the third quarter of 2026, subject to shareholder approval, regulatory approvals and customary closing conditions.

For Texas, this transaction could have implications for investors and the marine industry, as Twin Vee PowerCats is a recognized brand in the catamaran sport boat category. The company 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(TM).” 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. The strategic move to privatize the marine business while merging with USFM could provide Twin Vee with greater operational focus and capital allocation efficiency. Investors should monitor the progress of the merger as it moves toward closing in 2026, as the combined public entity will offer new opportunities in the marine sector.

To view the full press release, visit https://ibn.fm/xhjxa. More information about Twin Vee PowerCats can be found at twinvee.com and bahamaboatworks.com.