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Forza X1, Inc. (FRZA) Prices 3M Share IPO at $5/sh

August 11, 2022 6:02 PM EDT

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Forza X1, Inc. (Nasdaq: FRZA) today announced the pricing of its initial public offering of 3,000,000 shares of the Company's common stock at a public offering price of $5.00 per share, for aggregate gross proceeds of $15 million prior to deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 450,000 shares of common stock at the public offering price less discounts, to cover over-allotments.

The shares of common stock are expected to begin trading on the Nasdaq Capital Market under the ticker symbol "FRZA" on August 12, 2022. The offering is expected to close on August 16, 2022, subject to satisfaction of customary closing conditions.

The net proceeds from the initial public offering will be used for (i) the acquisition of property and the development of a manufacturing plant, infrastructure and equipment to build, design and manufacture Forza's new line of electric boats; (ii) ramp up of production and inventory; and (iii) working capital.

ThinkEquity is acting as sole book-running manager for the offering.

The registration statement on Form S-1 (File No. 333-261884) relating to the shares being sold in this offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and became effective on August 11, 2022. A final prospectus related to the proposed offering will be filed and made available on the SEC's website at https://www.sec.gov/. The offering is being made only by means of a prospectus. Electronic copies of the final prospectus may be obtained, when available, from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004, by telephone at (877) 436-3673 and by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



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