Forza X1 (FRZA) Prices 5.33M Share Offerings at $1.50/sh

Forza X1, Inc. (Nasdaq: FRZA) announced today the pricing of an underwritten public offering of 5,334,000 shares of its common stock at a price to the public of $1.50 per share for gross proceeds of approximately $8 million, before deducting underwriting discounts and offering expenses. In addition, Forza has granted the underwriters a 45-day option to purchase up to an additional 800,100 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount. The offering is expected to close on June 14, 2023, subject to satisfaction of customary closing conditions.

The Company intends to use the proceeds for the development of its manufacturing facility, for working capital and general corporate purposes.

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

A registration statement on S-1 (333-272502) relating to the shares was filed with the Securities and Exchange Commission ("SEC") and became effective on June 12, 2023. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004. The final prospectus will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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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