Twin Vee PowerCats closes $3 million public offering

Twin Vee PowerCats Co. (NASDAQ: VEEE) completed a public offering of 6,383,000 shares of common stock at $0.47 per share, generating gross proceeds of approximately $3 million before fees and expenses.

The Fort Pierce, Florida-based boat manufacturer plans to use the net proceeds primarily for working capital and general corporate purposes, according to a company statement.

ThinkEquity served as the sole placement agent for the offering. The Securities and Exchange Commission's registration statement on Form S-1 became effective January 30, with a post-effective amendment becoming effective February 13.

Twin Vee manufactures power sport boats under the Twin Vee and Bahama Boat Works brands. The company produces catamarans designed for fishing, cruising, and recreational activities.

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