Twin Vee PowerCats withdraws proposed public stock offering

Twin Vee PowerCats Co. (NASDAQ: VEEE) announced March 9 the withdrawal of its proposed public offering of common stock shares, according to a company statement.

The Fort Pierce, Florida-based manufacturer, distributor, and marketer of power sport boats provided no details regarding the reasons for the withdrawal or timing of the original proposal.

Twin Vee manufactures boats under the Twin Vee and Bahama Boat Works brands for fishing, cruising, and recreational activities. The company has operated for 30 years, producing catamaran hull designs.

The company's statement included standard legal language noting the press release does not constitute an offer to sell securities or solicitation to buy in jurisdictions where such activities would be unlawful without proper registration or qualification under securities laws.

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