Twin Vee PowerCats, Co. (VEEE) Prices 3M Share IPO at $6/sh

Twin Vee PowerCats, Co. (NASDAQ: VEEE) today announced the pricing of its initial public offering of 3,000,000 shares of its common stock at a public offering price of $6.00 per share, for gross proceeds of $18,000,000, before deducting underwriting discounts and 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 to cover over-allotments at the initial public offering price, less the underwriting discount. All of the shares of common stock are being offered by the Company.

The Company intends to use the proceeds for production and marketing of its larger fully equipped boats, for the design, development, testing, manufacturing, and marketing of its new line of electric boats and fully electric propulsion system, for the acquisition of waterfront property and development of the Electra Power Sports EV Innovation & Testing Center, and for working capital.

Twin Vee's common stock is expected to begin trading on the Nasdaq Capital Market on July 21, 2021 under the symbol "VEEE." The offering is expected to close on July 23, 2021, subject to satisfaction of customary closing conditions.

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the offering.

A registration statement on Form S-1 (File No. 333-255134) relating to the shares was filed with the Securities and Exchange Commission ("SEC") and became effective on July 20, 2021. A registration statement on Form S-1 MEF was also filed with the SEC on July 20, 2021, which became effective upon its filing. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at [email protected]. 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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