Twin Vee PowerCats Co. (NASDAQ: VEEE) completed its reincorporation from Delaware to Nevada, the boat manufacturer announced. The change was approved by stockholders at the company's annual meeting in November.

The Fort Pierce, Florida-based company cited cost savings as a primary benefit of the move. The reincorporation eliminates Twin Vee's obligation to pay Delaware's annual franchise tax, according to CEO and President Joseph Visconti.

"We believe that Nevada Revised Statutes Chapter 78, which governs Nevada corporations, is generally recognized as a comprehensive and thoughtfully maintained state corporate statute," Visconti said. He noted that Nevada's legal framework removes ambiguity from judicial interpretation and provides clearer guidelines for strategic decision-making.

Twin Vee manufactures boats under the Twin Vee and Bahama Boat Works brands for fishing, cruising and recreational use. The company stated the reincorporation will not affect its daily operations, business model or location.

The move aims to reduce litigation risks and provide enhanced corporate flexibility for structuring transactions, according to the company. Twin Vee has been building and selling boats for 30 years from its Florida facility.

This information is based on a company press release.