Forza x1, inc. announces closing of initial public offering and exercise of over-allotment option

Fort pierce, fl / accesswire / august 16, 2022 / forza x1, inc. (nasdaq:frza) ("forza", the "company"), a developer of electric sport boats with a mission to inspire the adoption of sustainable recreational boating, today announced the closing of its initial public offering of 3,450,000 shares of its common stock at a public offering price of $5.00 per share, including 450,000 shares sold upon full exercise of the underwriter's option to purchase additional shares, for gross proceeds of $17,250,000, before deducting underwriting discounts and offering expenses. the net proceeds from the initial public offering will be used for (i) the acquisition of property and the development of a manufacturing plant, infrastructure and equipment to build, design and manufacture forza's new line of electric boats; (ii) ramp up of production and inventory; and (iii) working capital.
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