Twin vee powercats co. and forza x1, inc. announce merger agreement

Fort pierce, fl / accesswire / august 12, 2024 / twin vee powercats co. (nasdaq:veee) ("twin vee") and forza x1, inc. (nasdaq:frza) ("forza") today jointly announced that they have entered into a definitive merger agreement for an all stock transaction pursuant to which forza will merge with and into a wholly owned subsidiary and survive the merger. under the terms of the merger agreement, each holder of forza common stock (other than twin vee) will receive 0.61166627 shares of twin vee common stock (the "exchange ratio") in exchange for each share of forza common stock that they own on the effective date of the merger for a maximum of 5,355,000 shares of twin vee common stock (no fractional shares will be issued) and the 7,000,000 shares of forza common stock held by twin vee will be canceled.
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