The FL-based company plans to use funds from its initial public offering to, among other things, further its ambition to build and market a new line of electric-powered boats.
Ft. Pierce, Florida-based catamaran boat maker, Twin Vee Powercats Co. has filed paperwork with the U.S Securities and Exchange Commission to go public under ticker symbol VEE. The company, a $10 - $12 Million a year outfit, plans to raise $15 million by offering 2.8 million shares at a per-share price range of $5 - $6.
This offering, via the NASDAQ Capital Markets, will put the boat maker at a market cap of $37 million. ThinkEquity is the sole bookrunner on the deal.
1) Twin Vee is looking to raise $15 million by offering 2.8 million shares at $5 - $6/ share.
2) Current book Value of Twin Vee is approximately $1.5 million.
3) Company CEO, Joseph Visconti owns 4,491,200 of company shares (54.14% of firm).
4) Company shares are entirely owned by insiders with no significant outside shareholders.
5) 2020 "Net Sales" was $11,063,619, compared to $10,432,517 for 2019. According to Renaissance Capital, VEE's TTM sales is $12 million.
6) The company received a (forgiven) PPP loan of $609,500 plus $19,327 as income from an asset sale for 2020.
ABOUT TWIN VEE