Catamaran Boat Maker, Twin Vee to Raise $15 Million in Planned IPO.

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.


Source: Twin Vee's S-1 filing

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.


Twin Vee PowerCats, Co. is a Florida-based designer and marketer of commercial and recreational catamaran boats. Catamaran boats are boats with two hulls. The company was founded in 1996 and has been an innovator in the recreational and commercial power catamaran industry.

Twin Vee PowerCats currently has ten (10) gas-powered models in production ranging in size from a 24-foot, dual engine, center console to the newly designed 40-foot offshore 400 GFX and two additional gas-powered models being marketed now for delivery in one to three months.

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