Market move
Twin Vee Powercats Co reported that it has priced a best-efforts public offering of 6,383,000 shares of its common stock at $0.47 per share. The announcement came as the company experienced a steep drop in its shares, which fell 48.5% in premarket trading on Friday.
Financing details
The company expects total gross proceeds from the offering to be approximately $3 million, before the deduction of placement agent fees and other offering expenses. The transaction is being handled on a best-efforts basis and is scheduled to close on February 23, 2026, subject to satisfaction of customary closing conditions. ThinkEquity is serving as the sole placement agent for the offering.
Planned use of proceeds
Twin Vee has stated that it intends to allocate the net proceeds primarily toward working capital and general corporate purposes.
Business overview
The company manufactures, distributes, and markets power sport boats under the Twin Vee and Bahama Boat Works brands. Twin Vee PowerCats are built for fishing, cruising, and recreational use and are noted in the company's materials for their catamaran hull designs. Bahama Boat Works focuses on producing offshore fishing vessels.
Context and next steps
The offering is proceeding under the terms disclosed and remains contingent on customary closing conditions. Market participants will be watching whether the offering completes on the anticipated closing date and how the company applies the net proceeds toward the stated working capital and general corporate objectives.
Notable facts
- Offering size: 6,383,000 common shares.
- Price per share: $0.47.
- Estimated gross proceeds: approximately $3 million before fees and expenses.
- Expected close date: February 23, 2026, subject to customary closing conditions.
- Placement agent: ThinkEquity (sole placement agent).