EV sport boat developer Forza X1 downsizes proposed IPO

By Val Kennedy,

EV sport boat developer Forza X1 (FRZA) has downsized its proposed initial public offering to around $18M from $31M.

Forza X1 indicated the new raise target in an amended filing, although the number could be a placeholder and likely to change. The EV boat maker didn’t specify the number and pricing of the shares to be offered.

In March, Forza X1 indicated in a filing that they were looking to raise up to approximately $31M. The company plans to list its shares on Nasdaq under the symbol FRZA.

Based in Florida, Forza X1 is developing a recreational sport boat that utilizes an electric outboard motor. The company hopes to begin selling the boats in the second quarter of 2023.

Forza X1 is a wholly owned subsidiary of Twin Vee Powercats (VEEE), which raised $18M through an IPO in July. Twin Vee, which sells gas-powered catamarans, has said its spinning out its EV division to help reduce confusion between the two brands.

Source : https://seekingalpha.com/news/3825437-ev-sport-boat-developer-forza-x1-downsizes-proposed-ipo

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