EV sports boat developer Forza X1 files for IPO

EV boat maker Forza X1 (FRZA), a wholly owned subsidiary of Twin Vee Powercats (VEEE), has filed to hold an initial public offering.

Forza didn’t indicate in its filing the size and pricing of the proposed IPO. The company hopes to list its shares on Nasdaq under the symbol FRZA. Think Equity is serving as bookrunner on the deal.

The Florida-based start-up is developing a fiberglass sports boat for recreational use that features an electric outboard motor.

The company plans to use proceeds from the deal to help build out operations, including the establishment of its own manufacturing facility. It hopes to begin selling the boats in the second quarter of 2023.

The company said that Twin Vee, which sells gas-powered catamarans, decided to spin out Forza as a separate company in October in part to avoid market confusion between the brands

Source : https://seekingalpha.com/news/3815090-ev-sports-boat-developer-forza-x1-files-for-ipo