Electric boat co Forza X1 zooms in debut, parent Twin Vee in tow
12/08/2022 17:34
(Updates, adds Twin Vee stock activity)
** Electric sports boat developer Forza X1 Inc's FRZA.O
shares more than double after $15 mln IPO
** FRZA last up $138.1% at $11.90 on 9,451,239 shares of
trading volume
** Forza, spun out of Twin Vee PowerCats VEEE.O , sold 3
mln shares as planned at $5 urn:newsml:reuters.com:*:nACSxpwqGa
** VEEE shares on Fri hit record high. They are last up
64.2% at $6.57 on 54,338,442 shares of trading volume vs stock's
10-DMA of 63,519, per Refinitiv data
** FRZA and VEEE among most watched tickers on retail
investor-focused Stocktwits.com
** Both also among most ordered stocks by Fidelity's https://eresearch.fidelity.com/eresearch/gotoBL/fidelityTopOrders.jhtml
individual investor customers
** To date, Forza has completed design and prototyping of
the electric outboard motor and expects to start producing its
two FX1 electric boats and selling them in Q2 2023, per the
prospectus filing https://www.sec.gov/Archives/edgar/data/1901305/000173112222001267/e3936_s-1a7.htm#a_017
** Twin Vee owns 70% of Forza post the offering
** ThinkEquity sole bookrunner for the IPO
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))