Twin Vee PowerCats sputters on pricing stock offering

Twin Vee PowerCats Co (Pre-Reincorporation)

29/09/2022 14:14

** Twin Vee PowerCats  VEEE.O  shares down 25% premarket
after power boat maker
    ** Co late Weds sold 2.5 mln shares at $2.75, 22.5% discount
to last sale, for $6.9 mln raise  urn:newsml:reuters.com:*:nACS0vK7Na
    ** VEEE to use net proceeds primarily for product
development and general corp purposes, including capex,
potential acquisitions
    ** Co has 7 mln shares outstanding
    ** Stock hit record high of $8.80 last month in meme-like
rally after spinning out electric boat developer unit Forza X1
Inc  FRZA.O  in IPO  urn:newsml:reuters.com:*:nL1N2ZR0XA
    ** VEEE went public in Jul 2021 after 3 mln share IPO priced
at $6
 (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))