Twin Vee PowerCats Co. (Nasdaq:VEEE) ("Twin Vee" or the "Company"), a manufacturer, distributor and marketer of power sport boats, today announced that it has entered into a definitive agreement for a transformative transaction that will combine a merger involving the publicly traded company with the concurrent privatization of its boating business under the brands Twin Vee and Bahama Boat Works (the "Marine Business").

Pursuant to the terms of the transaction, a subsidiary of USFM Corporation, a developer of strategic mineral interests in Greenland, will merge with and into the Company (the "Merger"), and in exchange the Company's common stockholders (the "Pre-Merger Stockholders") will receive equity in the combined company. Additionally, prior to the Merger, the Company will form a Delaware statutory trust (the "CVR Trust") for the benefit of the Pre-Merger Stockholders. 

Upon completion of the transactions, the combined public company is expected to trade on NYSE American. The parties currently expect the transaction to close in the third quarter of 2026, subject to the satisfaction of closing conditions.