Twin Vee stocks soar after merger separates marine business

Twin Vee PowerCats has entered into a definitive agreement under which USFM Corporation, a developer of strategic mineral interests in Greenland, will merge with the publicly listed company while Twin Vee’s recreational marine business is separated into a privately held entity.

Under the proposed transaction, a subsidiary of USFM Corporation will merge with Florida-based boatbuilder Twin Vee, with existing Twin Vee shareholders receiving equity in the combined public company.

After news of the agreement broke yesterday (13 July 2026), Twin Vee stock surged more than 370 per cent, trading around $23.

Before the merger is completed, Twin Vee will establish a Delaware statutory trust for existing shareholders. Each shareholder will receive a non-transferable contingent value right (CVR), and the trust will take ownership of the assets and liabilities associated with the company’s marine business, which includes the Twin Vee and Bahama Boat Works brands.

The trust will operate the marine business as a privately held company. Holders of the CVRs are expected to receive future distributions generated by the business.

The news comes after the company completed its reincorporation from Delaware to Nevada in April 2026.

Kevin Schuyler, lead independent director of Twin Vee, says: “This transaction represents an important milestone for the company. After a thorough review of strategic alternatives, our Board concluded that the combination of the public company merger and the privatisation of the Marine Business provides a compelling path forward for our stockholders, employees, customers and business partners.”

Preston Yarborough, vice-president of the company, adds: “For more than 30 years, Twin Vee has earned its reputation by building exceptional boats, standing behind our products and supporting our customers.

“That commitment extends to our employees, dealers, vendors, suppliers, financial partners and the entire boating community who have helped make Twin Vee what it is today. Our commitment remains unchanged. We will continue to focus on supporting our team, maintaining strong day-to-day operations and delivering the quality, service and reliability that our customers have come to expect. Our facilities remain open, our team is hard at work and we remain fully committed to serving our customers, fulfilling orders, supporting our dealer network and standing behind every Twin Vee boat.”

Joseph Visconti, president and CEO of Twin Vee, says: “As the proposed transaction is completed, we look forward to the opportunities that operating as a private company may provide. We believe this transition will lower operating overhead and allow us to dedicate more resources to product development, manufacturing and customer support. Our objective is simple: build and deliver amazing boats and support our 10,000-plus customers with exceptional customer service.”

The transaction has been approved by the boards of directors of both Twin Vee and USFM Corporation. Completion remains subject to customary closing conditions, including approval by Twin Vee’s disinterested shareholders, regulatory approvals and other conditions set out in the definitive agreements.

If completed, the combined public company is expected to trade on NYSE American. The companies expect the transaction to close during the third quarter of 2026, subject to the required approvals and other closing conditions.

Twin Vee says the marine business will continue operating in the ordinary course before and after completion of the transaction. The company does not expect any immediate changes to customer service, vendor relationships or employee operations following the announcement.

Sheppard, Mullin, Richter & Hampton LLP is acting as legal counsel to Twin Vee, while Houlihan Capital has provided a fairness opinion to the company’s board of directors. Loeb & Loeb LLP is acting as legal counsel to USFM Corporation.

Twin Vee manufactures recreational boats under the Twin Vee and Bahama Boat Works brands for fishing, cruising and leisure use. USFM Corporation is a privately held US mineral exploration company focused on critical mineral projects, including the Disko-Nuussuaq Project in Greenland.