Forza X1, a fully electric boat developer being spun out of Twin Vee PowerCats, announced terms for its IPO on Monday.
The Fort Pierce, FL-based company plans to raise $15 million by offering 3 million shares at $5. At the proposed price, Forza X1 would command a market value of $50 million.
If the company's market cap falls below $50 million at pricing, Forza X1 will be excluded from Renaissance Capital's 2022 IPO stats.
Forza X1 is focused on the creation, implementation, and sale of fully-integrated electric boats, utilizing EV technology to control and power its boats and proprietary outboard electric motor. To date, the company has designed and manufactured only prototypes of its electric sport boat, has not yet commercialized its boats, and has not sold any boats.
Forza X1 was founded in 2021 and plans to list on the Nasdaq under the symbol FRZA. ThinkEquity is the sole bookrunner on the deal.
