Forza X1, a fully electric boat developer being spun out of Twin Vee PowerCats, raised $15 million by offering 3 million shares at $5, as expected.
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 plans to list on the Nasdaq under the symbol FRZA. ThinkEquity acted as sole bookrunner on the deal.
