Let’s stay together, Vee PowerCats executes USFM merger agreement

Twin Vee PowerCats Co. (NASDAQ: VEEE) shares rose 28% on Thursday after the company announced a definitive merger agreement with privately held USFM Corporation, a U.S.-based mineral exploration company focused on critical mineral opportunities in Greenland.

Under the agreement, a subsidiary of USFM will merge with and into Twin Vee. Upon closing, Twin Vee’s common stockholders will receive equity in the combined public company.

Prior to closing, Twin Vee’s recreational marine business, which operates under the Twin Vee and Bahama Boat Works brands, will be separated into a privately held company held through a newly formed Delaware statutory trust. Existing Twin Vee stockholders will receive a non-transferable contingent value right entitling them to future distributions generated by that business.

The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by Twin Vee’s disinterested shareholders, USFM’s stockholders and applicable regulatory approvals. The parties expect the transaction to close in the third quarter of 2026, at which point the combined company is expected to trade on NYSE American.