Twin Vee PowerCats, which makes recreational and commercial power catamaran boats, filed on Thursday with the SEC to raise up to $22 million in an initial public offering.
Twin Vee PowerCats is a designer, manufacturer, and marketer of recreational and commercial power catamaran boats. The company currently has over 12 models in production, which it primarily sells through a network of 10 independent boat dealers in 14 locations across North America and the Caribbean. The company's backlog is currently over 100 boats, and orders currently being placed are being scheduled for delivery through 2021 and into the 3Q22.
The Fort Pierce, FL-based company was founded in 2009 and booked $11 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol VEEE. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
