Twin Vee to Privatize Boatbuilding Business in Merger With USFM

In a unique move in the recreational boatbuilding industry, Twin Vee PowerCats has entered into an agreement to merge with a subsidiary of the USFM Corporation to separate its recreational marine operations from the publicly traded company.

According to both companies, the transaction will separate Twin Vee's boat manufacturing operations from the public company while providing shareholders with exposure to both businesses. The boatbuilding business will continue as a privately held entity.

Twin Vee has been one of the most eclectic and ambitious manufacturers in recent years. The company purchased Aquasport Boats in 2023, then acquired Bahama Boat Works in 2025. They were also one of the first boatbuilders to go fully digital in 2025, and were the first recreational boatbuilder to accept Bitcoin for boat orders. They also launched a subsidiary focused on defense and autonomous vessels in February 2026. USFM Corporation is a Colorado-based critical minerals exploration company focused on strategic mineral projects in Greenland. According to its website, USFM "is focused on advancing high-quality mineral exploration opportunities, with a principal focus on the Disko–Nuussuaq Project in West Greenland." The company is "focused on advancing drill-ready targets and generating discovery-driven outcomes."

The agreement between both parties, announced on July 13th, will see USFM Merger Sub Inc. merge into Twin Vee, with Twin Vee becoming a wholly owned subsidiary of USFM. Following the transaction, the combined public company is expected to trade on the NYSE American exchange pending regulatory approvals.

The companies expect the deal to close during the third quarter of 2026.

As part of the restructuring, Twin Vee will transfer assets and liabilities of its recreational marine business - including the Twin Vee and Bahama Boat Works brands - into a newly formed Delaware-based statutory trust known as the CVR Trust. The trust will operate the marine business as a privately held company.

Current Twin Vee shareholders will receive equity in the combined public company as well as non-transferable contingent value rights (CVRs), which entitles holders to future distributions generated by the privately held marine business through the CVR Trust. According to the merger agreement, Twin Vee shareholders are expected to own approximately 10% of the combined company following the transaction on a fully diluted basis.

USFM Corporation is an outlier in the marine industry as its central focus is on developing strategic mineral interests in Greenland.

"This transaction represents an important milestone for the Company," said Kevin Schuyler, Lead Independent Director of Twin Vee, in a press release. "After a thorough review of strategic alternatives, our Board concluded that the combination of the public company merger and the privatization of the Marine Business provides a compelling path forward for our stockholders, employees, customers, and business partners."

Twin Vee Vice President Preston Yarborough said the company's commitment to customers, employees, dealers and suppliers "remains unchanged," adding that facilities will remain open and the company will continue fulfilling orders and supporting its dealer network throughout the transition.

"For more than 30 years, Twin Vee has earned its reputation by building exceptional boats, standing behind our products, and supporting our customers," said Yarborough. "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."

President and CEO Joseph Visconti said operating as a private company is expected to reduce overhead costs and allow greater investment into product development, manufacturing, and customer support.

"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. To our customers, dealers, vendors, and business partners, thank you for your continued confidence and support. We value every relationship we have built over the years, and we invite you to stop by our facility, meet with our team, and see firsthand the passion and dedication that goes into every Twin Vee we build. We look forward to continuing to earn your trust every day," said Visconti.

Twin Vee said it does not anticipate any immediate changes to its customer service, vendor relationships, or employee operations during the interim.

Investors responded positively to the news. Twin Vee shares climbed sharply following the news, with multiple markets reporting gains of 80-110% during trading after the merger was announced. One the day of the announcement, Twin Vee stock jumped from $4 to the mid-teens within hours. #news