Recreational boating firm Forza X1 (Nasdaq: FRZA) started trading its shares on the Nasdaq Capital Market Friday. The initial public offering is estimated to gross US$15 million.
The offering consists of 3.0 million common shares selling at US$5.00 per share. The company is to trade on the Nasdaq market under the symbol “FRZA”.
ThinkEquity acts as the sole bookrunner for the said offering. The underwriters were granted a 45-day over-allotment option to purchase additional 450,000 shares at the same IPO price.
Net proceeds from the offering are expected to be used as follows: US$8.0 million for the acquisition of property and the development of a manufacturing plant, infrastructure and equipment to build, design and manufacture Forza’s new line of electric boats; US$2.0 million for the ramp up of production and inventory; and US$2.6 million for working capital.
The Florida-based sports boat developer focuses on the creation, implementation and sale of electric boats utilizing its electric vehicle technology. To date, the company has completed the design of two electric boat models and has also entered into a supply agreement for the supply of the lithium battery packs for its units. The firm expects the commercial production of its two main models by Q2 2023.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
