The company has a market-cap of $50 million.
ThinkEquity served as the underwriter for the IPO.
Forza X1, Inc. provided the following description of their company for its IPO: “Forza X1, Inc. aims to be among the first to develop and manufacture electric boats targeting the recreational market. Our mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on the creation and implementation of marine electric vehicle (“EV”) technology to control and power our electric boats utilizing our proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. To date, we have completed the design of the hull and running surface of the boat and have begun tooling the molds required to build the physical fiberglass boat. We have entered into a supply agreement for the supply of the lithium battery packs that we plan to use to power the electric boats, completed the design and prototyping of the boat control system, and completed the design and are halfway through prototyping of the electric outboard motor. We expect to begin production of our FX1 fully integrated electric boat and motor and commence selling to end user customers by the second quarter of 2023. We believe that the boating industry will follow in the footsteps of the electrification of the automotive industry by creating electric boats that meet or exceed the traditional boating consumers expectations of price, value and run times. In other words, electric boats must offer a similar experience when compared to traditional gas-powered boat in terms of size, capability and price point. We currently are a wholly owned subsidiary of Twin Vee Powercats Co. Prior to our incorporation in October 2021, we operated as the Electra Power Sports™ Division of Twin Vee. With increased indications of interest received by Twin Vee for electric vehicles, Twin Vee determined that we should be a stand-alone entity and transferred the entirety of its electric boat business to us. To date, Forza X1 has received $2 million in capital contributions from Twin Vee. We have used those funds for the design, development, testing, production and marketing of our electric boats and electric outboard motors. Until such time as we receive proceeds from this offering or we generate revenue from the sale of our electric boats, we anticipate that we will continue to receive and rely on funding from Twin Vee. Our initial two models, the FX1 Dual Console and FX1 Center Console, are being designed to be 24-foot in length, have an 8’ beam or width and utilize a catamaran hull surface to reduce drag and increase run times. The initial launch of FX1 will include our proprietary single electric outboard motor. Both FX1 models are being designed with advanced high-powered, liquid-cooled battery packs that will be provided by the third-party supplier with whom we have entered into a five-year supply agreement and a vehicle control unit with proprietary control software all integrated into a 22” master control touch screen that will be used to control most functions of the boat. We have also filed three design and four utility patent applications with the U.S. Patent and Trademark Office relating to, among other things, our propulsion system being developed and boat design. We intend to offer our EV products, services and support through a Web-based and mobile phone App that will be vertically integrated and a direct-to-consumer platform. Over the last couple of years, non-contact consumerism has brought shopping and customer service experiences to a new level that (Note: Forza X1 is a start-up. We have not generated any revenues from the sale of products. At Dec. 31, 2021. Forza X1 had an accumulated deficit of $412,551, according to the prospectus.) (Note: Forza X1 set terms for its IPO in an S-1/A dated July 25, 2022: 3 million shares at $5.00 to raise $15 million. Forza filed its S-1 on Dec. 23, 2021.) “.
Forza X1, Inc. was founded in 2021 and has 10 employees. The company is located at 3101 S. US-1 Ft. Pierce, Florida 34982 and can be reached via phone at (772) 429-2525.
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