Why Is VEEE Stock Drawing Investor Attention Today?

• Twin Vee PowerCats stated that, after the reverse split takes effect, its outstanding shares of common stock will be reduced from 19.6 million to about 0.5 million.
• The company’s authorized shares of common stock will also be reduced from 500 million to approximately 13.5 million.
• The reverse stock split will also proportionally adjust the number of shares available under the company’s equity incentive plans.

Shares of Twin Vee PowerCats Co. (VEEE) drew significant investor attention in Tuesday’s pre-market trade after the stock’s reverse split became effective on Monday.

Twin Vee PowerCats announced last week that its board of directors had approved a 1-for-37 reverse stock split of the company’s issued and outstanding common stock. The company stated that this was done in a bid to regain compliance with Nasdaq’s minimum bid price requirements.

What Do Retail Traders Think About VEEE Stock?

Retail sentiment on Stocktwits around Twin Vee PowerCats trended in the ‘extremely bullish’ territory with message volumes at ‘extremely high’ levels. VEEE was the top trending ticker on the platform at the time of writing.

One bullish user on the platform urged investors not to sell the stock at low prices.

Another user stated that it is too soon now to buy the stock post the reverse split.

VEEE’s Outstanding Shares To Be Reduced To About 0.5M

Twin Vee PowerCats stated that, after the reverse split takes effect, its outstanding shares of common stock will be reduced from 19.6 million to about 0.5 million.

The company’s authorized shares of common stock will also be reduced from 500 million to approximately 13.5 million. Twin Vee PowerCats added that the par value and other terms of the common stock remain unaffected.

The company stated that in addition to regaining compliance with the Nasdaq’s minimum bid price requirements, as well as to broaden potential investor interest.

The reverse stock split will also proportionally adjust the number of shares available under the company’s equity incentive plans, as well as the exercise price and share count underlying outstanding stock options, warrants, and other equity awards, in accordance with their respective terms, the company said.

What Does VEEE Do?

Twin Vee PowerCats Co. produces a variety of boats under its Twin Vee and Bahama Boat Works brands, built for fishing, cruising, and recreational use. Its Twin Vee models feature catamaran hull designs to help deliver stability, fuel efficiency, and a smooth ride.

Bahama Boat Works, meanwhile, represents a premium, luxury segment of the market, recognized for its exceptional craftsmanship, timeless design, and focus on building some of the finest offshore fishing vessels available.

VEEE stock is down 91% year-to-date and 94% over the past 12 months. The Vanguard Extended Market Index Fund ETF (VXF) is up 29% over the past 12 months.

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