FORT PIERCE, FL / ACCESSWIRE / August 16, 2022 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza", the "Company"), a developer of electric sport boats with a mission to inspire the adoption of sustainable recreational boating, today announced the closing of its initial public offering of 3,450,000 shares of its common stock at a public offering price of $5.00 per share, including 450,000 shares sold upon full exercise of the underwriter's option to purchase additional shares, for gross proceeds of $17,250,000, before deducting underwriting discounts and offering expenses.
The net proceeds from the initial public offering will be used for (i) 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; (ii) ramp up of production and inventory; and (iii) working capital.
ThinkEquity acted as sole book-running manager for the offering.
A registration statement on Form S-1 (File No. 333-261884) relating to the offering was filed with the Securities and Exchange Commission ("SEC") and became effective on August 11, 2022. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at [email protected]
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Forza X1, Inc.
Forza X1, Inc.'s ("Forza" "we" "us" or the "Company") mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on the creation, implementation and sale of electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit www.forzax1.com.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will" "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Forza X1, Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled "Risk Factors" in the final prospectus related to the initial public offering filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Forza X1, Inc. undertakes no duty to update such information except as required under applicable law.
SOURCE: Forza X1, Inc.