Item 5. Market for Registrant’s Common Equity
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market
Information
Our
common stock has traded on the Nasdaq Stock Market LLC under the symbol “VEEE” since July 21, 2021. The
last price of our common stock as reported on the Nasdaq Capital Market LLC on March 29, 2022 was $3.68 per share.
Stockholders
We
have two classes of stock, undesignated preferred stock and $0.001 par value common stock. No shares of preferred stock have been issued
or are outstanding. As of March 29 , 2022, we had 2 common stock stockholders of record.
The number of holders of record is based on the actual number of holders registered on the books
of our transfer agent and does not reflect holders of shares in “street name” or persons, partnerships, associations, corporations
or other entities identified in security position listings maintained by depository trust companies.
On
May 13, 2021, the Company effected a forty-thousand (40,000)-for-one stock split to the shareholders of record as of May 13, 2021. The stock
split was in the form of a common stock dividend of 3,999,900 new shares and all share and per share information has been retroactively
adjusted to reflect the stock split.
Dividend
Policy
We
did not pay a cash dividend during the 2021 or 2020 fiscal years. We presently intend to retain our earnings, if any, to finance the
development and growth of our business and operations and do not anticipate declaring or paying cash dividends on our common stock in
the foreseeable future. Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of
our board of directors and will depend on then-existing conditions, including our operating results, financial condition, contractual
restrictions, capital requirements, business prospects, and other factors our board of directors may deem relevant.
Transfer
Agent and Registrar
The
transfer agent and registrar for our common stock is Interwest Transfer Company, Inc. (also known as Direct Transfer LLC).
Performance
Graph and Purchases of Equity Securities
The
Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required
under this item.
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Use
of Proceeds
On
July 23, 2021, we closed our initial public offering pursuant to which we offered and sold 3,000,000 shares of our common stock at an
offering price of $6.00 per share (for aggregate gross proceeds of $18,000,000), pursuant to our Registration Statement on Form S-1 (as
amended) (File No. 333-255134), which was declared effective by the SEC on July 20, 2021, as amended by the Registration Statement on
Form S-1 MEF (File No. 333-258058) filed with the SEC on July 20, 2021 and effective as of the date of filing. After deducting underwriting
discounts and commissions of approximately $1,260,000, and other offering expenses payable by us of approximately $1,567,150, we received
approximately $15,849,037 in net proceeds from our initial public offering. ThinkEquity LLC acted as the representative of the several
underwriters for the offering. We also granted a 45-day option to the representative of the underwriters to purchase up to 450,000 additional
shares of common stock solely to cover over-allotments, if any, which expired unexercised.
At
the time of the initial public offering, the primary use of the net proceeds was as follows: (i) approximately $1,500,000 for production
and marketing of our larger fully equipped boats.; (ii) approximately $2,500,000 for the design, development, testing, manufacturing
and marketing of our new line of electric boats; (iii) approximately $6,000,000 for the design, development, testing, manufacturing and
marketing of our fully electric propulsion system; (iv) approximately $3,500,000 for acquisition of waterfront property and development
of the Electra Power Sports- EV Innovation & Testing Center, in Fort Pierce, Florida to build, design and manufacture our electric
propulsion systems and (v) the balance for working capital.
It
was originally anticipated that we would retrofit a gas-powered boat with an electric motor that would be designed by us and that we
would also sell the motors to other third-party boat manufacturers to retrofit their boats. The retrofitting would require extensive
development, testing and manufacturing of multiple variations of electric motors. However, consumer preference in the electric marine
market was and is trending towards a single purchase of a fully integrated electric boat rather than a retrofitted existing gas and diesel
fuel powered boat with electric outboard motors and battery packs. Therefore, we decided not to continue designing electric motors for
retrofitting, resulting in us no longer needing any funding for the design, development, testing, manufacturing and marketing of our
fully electric propulsion system and instead those funds are anticipated to be used for working capital needs. The remaining planned
use of proceeds has not changed since the initial public offering.
Recent
Sale of Unregistered Securities
We
did not sell any equity securities during the year ended December 31, 2021 in transactions that were not registered under the Securities
Act other than as disclosed in our filings with the SEC.
Issuer
Purchases of Equity Securities
There
were no issuer purchases of equity securities during the year ended December 31, 2021.
Equity
Compensation Plan Information
On
April 8, 2021, our board of directors and our stockholders approved the Twin Vee PowerCats Co. 2021 Stock Incentive Plan (the “2021
Plan”). The following table provides information, as of December 31, 2021 with respect to options outstanding under the 2021 Plan.
Plan
Category
Number
of Securities
to be Issued
upon
Exercise
of
Outstanding
Equity Compensation Plan Options*
Weighted-
Average
Exercise
Price of
Outstanding
Equity Compensation Plan Options
Number
of
Securities
Remaining
Available for
Future
Issuance
Under Equity
Compensation
Plans
(excluding
securities
reflected in
the first
column)
Equity
compensation plans approved by security holders
713,612
5.13
286,388
Equity
compensation plans not approved by security holders
—
Total
713,612
5.13
286,388
2021
Stock Incentive Plan
See
“Executive Compensation and Director Compensation—Employee Benefit and Stock Plans—2021 Stock Incentive Plan”
in Part III, Item 10 for a description of the Twin Vee PowerCats Co. 2021 Stock Incentive Plan.
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Item 6.
[Reserved].