Legal Proceedings.
−Removed: From time to time, we may become involved in
−Removed: legal proceedings or be subject to claims arising in the ordinary course of our business.
−Removed: We are not presently a party to any legal
−Removed: proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our
−Removed: business, operating results, financial condition or cash flows.
−Removed: Regardless of the outcome, litigation can have an adverse impact on
−Removed: us because of defense and settlement costs, diversion of management resources and other factors.
+Added: From time to time, we may become involved in legal
+Added: proceedings or be subject to claims arising in the ordinary course of our business.
+Added: We are not presently a party to any legal proceedings
+Added: that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results,
+Added: financial condition or cash flows.
+Added: Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement
+Added: costs, diversion of management resources and other factors.
+Added: On March 10, 2025, shareholders Nabeel Youseph and
+Added: Marisa Hardyal-Youseph (“Plaintiffs”), who are former holders of common stock of Forza X1, Inc.
+Added: (“Forza”), commenced
+Added: an action in the Chancery Court of the State of Delaware, captioned Youseph, et al.
+Added: Visconti, et al., Case No.
+Added: 2025-0262, by filing
+Added: a putative class action complaint (the “Complaint”) against Defendants Joseph Visconti, Kevin Schuyler, Neil Ross, Twin Vee
+Added: Powercats Co.
+Added: and Twin Vee Powercats, Inc.
+Added: (collectively, “Defendants”), related to Forza’s merger with us seeking an
+Added: unspecified award of damages, plus interest, costs, and attorneys’ fees.
+Added: Plaintiffs’ Complaint asserts claims (1) against
+Added: Defendants for breach of fiduciary duty in their capacities as controlling shareholders of Forza, (2) against Messrs.
+Added: Visconti, Schuyler,
+Added: and Ross for breach of fiduciary duty in their capacities as directors of Forza, and (3) against Mr.
+Added: Visconti for breach of fiduciary
+Added: duty in his capacity as an officer of Forza.
+Added: Defendants intend to vigorously defending against the claims.
+Added: At this time, the Company is
+Added: unable to estimate the ultimate outcome of this matter.
Mine Safety Disclosures.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.