What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2025-03-20 compared with 2024-03-27 · 28 added, 77 removed, 48 unchanged (69% of the section changed)

Market for Registrant’s Common

Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market for Registrant’s Common Equity, Related

Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information

6 unchanged sentences

No shares of preferred stock have been issued or are outstanding.

As of March 27 ,

2024, we had 278 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

As of March 17, 2025, we had

274 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

Dividend Policy

22 unchanged sentences

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;

approximately $6,000,000 for the design, development, testing, manufacturing and marketing of our fully electric propulsion system;

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

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.

Further, we originally anticipated that we would acquire

waterfront property for a testing center in Fort Pierce, the price of real estate in Florida has prohibited us from moving forward.

we decided to use the $3,500,000 of funds to build additional manufacturing space at our Fort Pierce location.

The remaining planned use of proceeds has not changed

since the initial public offering.

of Unregistered Securities

All proceeds have been applied as planned and disclosed in the registration statements.

Sale of Unregistered Securities

We did not sell

5 unchanged sentences

Equity Compensation Plan Information

On April 8, 2021, our board of directors and our stockholders approved the

Twin Vee PowerCats Co.

On April 8, 2021, our board of directors and our stockholders

approved the Twin Vee PowerCats Co.

2021 Stock Incentive Plan, as amended and restated on June 1, 2021 (the “2021 Plan”).

The following

table provides information, as of December 31, 2023 with respect to options outstanding under the 2021 Plan.

The following table provides information, as of December 31, 2024 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) (1)

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) (1)

Equity compensation plans approved by security holders (2)

Equity compensation plans not approved by security holders

(1) The maximum number of shares of common stock that may be issued under

the 2021 Plan will automatically increase on January 1 of each calendar year for a period of ten years commencing on January 1, 2022 and

ending on (and including) January 1, 2031, in a number of shares of common stock equal to 4.5% of the total number of shares of common

stock outstanding on December 31 of the preceding calendar year;

provided, however that the board of directors may act prior to January

1 of a given calendar year to provide that the increase for such year will be a lesser number of shares of common stock.

(1) The maximum number of shares of common stock that may be issued under the 2021 Plan will automatically

increase on January 1 of each calendar year for a period of ten years commencing on January 1, 2022 and ending on (and including) January

1, 2031, in a number of shares of common stock equal to 4.5% of the total number of shares of common stock outstanding on December 31

of the preceding calendar year;

provided, however that the board of directors may act prior to January 1 of a given calendar year to provide

that the increase for such year will be a lesser number of shares of common stock.

In addition, effective as of November 11,

2024, the 2021 Plan was amended to increase the number of shares of common stock available for issuance thereunder by 1,000,000 shares

to 3,171,800 shares.

(2) This table does not present information regarding equity awards under the Forza’s 2022 Stock Incentive

Plan (the “2022 Plan”) that were assumed by us in connection with the Merger.

As of December 31, 2024, an additional 480,458 shares

of our common stock were subject to options outstanding that were assumed in the Merger.

2021 Stock Incentive Plan

2 unchanged sentences

Stock Incentive Plan.

On August 12, 2022, we adopted the Forza X1, Inc.

2022 Stock Incentive Plan (the “2022 Plan”).

The following table provides information, as of December 31, 2023 with respect

to options outstanding under the 2022 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) (1)

Equity compensation plans approved by security holders

Equity compensation plans not approved by security holders

(1) The maximum number of shares of common stock that may be issued under

the 2022 Plan will automatically increase on January 1 of each calendar year for a period of ten years commencing on January 1, 2024 and

ending on (and including) January 1, 2033, in a number of shares of common stock equal to 4.5% of the total number of shares of common

stock outstanding on December 31 of the preceding calendar year;

provided, however that the board of directors may act prior to January

1 of a given calendar year to provide that the increase for such year will be a lesser number of shares of common stock.

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity