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 17, 2025 was $0.40 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 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.
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Dividend Policy
We did not pay a cash dividend during the 2024 or
2023 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.
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. All proceeds have been applied as planned and disclosed in the registration statements.
Recent
Sale of Unregistered Securities
We did not sell
any equity securities during the years ended December 31, 2024 and 2023 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 years ended December 31, 2024 and 2023.
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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, as amended and restated on June 1, 2021 (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)
Equity compensation plans approved by security holders (2)
2,223,711
2.82
948,089
Equity compensation plans not approved by security holders
—
Total
2,223,711
2.82
948,08 9
(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.
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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.
Item 6. [Reserved].