USFM Corporation and Twin Vee PowerCats Amend Merger Agreement

USFM Corporation and Twin Vee PowerCats Co. amended their definitive merger agreement on October 8, 2026, to restructure the combined entity. The revised deal establishes Twin Vee Holdco Inc. as a parent company that will hold both USFM and Twin Vee as separate, wholly owned subsidiaries.

Under the new ownership structure, pre-closing USFM stockholders will own 93% of the parent company, while pre-closing Twin Vee stockholders will hold 7%. As a condition of the transaction, USFM is required to use reasonable best efforts to secure up to $5 million in private investment in public equity.

Twin Vee will transfer its marine business assets and liabilities to a newly formed Delaware statutory trust. In exchange, pre-closing Twin Vee stockholders will receive non-transferable contingent value rights entitling them to future distributions from that trust.

The boards of both companies have approved the amended agreement. The transaction is expected to close in the fourth quarter of 2026 or the first quarter of 2027, pending shareholder and regulatory approvals.