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VEEE on Nasdaq

Twin Vee PowerCats, Co.

Twin Vee PowerCats, Co. is a ship and boat building and repairing company, listed on Nasdaq (VEEE).1 It is headquartered in Ft. Pierce, Florida.1

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Last updated Oct 21, 2026.

Overview

Compare with NextBoat Inc., MasterCraft Boat Holdings, Inc. or Malibu Boats, or pick any stock.

  • TickerVEEE on Nasdaq1
  • IndustryShip & Boat Building & Repairing1
  • HeadquartersFt. Pierce, Florida1
  • Business address3101 S. Federal Highway, Ft. Pierce, Fl 349822
  • Filer category, Emerging growth company2

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Catamaran stability. Catamarans have parallel hulls on the outer edges of the boat rather than in the middle, providing superior stability. A Twin Vee hull is designed to travel with the wave shapes because its buoyancy is to the outside, reducing the snap roll pendulum motion of deep vee monohulls. A Twin Vee’s wider footprint mitigates the effects of rolling seas, making them less likely to capsize and reducing seasickness.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

8.5%Gross margin5
-59.3%Operating margin6
-58.1%Net margin5
3.0%Revenue growth, 20255
-63.9%Return on equity5
0.04×Debt to equity5
-$9.0MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue84¢$13.6M
  • Selling, general and admin16¢$2.5M

Out of $14.8M in revenue.5 The company lost money this year.

Financial statements

Revenue789105$14.8M in 2025+34% since 2020
0$10.0M$20.0M$30.0M$40.0M2020: $11.1M$11.1M20202021: $15.8M$15.8M2021+43%2022: $32.0M$32.0M2022+103%2023: $33.4M$33.4M2023+4%2024: $14.4M$14.4M2024−57%2025: $14.8M$14.8M2025+3%
Gross profit789105$1.3M in 2025−74% since 2020
-$5.0M0$5.0M$10.0M$15.0M2020: $4.8M$4.8M20202021: $6.3M$6.3M2021+31%2022: $10.7M$10.7M2022+70%2023: $3.3M$3.3M2023−69%2024: -$751.4K-$751.4K20242025: $1.3M$1.3M2025
Operating income7891056-$8.8M in 2025
-$15.0M-$10.0M-$5.0M0$5.0M2020: $720.8K$720.8K20202021: -$1.6M-$1.6M20212022: -$6.0M-$6.0M2022+269%2023: -$12.0M-$12.0M2023+99%2024: -$14.6M-$14.6M2024+21%2025: -$8.8M-$8.8M2025−40%
Net income789105-$8.6M in 2025
-$15.0M-$10.0M-$5.0M0$5.0M2020: $1.2M$1.2M20202021: -$1.0M-$1.0M20212022: -$5.1M-$5.1M2022+408%2023: -$7.2M-$7.2M2023+40%2024: -$11.0M-$11.0M2024+54%2025: -$8.6M-$8.6M2025−22%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Net sales$14.8M$14.4M
Cost of products sold (excluding depreciation & amortization)$13.6M$15.1M
Gross profit (loss)$1.3M-$751.4K
Selling, general and administrative$2.5M$3.1M
Salaries and wages$4.3M$4.9M
Professional fees$867.1K$1.7M
Impairment of property & equipment$418.4K$1.7M
Loss on lease termination$57.9K
Loss on sale of property & equipment$133.0K$172.7K
Gain on sale of R&D assets-$50.1K
Depreciation and amortization$1.7M$1.7M
Research and development$586.4K
Total operating expenses$10.0M$13.8M
Loss from operations-$8.8M-$14.6M
Dividend income$510.1K
Other income$56.6K$63.4K
Interest expense-$81.2K-$222.6K
Interest income$198.6K$150.6K
Realized gain on marketable securities$40.4K
Total other income$174.0K$541.9K
Loss before income tax-$8.6M-$14.0M
Net loss-$8.6M-$14.0M
Less: Net loss attributable to noncontrolling interests-$3.0M
Net loss attributed to stockholders of Twin Vee PowerCats Co, Inc.-$8.6M-$11.0M
Basic loss per share of common stock-$4.37-$11.01
Dilutive loss per share of common stock-$4.37-$11.01
Weighted average number of shares of common stock outstanding basic2.0M shares1.0M shares
Weighted average number of shares of common stock outstanding dilutive2.0M shares1.0M shares

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Corporate structure

Twin Vee PowerCats, Co. sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Twin Vee PowerCats, Co.

  • Twin Vee PowerCats, Co. Ft. Pierce, Florida
    • Forza X1, Inc. Stake · Ft. Pierce, Florida
    • Forza X1, Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What Twin Vee PowerCats, Co. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$13.3M5 Dec 31, 2025$19.1M5 Dec 31, 2024−30.5%
Accumulated depreciation$4.9M5 Dec 31, 2025$4.1M5 Dec 31, 2024+21.4%
Property and equipment, net$8.3M5 Dec 31, 2025$15.0M5 Dec 31, 2024−44.5%
Operating-lease assets (leased space)$390.7K5 Dec 31, 2024$855.0K10 Dec 31, 2023−54.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.4M5 Dec 31, 2025$7.5M5 Dec 31, 2024−80.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$2.5M5 Dec 31, 2025$2.5M5 Dec 31, 2024−1.0%
Raw materials$2.5M5 Dec 31, 2025$2.6M5 Dec 31, 2024−2.2%
Work in process$112.1K5 Dec 31, 2025$96.7K10 Dec 31, 2023+15.9%
Finished goods$88.4K5 Dec 31, 2025$77.2K5 Dec 31, 2024+14.4%

Properties, in its own words

The Company leases its office and production facilities, located at 3101 S US-1, Fort Pierce, Florida from Visconti Holdings, LLC. Visconti Holdings, LLC is a single member LLC that holds the ownership of the property, and its sole member is Joseph C Visconti, our CEO. We entered into the lease on January 1, 2020, which, as amended January 1, 2021, provided for an initial term of five years and one additional five-year term at the option of the Company. The Lease Agreement was amended on December 31, 2025 and was converted to a month-to-month tenancy while the parties negotiate a subsequent lease agreement. During the month-to-month tenancy, the Company pays Visconti Holdings, LLC $36,456 per month plus applicable sales and use tax, which is currently 6.5% in St. Lucie County, Florida.

Item 2 of the 10-K filed Feb 27, 2026.4

Leadership

Who has led Twin Vee PowerCats, Co., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joseph C. Visconti2021–now

President

  1. Joseph C. Visconti2021–2024
  2. Karl J. Zimmer2024

Chief financial officer

  1. Donna Barnett2021
  2. Carrie L. Majeski2021–2023
  3. Michael Patrick Dickerson2024–2026
  4. Joseph C. Visconti2026–now
2025
Board members and other officers (11)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Forza X1, Inc. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 8, 20268-K Entered a material agreement; Executive or director change; Regulation FD disclosure27
  2. Sep 9, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Shareholder vote28
  3. Aug 24, 20268-K Executive or director change29
  4. Aug 5, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Regulation FD disclosure30
  5. Jul 13, 20268-K Entered a material agreement; Executive or director change; Regulation FD disclosure31
  6. May 20, 20268-K Executive or director change32
  7. Apr 30, 20268-K Bylaws or fiscal year changed; Other events33
  8. Apr 23, 20268-K Executive or director change34
  9. Apr 13, 20268-K Listing notice or transfer; Bylaws or fiscal year changed; Other events35
  10. Apr 3, 20268-K Listing notice or transfer36
  11. Mar 25, 20268-K Entered a material agreement; Other events37
  12. Mar 19, 20268-K Entered a material agreement; Other events38
  13. Jul 20, 2021New chief executive Joseph C. Visconti becomes CEO12

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/202639

When it reported results

  1. Aug 12, 2025Reported quarterly or annual results40
  2. May 8, 2025Reported quarterly or annual results41
  3. Aug 14, 2024Reported quarterly or annual results42
  4. May 15, 2024Reported quarterly or annual results43
  5. Mar 27, 2024Reported quarterly or annual results44
  6. Nov 13, 2023Reported quarterly or annual results45
  7. Nov 6, 2023Reported quarterly or annual results46
  8. Aug 14, 2023Reported quarterly or annual results47

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

244 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 81 major events, 53 insider forms, 15 large holders, 75 other. The latest 20:

  1. Oct 8, 2026425 EDGAR
  2. Oct 8, 20268-K EDGAR
  3. Sep 9, 20268-K EDGAR
  4. Aug 24, 20268-K EDGAR
  5. Aug 17, 2026DEF 14A EDGAR
  6. Aug 10, 2026425 EDGAR
  7. Aug 6, 202610-Q EDGAR
  8. Aug 5, 20268-K EDGAR
  9. Aug 5, 2026PRE 14A EDGAR
  10. Jul 29, 20264 PRIMARY DOCUMENT EDGAR
  11. Jul 28, 20263 PRIMARY DOCUMENT EDGAR
  12. Jul 15, 2026425 EDGAR
  13. Jul 14, 20264 EDGAR
  14. Jul 13, 20268-K EDGAR
  15. May 20, 20268-K EDGAR
  16. May 7, 202610-Q EDGAR
  17. Apr 30, 20268-K EDGAR
  18. Apr 23, 20268-K EDGAR
  19. Apr 13, 20268-K EDGAR
  20. Apr 3, 20268-K EDGAR

The 244 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 12 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 27, 2026HRT FINANCIAL LP10% ownerSale49,505$18.12$897.0KForm 4
Mar 19, 2026Schuyler KevinDirectorBuy25,000$0.41$10.2KForm 4
Mar 18, 2026SWETS LARRY G JRDirectorBuy50,000$0.36$18.0KForm 4
Mar 16, 2026SWETS LARRY G JRDirectorBuy50,000$0.38$19.0KForm 4
Mar 13, 2026SWETS LARRY G JRDirectorBuy50,000$0.42$21.0KForm 4
Feb 23, 2026SWETS LARRY G JRDirectorBuy100,000$0.47$47.0KForm 4
Feb 23, 2026VISCONTI JOSEPH CCEO & Interim CFOBuy20,000$0.47$9.4KForm 4
Sep 12, 2024Zimmer Karl JPresidentBuy35,138$0.45$15.8KForm 4
Sep 12, 2024Dickerson Michael PatrickInterim CFOBuy50,000$0.49$24.5KForm 4
Sep 11, 2024VISCONTI JOSEPH CCEO & Interim CFOBuy40,785$0.40$16.3KForm 4
Sep 11, 2024Zimmer Karl JPresidentBuy50,000$0.43$21.5KForm 4
Dec 22, 2022Schuyler KevinDirectorBuy600$1.77$1.1KForm 4
Dec 21, 2022Schuyler KevinDirectorBuy763$1.79$1.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Twin Vee PowerCats, Co. has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Keebeck Wealth Management10,811$56.1K0.0%New
Tower Research Capital LLC (TRC)1,010$5.2K0.0%New
Morgan Stanley782$4.1K0.0%New
Vanguard Capital Management LLC315$1.6K0.0%New
Crewe Advisors LLC1$60.0%New
SBI Securities Co., Ltd.1$50.0%New
Blue Trust, Inc.1$50.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Twin Vee PowerCats, Co. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTwin Vee PowerCats, Co.1
  • CIK0001855509
  • Employer ID (EIN)27-14176104
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3730 Ship & Boat Building & Repairing1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address3101 S. Federal Highway, Ft. Pierce, FL 349821
  • Phone772-429-25251
  • Shares outstanding574,502 as of Aug 3, 20266
  • Public float$4.4B as of Jun 30, 20254
  • AuditorGRASSI & CO., CPAs, P.C., Glastonbury, Connecticut PCAOB ID 6064
  • On EDGAR sinceApr 8, 20211
  • Filings284 in all: 8-K (82), 4 (51), 3 (17), CORRESP (17), 10-Q (16), 424B5 (8), EFFECT (7), UPLOAD (7)1
    All 39 form types

    S-8 (6), SC 13G/A (6), 10-K (5), 425 (5), DEFA14A (5), SC 13G (5), FWP (4), S-1/A (4), S-4/A (4), DEF 14A (3), SCHEDULE 13G (3), 424B3 (2), 424B4 (2), ARS (2), POS AM (2), S-1 (2), S-3 (2), S-3/A (2), S-4 (2), SCHEDULE 13G/A (2), 8-A12B (1), 8-K/A (1), AW (1), CERT (1), DRS (1), PRE 14A (1), S-1MEF (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Aug 17, 2026
    Latest 8-K (8-K) Oct 8, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareVEEENasdaq

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Twin Vee PowerCats, Co. names in Item 1A of its 10-K filed Feb 27, 2026: 63 risks under these headings, as written.4

  • Investors should carefully consider the risks described below before deciding whether to invest in our securities. If any of the following risks actually occur, our business, financial condition or results of operations could be adversely affected. In such case, the trading price of our common stock could decline and you could lose all or part of your investment. Our actual results could differ materially from those anticipated in the forward-looking statements made throughout this Annual Report a result of different factors, including the risks we face described below.
  • Risks Related to our Business
  • There is limited public information on our operating history.
  • We have incurred losses for the years ended December 31, 2025 and 2024 and could continue to incur losses in the future.
  • Our ability to meet our manufacturing workforce needs is crucial to our results of operations and future sales and profitability.
  • We have a large, fixed cost base that will affect our profitability if our sales decrease.
  • Interest rates and energy prices affect product sales.
  • Changes in general economic conditions, geopolitical conditions, domestic and foreign trade policies, monetary policies and other factors beyond our control may adversely impact our business and operating results.
  • Our annual and quarterly financial results are subject to significant fluctuations depending on various factors, many of which are beyond our control.
  • Unfavorable weather conditions may have a material adverse effect on our business, financial condition, and results of operations, especially during the peak boating season.
  • A natural disaster, the effects of climate change, or other disruptions at our manufacturing facility could adversely affect our business, financial condition, and results of operations.
  • If we fail to manage our manufacturing levels while still addressing the seasonal retail pattern for our products, our business and margins may suffer.
The other 52 risks
  • We depend on our network of independent dealers for our boats, face increasing competition for dealers, and have little control over their activities.
  • The loss of one or a few dealers could have a material adverse effect on us.
  • Our success depends, in part, upon the financial health of our dealers and their continued access to financing.
  • We may be required to repurchase inventory of certain dealers.
  • We rely on third-party suppliers in the manufacturing of our boats.
  • Termination or interruption of informal supply arrangements could have a material adverse effect on our business or results of operations.
  • Significant product repair and/or replacement due to product warranty claims or product recalls could have a material adverse impact on our results of operations.
  • The nature of our business exposes us to workers’ compensation claims and other workplace liabilities.
  • If we are unable to comply with environmental and other regulatory requirements, our business may be exposed to material liability and/or fines.
  • Our industry is characterized by intense competition, which affects our sales and profits.
  • We face increasing competition for dealers and have little control over their activities.
  • Our sales may be adversely impacted by increased consumer preference for other leisure activities or used boats or the supply of new boats by competitors in excess of demand.
  • Our sales and profitability depend, in part, on the successful introduction of new products.
  • Our success depends upon the continued strength of our brand, the value of our brand, and sales of our products could be diminished if we, the consumers who use our products, or the sports and activities in which our products are used are associated with negative publicity.
  • We may not be able to execute our manufacturing strategy successfully, which could cause the profitability of our products to suffer.
  • We will rely on complex machinery for our operations, and production involves a significant degree of risk and uncertainty in terms of operational performance, safety, security, and costs.
  • We may need to raise additional capital that may be required to grow our business, and we may not be able to raise capital on terms acceptable to us or at all.
  • If we fail to manage future growth effectively, we may not be able to market or sell our products successfully.
  • We depend upon our executive officers and we may not be able to retain them and their knowledge of our business and technical expertise would be difficult to replace.
  • Certain of our shareholders have sufficient voting power to make corporate governance decisions that could have a significant influence on us and the other stockholders.
  • We may attempt to grow our business through acquisitions or strategic alliances and new partnerships, which we may not be successful in completing or integrating.
  • If we are unable to comply with regulatory requirements governing government contracts and public procurement, our business may be exposed to material liability and/or fines, which could have a material adverse effect on our business, financial condition and results of operations.
  • We rely on network and information systems and other technologies for our business activities and certain events, such as computer hackings, viruses or other destructive or disruptive software or activities may disrupt our operations, which could have a material adverse effect on our business, financial condition and results of operations.
  • Our business and operations would suffer in the event of computer system failures.
  • We are increasingly dependent on information technology, and our systems and infrastructure face certain risks, including cybersecurity and data leakage risks.
  • Uninsured losses could result in payment of substantial damages, which would decrease our cash reserves and could harm our cash flow and financial condition.
  • Our investments in artificial intelligence may not be successful, which could adversely affect our business, reputation, or financial results.
  • We are currently, and may in the future be, subject to substantial litigation, regulatory actions, government investigations, proceedings and similar actions that could cause us to incur significant legal expenses and which could have a material adverse effect on our business, operating results or financial condition.
  • Intellectual Property Risks
  • We may not be able to prevent others from unauthorized use of our intellectual property, which could harm our business and competitive position.
  • We may in the future become, subject to claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our employees’ former employers.
  • Our use of open-source software in our applications could subject our proprietary software to general release, adversely affect our ability to sell our services and subject us to possible litigation, claims or proceedings.
  • A significant portion of our intellectual property is not protected through patents or formal copyright registration. As a result, we do not have the full benefit of patent or copyright laws to prevent others from replicating our products, product candidates and brands.
  • Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and other proprietary information.
  • We may need to defend ourselves against patent, copyright or trademark infringement claims, which may be time-consuming and would cause us to incur substantial costs.
  • Risks Related to our Industry
  • Demand in the powerboat industry is highly volatile.
  • General economic conditions, particularly in the U.S., affect our industry, demand for our products and our business, and results of operations.
  • Global economic conditions could materially adversely impact demand for our products and services.
  • Risks Related to Ownership of our Common Stock
  • Any failure to meet the continued listing requirements of The Nasdaq Capital Market could result in a de-listing of our common stock.
  • There can be no assurance that our increased stock price following the Reverse Stock Split will remain at a price that will be sufficient in order to meet any continued requirements and policies of Nasdaq or that our common stock will remain listed on Nasdaq.
  • Terms of subsequent financings may adversely impact your investment.
  • If securities analysts do not publish research or reports about our company, or if they issue unfavorable commentary about us or our industry or downgrade our common stock, the price of our common stock could decline.
  • The obligations associated with being a public company will require significant resources and management attention, which may divert from our business operations.
  • There is substantial doubt about our ability to continue as a going concern.
  • We have identified weaknesses in our internal controls, and we cannot provide assurances that these weaknesses will be effectively remediated or that additional material weaknesses will not occur in the future.
  • Our failure to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act as a public company could have a material adverse effect on our business and share price.
  • For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements, including those relating to accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • Our stock price has fluctuated in the past, has recently been volatile, and may be volatile in the future, and as a result, investors in our common stock could incur substantial losses.
  • Our common stock has often been thinly traded, so investors may be unable to sell at or near ask prices or at all if investors need to sell shares to raise money or otherwise desire to liquidate their shares.
  • We do not intend to pay dividends on our common stock for the foreseeable future.
  • FINRA sales practice requirements may limit your ability to buy and sell our common stock, which could depress the price of our shares.
  • Provisions in our corporate charter documents and under Delaware law could make an acquisition of our company, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • Our Certificate of Incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for certain types of state actions that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

Legal proceedings

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

On March 10, 2025, shareholders Nabeel Youseph and Marisa Hardyal-Youseph (“Plaintiffs”), who are former holders of common stock of Forza X1, Inc. (“Forza”), commenced an action in the Court of Chancery in the State of Delaware, captioned Youseph, et al. v. Visconti, et al., Case No. 2025-0262, by filing a putative class action complaint (the “Complaint”) against Defendants Joseph Visconti, Kevin Schuyler, Neil Ross, Twin Vee PowerCats Co. and Twin Vee PowerCats, Inc. (collectively, “Defendants”), related to Forza’s merger with Twin Vee seeking an unspecified award of damages, plus interest, costs, and attorneys’ fees. Plaintiffs’ Complaint asserts claims (1) against Defendants for breach of fiduciary duty in their capacities as controlling shareholders of Forza, (2) against Messrs. Visconti, Schuyler, and Ross for breach of fiduciary duty in their capacities as directors of Forza, and (3) against Mr. Visconti for breach of fiduciary duty in his capacity as an officer of Forza. Defendants deny the allegations and intend to vigorously defend against the claims. At this time, as the matter is in the pleadings stage, the Company is unable to estimate or project the ultimate outcome of this matter.

The opening of Item 3, Legal Proceedings.4

Sources

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