Electric boat and motor maker Forza X1 has set the price for an underwritten public offering of 5,334,000 shares of common stock to the public at $1.50 per share. This will result in gross proceeds of about $8 million before deducting underwriting discounts and offering expenses.
Forza said in a statement that it has also granted underwriters a 45-day option to purchase up to an additional 800,100 shares of common stock to cover over-allotments at the public offering price, minus the underwriting discount. The offering is expected to close June 14, subject to the satisfaction of customary closing conditions.
The company said it intends to use the proceeds to develop a new manufacturing facility, for working capital and general corporate purposes. ThinkEquity is acting as the sole book-running manager for the offering.
