Twin Vee PowerCats shares rise sharply after announcing a merger with Greenland-focused critical minerals explorer USFM Corp.
Twin Vee PowerCats (VEEE) shares climbed 23% in premarket trading Thursday following the announcement of its merger with USFM Corp., a privately held mineral explorer focused on critical minerals projects in Greenland.
The deal combines Twin Vee’s recreational boat manufacturing business with USFM’s exploration assets, marking a strategic shift into the critical minerals sector. No financial terms were disclosed in the release.
The premarket surge reflects investor reaction to the merger, which positions Twin Vee to diversify beyond marine products into commodities tied to energy transition demand.