Forza X1 Announces Pricing of $8 Million Public Offering
Summary
FORT PIERCE, FL / ACCESSWIRE / June 12, 2023 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a developer of electric sport boats aimed at promoting sustainable recreational boating, announced today the pricing of an underwritten public offering of 5,334,000 shares of its common stock at a price to the public of $1.50 per share for gross proceeds of approximately $8 million, before deducting underwriting discounts and offering expenses. The offering is expected to close on June 14, 2023, subject to satisfaction of customary closing conditions.The Company intends to use the proceeds for the development of its manufacturing facility, for working capital and general corporate purposes.ThinkEquity is acting as sole book-running manager for the offering.A registration statement on S-1 (333-272502) relating to the shares was filed with the Securities and Exchange Commission ("SEC") and became effective on June 12, 2023. The final prospectus will be filed with the SEC and will be available on the SECs website located at .This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Forza X1, Inc.s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. For more information, please visit forzax1.com.This press release contains "forward-looking statements" that are subject to substantial risks and uncertainties. Forward-looking statements contained in this announcement are made as of this date, and Forza undertakes no duty to update such information except as required under applicable law.