Twin Vee PowerCats Co. (VEEE) shares are having a big day Thursday, jumping 56% to $41.48. The reason? The company is ditching its boat business — at least in its current public form — and merging with a mineral exploration outfit called USFM Corporation.
USFM is a privately held U.S.-based company that's been poking around Greenland, specifically at the Disko-Nuussuaq Project, which is all about critical minerals. Think nickel, cobalt, and other stuff the world needs for batteries and tech. The merger will create a publicly traded company focused on these projects, with Twin Vee's recreational marine segment — including the Twin Vee and Bahama Boat Works brands — carved out into a private entity before the deal closes.
Current Twin Vee shareholders won't be left empty-handed on the boat side. They'll receive non-transferable contingent value rights (CVRs), which give them a shot at future proceeds from the separated business. It's a bit like getting a lottery ticket for the boat business's future success, while the main event becomes a mining play.
The merger has been approved by both companies' boards and is expected to close in the third quarter of 2026, pending shareholder and regulatory approvals. That's not far off, so things are moving fast.
Why This Matters
Twin Vee has been a designer, manufacturer, and marketer of recreational and commercial power boats — catamarans under the Twin Vee brand and V-hull boats under Aquasport. They sell through a network of independent dealers across North America, the Caribbean, and Central America. But the boating business has been choppy, and this merger is a sharp turn toward something with potentially bigger upside: critical minerals in Greenland.
Greenland has become a hot spot for mineral exploration, given its rich deposits of rare earth elements and other materials essential for green energy and defense. USFM's Disko-Nuussuaq Project is in the early stages, but the 2026 exploration program is already underway. By merging, Twin Vee gains access to USFM's exploration capabilities and capital access, which could open new revenue streams and boost growth — assuming the mining pans out.
Momentum Check
According to market data, Twin Vee's momentum score is a bullish 85.52, meaning the stock is outperforming the broader market by a wide margin. That kind of momentum can attract more investors, especially as the merger story unfolds. But it also means the stock is volatile — a 56% jump in one day is not for the faint of heart.
The verdict? Twin Vee is riding a strong momentum wave, driven by the strategic pivot. Whether that wave crashes or carries the stock higher depends on how the merger plays out and whether USFM's Greenland projects deliver. For now, the market is betting yes.
