USFM and Twin Vee revise merger terms, tilting ownership toward mineral explorer
What's the deal? USFM CorporationDealroom has a profile for this one. Try Dealroom →, a US-based mineral exploration company working in Greenland, and Twin Vee PowerCatsDealroom has a profile for this one. Try Dealroom → (NASDAQ: VEEE), a power sport boat maker, have amended their merger agreement first struck on July 12, 2026. The revised structure shifts post-closing ownership to 93% for pre-closing USFM stockholders and 7% for Twin Vee stockholders, up from the original 90/10 split. The deal value was not disclosed.
How it works: A new Texas entity, Twin Vee Holdco Inc. ("Pubco"), will hold both USFM and Twin Vee as wholly owned subsidiaries. Pubco's shares will be registered with the Securities and Exchange Commission and are expected to list on NYSE American or another national exchange.
What's new: The amendment also requires USFM to use reasonable best efforts to close an up to $5 million private investment in public equity (PIPE).
What happens to the boats? Before closing, Twin Vee will form a Delaware statutory trust to hold its marine business, which will operate as a separate company. Each pre-closing Twin Vee stockholder will receive a non-transferable contingent value right (CVR) entitling them to future distributions generated from the marine operations or a sale.
Why now? The amended terms are intended to unlock value for stockholders and give the operating business greater strategic and financial flexibility, the companies said. USFM is focused on the Disko-Nuussuaq Project in Greenland.
What's next? Closing requires approval by Twin Vee's disinterested shareholders, regulatory sign-off, and other customary conditions. The parties expect to close in the fourth quarter of 2026 or first quarter of 2027. Neither company expects immediate changes to customer service, vendor relationships, or employee operations.
Loeb & Loeb is legal counsel to USFM; Sheppard Mullin Richter & Hampton is advising Twin Vee. Houlihan Capital provided a fairness opinion to Twin Vee's board.
The signal: The reverse-merger structure lets USFM gain a public listing through Twin Vee while spinning the boat business into a separate trust — a path that converts a NASDAQ-listed boat maker into a vehicle for Greenland critical minerals.
Read more: marketscreener.com
Image credit: Generated with Gemini
