Palm Management Amends Twin Vee PowerCats Filing

TL;DR

Palm Management updated its Twin Vee PowerCats stake filing. Watch for details.

AI Summary

Palm Management (US) LLC, through Joshua S. Horowitz, has amended its Schedule 13D filing for Twin Vee PowerCats Co. on November 27, 2024. The filing indicates a change in beneficial ownership, though specific new holdings or changes in percentage are not detailed in this excerpt. The filing is an amendment to a previous submission concerning the common stock of Twin Vee PowerCats Co.

Why It Matters

This amendment signals a potential shift in the ownership structure or strategy of Twin Vee PowerCats Co., which could impact its stock performance and corporate direction.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate significant changes in major shareholder positions, which can lead to increased volatility.

Key Players & Entities

• Palm Management (US) LLC (company) — Filing entity
• Joshua S. Horowitz (person) — Key individual associated with the filing entity
• Twin Vee PowerCats Co. (company) — Subject company
• Bradley C. Palmer (person) — Group member
• Joshua S. Horowitz (person) — Group member
• Palm Global Small Cap Master Fund LP (company) — Group member

FAQ

Key Financial Figures

• $0.001 — ame of Issuer) Common Stock, par value $0.001 per share (Title of Class of Securiti
• $821,428 — r purchasing the Forza Common Stock was $821,428 for Palm Global and $42,630 for Mr. Hor
• $42,630 — Stock was $821,428 for Palm Global and $42,630 for Mr. Horowitz. The total cost for p
• $2,310,016 — rokerage commissions, was approximately $2,310,016 (including the cost to initially acquir
• $173,630 — rokerage commissions, was approximately $173,630 (including the cost to initially acquir

Filing Documents

• tm2429731d1_sc13da.htm (SC 13D/A) — 70KB
• 0001104659-24-123701.txt ( ) — 72KB

Source and Amount of Funds or Other

Item 3.Source and Amount of Funds or Other Consideration. On November 26, 2024, upon the closing of the Merger (defined below), an aggregate of 520,033 shares of common stock of Forza X1, Inc. (“Forza”), par value $0.001 per share (the “Forza Common Stock”), held by the Reporting Persons was exchanged for 318,084 shares of Common Stock, based on an exchange ratio of 0.611666275 shares of Common Stock for one share of Forza Common Stock. The total cost for purchasing the Forza Common Stock was $821,428 for Palm Global and $42,630 for Mr. Horowitz. The total cost for purchasing the Common Stock reported as directly held by Palm Global, including brokerage commissions, was approximately $2,310,016 (including the cost to initially acquire the Forza Common Stock). The source of these funds was working capital. The total cost for purchasing the Common Stock reported as directly held by Mr. Horowitz, including brokerage commissions, was approximately $173,630 (including the cost to initially acquire the Forza Common Stock). The source of these funds was personal funds.

Purpose of Transaction

Item 4.Purpose of Transaction. On November 26, 2024, pursuant to the terms of the Agreement and Plan of Merger, dated as of August 12, 2024, by and between the Company, Twin Vee Merger Sub, Inc., a wholly-owned subsidiary of Twin Vee (“Merger Sub”), and Forza, Merger Sub was merged with and into Forza (the “Merger”), with Forza surviving the Merger as a wholly-owned subsidiary of the Company. The Reporting Persons purchased the Common Stock based on the Reporting Persons’ belief that such securities, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of securities of the Company at prices that would make the purchase or sale of such securities desirable, the Reporting Persons may endeavor to increase or decrease their position in the Company through, among other things, the purchase or sale of securities of the Company on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons do not have any present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Company on a continuing basis. Depending on various factors including, without limitation, the Company’s financial position, the price levels of the securities of the Company, conditions in the securities markets, and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Company as they deem appropriate, including, without limitation, engaging in commun

Interest in Securities of the Issuer

Item 5.Interest in Securities of the Issuer. (a) The Reporting Persons beneficially own in the aggregate 878,084 shares of Common Stock, which represents approximately 5.9% of the Company’s outstanding shares of Common Stock. Palm Global directly holds the number and percentage of shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Mr. Horowitz directly holds the number and percentage of shares of Common Stock disclosed as solely beneficially owned by him in the applicable table set forth on the cover page to this Statement. None of the other Reporting Persons directly holds any of the shares of Common Stock disclosed in this Statement. Palm Management (US) LLC, as the investment manager of Palm Global, may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by Palm Global. Due to his position with Palm Management (US) LLC, Mr. Palmer may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by Palm Global. Due to his positions with Palm Global and Palm Management (US) LLC, Mr. Horowitz may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by Palm Global. Palm Management (US) LLC, Mr. Palmer and Mr. Horowitz expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein. Each percentage ownership of Common Stock set forth in this Statement is based on 14,875,000 shares of Common Stock reported by the Company as outstanding as of the closing of the Merger on November 26, 2024, in its Prospectus Supplement filed pursuant to Rule 424(b)(3) of the Securities Act of 1933, as amended, filed with the Securities and Exchange Commission on October 11, 2024. (b) Palm Global beneficially owns, and has the shared voting and power to direct the voting and disposition of, the shares of Common Stock disclosed as beneficially owned

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Statement, which agreement is set forth on the signature page to this Statement. CUSIP No. 90177C101 13D Page 8 of 8 Pages

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this Statement is true, complete and correct. In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of this Statement on Schedule 13D with respect to the Common Stock of the Company. Dated: November 27, 2024 PALM MANAGEMENT (US) LLC /s/ Joshua S. Horowitz Joshua S. Horowitz Portfolio Manager PALM GLOBAL SMALL CAP MASTER FUND LP By Palm Global Small Cap Fund GP Ltd., its general partner /s/ Joshua S. Horowitz Joshua S. Horowitz Director /s/ Bradley C. Palmer BRADLEY C. PALMER /s/ Joshua S. Horowitz JOSHUA S. HOROWITZ

View Full Filing

View this SC 13D/A filing on SEC EDGAR