14. Subsequent Events

Effective at 11:59 p.m. on April 7, 2025 (the “Effective Time”), Twin Vee effected a reverse stock split of its common stock at a reverse stock split ratio of 1-for-10 in order to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq’s Marketplace Rule 5550(a)(2), and began trading on a reverse-split-adjusted basis on Nasdaq as of the open of trading on April 8, 2025 under the existing ticker symbol “VEEE.”

The Company’s stockholders approved the reverse stock split and granted Twin Vee’s board of directors the authority to determine the final reverse stock split ratio and when to proceed with the reverse stock split at the Annual Meeting of Shareholders held on November 11, 2024. Twin Vee has filed an amendment to its Amended and Restated Certificate of Incorporation to effect the reverse stock split at the ratio of 1-for-10 as of the Effective Time.

The CUSIP number for Twin Vee’s common stock changed to 90177C 200 following the reverse stock split.

The total number of authorized shares of common stock remained unchanged at 50,000,000, and the par value of the Company’s common stock remained unchanged at $0.001 per share. Any fractional shares of common stock that would otherwise be issuable as a result of the reverse stock split will be paid out in cash, with reference to the closing trading price of Twin Vee’s common stock on the trading day immediately preceding the Effective Time (as adjusted to give effect to the reverse stock split), without interest.

On April 21, 2025, Northpoint Commercial Finance LLC (“Northpoint”) has come into possession of certain Twin Vee and Aquasport inventory of United Marine and Storage LLC, a former dealer of Twin Vee PowerCats. Northpoint is requesting Twin Vee PowerCats Co. to take possession of the inventory and to repurchase the inventory in accordance with the Repurchase Agreement between Twin Vee PowerCats Co. and Northpoint. The Company is evaluating the condition of the inventory for purposes of determining the repurchase obligation. The Company expects that the repurchase obligation will be approximately $546,000.

The Company has evaluated all events or transactions that occurred after March 31, 2025 through May 8, 2025, which is the date that the condensed financial statements were available to be issued. During this period, there were no additional material subsequent events.