Twin Vee PowerCats (VEEE) has entered into a definitive agreement to merge with a subsidiary of US-based mineral exploration firm USFM, as well as to privatize its marine business under the brands Twin Vee and Bahama Boat Works, the company said Monday.

Before the merger closes, Twin Vee will form a Delaware statutory trust to hold the assets and liabilities of its marine business, and existing stockholders will receive non-transferable contingent value rights tied to future distributions from the trust, the company said.

Financial terms of the merger transaction were not disclosed.

Upon the completion of the two transactions, expected in Q3, the combined public company is expected to trade on NYSE American, the statement said.

Twin Vee's marine business will continue to operate normally through and after the transaction closing, the company said.