Forza X1 prices 5.33M shares at $1.50 in underwritten public offering

Forza X1 announced the pricing of an underwritten public offering of 5,334,000 shares of its common stock at a price to the public of $1.50 per share for gross proceeds of approximately $8 million, before deducting underwriting discounts and offering expenses. In addition, Forza has granted the underwriters a 45-day option to purchase up to an additional 800,100 shares of common stock to cover over-allotments at the public offering price, less the underwriting discount. The offering is expected to close on June 14, 2023, subject to satisfaction of customary closing conditions. The Company intends to use the proceeds for the development of its manufacturing facility, for working capital and general corporate purposes. ThinkEquity is acting as sole book-running manager for the offering.