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Shares of EV boatmaker Forza X1 (NASDAQ:FRZA) shot up 42% on Wednesday following news that it had received 50 pre-production orders for its first two models.
Forza shares opened at $2.51, hitting a high of $2.76 in early trading. The stock recently changed hands at $2.40 at approximately 12:00 p.m. ET.
The boatmaker, which is a spin-off of Twin Vee PowerCats (VEEE), said Wednesday that it has received 50 non-binding pre-production orders since the end of July for its first two models, the FX1 Dual Console and FX1 Center Console. The company could take in revenue of more than $8.5M if the sales are finalized.
Forza X1 said Tuesday that it had begun water testing of its FX1 Dual Console 25-foot catamaran. It expects to begin testing of the Center Console model during Q1 2023.
The company went public through a $15M initial public offering on Aug. 12, with shares hitting an all-time high of $15 during their debut session. The stock had been trending downward since Aug. 17, sliding to an all-time low of $1.53 on Oct. 24.
Forza is slated to release its Q3 earnings report on Nov. 7.
Image and article originally from seekingalpha.com. Read the original article here.