EV boatmaker Forza X1 (NASDAQ:FRZA) stock rallied 56% early Tuesday during its third day of trading following a $15M initial public offering last Friday.
Shares of Forza opened at $8.44, hitting a low of $8.05 before jumping to a high of $10.43. The stock recently changed hands at $9.45 at around 10:20 a.m. ET.
Forza held its IPO on Friday, pricing 3M shares at $5 per share. The stock finished its debut session at $7.49, up 50%, after reaching a high of $15. It ended its second day of trading at $6.06, down 19% from Friday’s close.
Based in Florida, Forza X1 is developing a recreational sport boat with an electric outboard motor. The company hopes to begin marketing the boats in Q2 2023. The company is a spinout of boat builder Twin Vee Powercats (NASDAQ:VEEE).