<SEC-DOCUMENT>0001731122-22-000690.txt : 20220909
<SEC-HEADER>0001731122-22-000690.hdr.sgml : 20220909
<ACCEPTANCE-DATETIME>20220407164522
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER: 0001731122-22-000690
CONFORMED SUBMISSION TYPE: CORRESP
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20220407
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Forza X1, Inc.
CENTRAL INDEX KEY: 0001901305
STANDARD INDUSTRIAL CLASSIFICATION: SHIP & BOAT BUILDING & REPAIRING [3730]
IRS NUMBER: 873159685
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: CORRESP
BUSINESS ADDRESS:
STREET 1: 3101 S. US-1
CITY: FT. PIERCE
STATE: FL
ZIP: 34982
BUSINESS PHONE: 772-202-8039
MAIL ADDRESS:
STREET 1: 3101 S. US-1
CITY: FT. PIERCE
STATE: FL
ZIP: 34982
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1271 Avenue of the Americas | New York, New York 10020</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Blankrome.com</P>
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<TD STYLE="padding: 0pt; width: 1in; letter-spacing: 1pt; font-weight: bold; font-style: italic; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Phone:</FONT></TD>
<TD STYLE="padding: 0pt; letter-spacing: 1pt; font-weight: bold; font-style: italic; text-indent: 0pt"><FONT STYLE="font-size: 10pt">(212) 885-5358</FONT></TD></TR>
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<TD STYLE="padding: 0pt; letter-spacing: 1pt; font-weight: bold; font-style: italic; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Fax:</FONT></TD>
<TD STYLE="padding: 0pt; letter-spacing: 1pt; font-weight: bold; font-style: italic; text-indent: 0pt"><FONT STYLE="font-size: 10pt">(917) 332-3824</FONT></TD></TR>
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<TD STYLE="padding: 0pt; letter-spacing: 1pt; font-weight: bold; font-style: italic; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Email:</FONT></TD>
<TD STYLE="padding: 0pt; letter-spacing: 1pt; font-weight: bold; font-style: italic; text-indent: 0pt"><FONT STYLE="font-size: 10pt">leslie.marlow@blankrome.com</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">April 7, 2022</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>VIA EDGAR </U></I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">United States Securities<BR>
and Exchange Commission<BR>
Division of Corporation Finance</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attention: Jennifer Angelini</P>
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<TD STYLE="padding: 0pt; width: 0.5in; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><B>Re: </B></FONT></TD>
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><B>Forza X1, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"> </TD>
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><B>Amendment No. 2 to Registration Statement on Form S-1 </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"> </TD>
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><B>Filed March 17, 2022</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><B> </B></FONT></TD>
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><B><U>File No. 333-261884</U></B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dear Ms. Angelini:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On behalf of our client, Forza
X1, Inc. (the “<U>Company</U>”), we submit this letter in response to comments from the staff (the “<U>Staff</U>”)
of the Securities and Exchange Commission (the “<U>Commission</U>”) contained in its letter dated March 29, 2022 (the “<U>Comment
Letter</U>”), relating to the above-referenced Registration Statement on Form S-1 (the “<U>Registration Statement</U>”).
We are concurrently submitting via EDGAR a revised draft of the Registration Statement (“<U>Revised Registration Statement No. 3</U>”).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Set forth below in bold are comments
from the Comment Letter. For your convenience, each of the numbered paragraphs below corresponds to the numbered comment in the Staff’s
Comment Letter and includes the caption used in the Comment Letter. Immediately following each comment is the Company’s response
to that comment, including, where applicable, a cross-reference to the location of changes made in the Revised Registration Statement
No. 3 in response to the Staff’s comment. Defined terms used but not otherwise defined herein have the meanings ascribed to such
terms in the Revised Registration Statement No. 3.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Amendment No. 2 to Form S-1</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>General</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD><B>We note your revisions in response to prior comment 4. Please tell us what research you performed in assessing your competitive
position relative to other electric boat manufacturers.</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">United States Securities</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and Exchange Commission</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 7, 2022</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 2</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><B>Response:</B> As boating industry professionals
and experts, Forza researches and keeps</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">aware of its competition by (i) reviewing trade publications, press
releases, and other publicly available information, (ii) obtaining information via internet searches, (iii) attending boat shows and conferences
and (iv) conferring with other individuals who possess boating industry knowledge, such as suppliers, vendors and manufacturers.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Business, page 40</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B> </B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>Despite your response to prior comment 2, the graphic in question still appears on page 51, unchanged. Please delete or revise
this graphic in accordance with our prior comment. We note the sentence on page 53, “Our goal is to have a boat completed, batteries
installed and outboard mounted by the end of March 2022.” Please update to reflect actual progress through the end of March, or
otherwise revise so that it is not stale before the date of your prospectus. Additionally, please clarify whether this is the initial
prototype boat referred to on page 4 and whether testing and additional steps are required before the expected commercial launch in the
second quarter of 2023. </B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B>Response: </B>The graphic has been deleted and the disclosure
has been revised in response to prior comment number 2. In addition, the disclosure has been revised in response to this comment number
2.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>We note your response to prior comment 7 and the filing of Exhibit 10.12, which assigns the land contract between Twin Vee and
CBL, LLC. Please revise your disclosure to describe the material terms of this contract and additionally file it as an exhibit to your
registration statement. Please also revise to clarify when you paid the refundable deposit, the amount of the payment and the source of
funds.</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B>Response: </B>The disclosure has been revised in response to
comment number 3 and the contract has been filed as an exhibit.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>We note your revisions in response to prior comments 5 and 6. Please revise to clarify how Twin Vee intended to use the proceeds
from its initial public offering and how it now intends to use those proceeds. Ensure it is clear from your disclosure that the capital
you intend to raise is duplicative of the capital Twin Vee raised from its offering. Describe any risks to you and to Twin Vee.</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B>Response</B>: The disclosure has been revised in response to
comment number 4. We respectfully submit that the capital Forza intends to raise is not duplicative of the capital Twin Vee raised from
its offering for the reasons stated in the Revised Registration Statement No. 3, specifically that Forza intends to use a significant
portion of the net proceeds from this offering to build a manufacturing facility dedicated to electric boats.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_001.jpg" ALT=""> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">United States Securities</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and Exchange Commission</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 7, 2022</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 3</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">In addition, due to the decrease in Twin Vee stock price subsequent
to the Twin Vee IPO, Forza believes that any risk to Twin Vee stockholders and Forza stockholders is reduced by effecting a financing
by Forza as a stand-alone, publicly traded entity through this offering, which Forza believes will be more beneficial to Twin Vee’s
stockholders than a second public offering or other issuance of Twin Vee common stock. If Forza is able to benefit from a higher valuation
as stand-alone entity, Twin Vee shareholders would generally suffer less overall dilution than they would if Twin Vee were to issue additional
securities and will benefit from their indirect ownership of Forza at a higher valuation. In addition, we believe Twin Vee stockholders
would not suffer dilution in their ownership of Twin Vee common stock in the case of any future issuances of common stock by Forza.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><I> </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">With respect to risks to us, we believe that all risks have been
addressed in the Revised Registration Statement No. 3, including the risk that the ultimate use of the proceeds may vary substantially
from their currently intended use. With respect to risks to Twin Vee, those have been addressed in the filings that Twin Vee has made
with the SEC, including the risk that the ultimate use of the proceeds may vary substantially from their currently intended use.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Executive Compensation, page 79</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>We note statements that Mr. Yarborough will not be an executive officer following the offering, but that you expect to enter into
an employment agreement with Mr. Yarborough. Please revise to reconcile this apparent inconsistency. If you will enter an employment agreement
following the offering, please describe the material terms and file this as an exhibit. Revise the reference to separate employment agreements
with Ms. Gunnerson and Mr. Yarborough on page 86 for conformity with this section. </B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><B>Response: </B>The disclosure has been
revised in response to comment number 5.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>Certain Relationships and Related Party Transactions, page 86</U></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD><B>Please reconcile the apparent inconsistencies in your description of the Transition Services Agreement and the provisions thereof.
In this regard, we note the following:</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B> </B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 1in; text-indent: 0pt"></TD><TD STYLE="padding: 0pt; width: 0.3in; text-indent: 0pt">●</TD><TD STYLE="padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disclosure
indicates Twin Vee will provide you with certain services at cost, while the agreement refers
to cost and a mutually agreed upon fee. Please also quantify this fee.</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B><IMG SRC="image_001.jpg" ALT=""></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">United States Securities</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and Exchange Commission</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 7, 2022</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Page 4</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B> </B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.3in">●</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Disclosure
describes the agreement as relating to “procurement, shipping, receiving, storage and
use of Twin Vee’s facility until our new planned facility is completed,” yet
these are not among the services listed in Exhibit A of the agreement. Please also clearly
disclose the extent to which you will be entitled to utilize Forza’s manufacturing
capacity pending completion of your own facilities.</B></FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B>Response: </B>The Transition Services Agreement has been revised
and re-filed as an exhibit to the Revised Registration Statement No. 3. Additionally, the disclosure has been revised in response to comment
number 6.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> <I> </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in">* * *</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: center; text-indent: -0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If you have any questions or need
additional information, please contact the undersigned at (212) 885-5358 or Patrick Egan at (212) 885-5346.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; width: 55%; text-indent: 0pt; font-size: 10pt; layout-grid-mode: line"> </TD>
<TD STYLE="padding: 0pt; width: 45%; text-indent: 0pt; font-size: 10pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Sincerely, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-indent: 0pt; font-size: 10pt; layout-grid-mode: line"> </TD>
<TD STYLE="padding: 0pt; text-indent: 0pt; font-size: 10pt; layout-grid-mode: line"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt 0pt 1pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt">/s/ Leslie Marlow</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"> </TD>
<TD STYLE="padding: 0pt; font-size: 10pt; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Leslie Marlow</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 1in"> </P>
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<TD STYLE="padding: 0pt; width: 0.5in; text-indent: 0pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">cc:</FONT></TD>
<TD STYLE="padding: 0pt; text-indent: 0pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Joseph Visconti</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-indent: 0pt; layout-grid-mode: line"> </TD>
<TD STYLE="padding: 0pt; text-indent: 0pt; layout-grid-mode: line"><FONT STYLE="font-size: 10pt">Chief Executive Officer, Forza X1, Inc.</FONT></TD></TR>
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