Forza X1 stock spikes amid $15 million IPO
Described as the "Tesla of boats," Forza X1 is seeing shares spike amid its $15 million IPO on the Nasdaq.
Video Transcript
RACHELLE AKUFFO: Now my pick to get us started is EV boatmaker Forza X1, ticker FRZA. Now the stock actually enjoyed a boost from its $15 million IPO on the NASDAQ Friday. The stock was actually up 150% at one point. Currently, though, some of that enthusiasm dampening there, but it's now up just over 60%. Now the Florida-based Forza is positioning itself as a more affordable, sustainable option for recreational boaters using this direct-to-consumer model through their web and app-based platforms.
Now the timing is interesting, as year to date, the global IPO market has actually slumped nearly 50%, a lot of that due to volatility tied to geopolitical tensions, and of course, these macroeconomic pressures. But it does remind me of Carvana's business model, which has been struggling year to date. And we were just talking about that overlap between EV cars and boats when, Pras, you interviewed Brunswick's CEO.
PRAS SUBRAMANIAN: That's right, Rachelle. You know, he actually talked about a subscription sort of boating option that they have there called Freedom Boating Club. And they actually use or plan to use EV boats in that because they think that's a better fit for maintain sort of fleet where you can have actual operators fix these EV boats and charge them for people in this [INAUDIBLE].
