At the effective time, every 37 shares of Twin Vee's issued and outstanding common stock will automatically be combined into one share of common stock. The reverse stock split will reduce the number of shares of the Company's outstanding common stock from approximately 19.6 million shares to approximately 0.5 million shares, subject to adjustment for fractional shares. Also as a result of the reverse stock split, the number of the Company's authorized shares of common stock will be reduced from 500.0 million shares to approximately 13.5 million shares.

The Board determined that implementing the reverse split at this time is appropriate to regain compliance with the minimum bid price requirement for maintaining the listing of the Company's common stock on The Nasdaq Capital Market and to broaden potential investor interest.