EV sport boat developer Forza X1 (FRZA) has downsized its proposed initial public offering to around $18M from $31M.

Forza X1 indicated the new raise target in an amended filing, although the number could be a placeholder and likely to change. The EV boat maker didn’t specify the number and pricing of the shares to be offered.

In March, Forza X1 indicated in a filing that they were looking to raise up to approximately $31M. The company plans to list its shares on Nasdaq under the symbol FRZA.

Based in Florida, Forza X1 is developing a recreational sport boat that utilizes an electric outboard motor. The company hopes to begin selling the boats...