NEW YORK, Feb. 25, 2021 /PRNewswire/ -- Velocity
Acquisition Corp. (the "Company") today announced the closing of
its initial public offering of 23,000,000 units at a price of
$10.00 per unit, including 3,000,000
units issued pursuant to the exercise by the underwriters of their
over-allotment option in full. The units are listed on The NASDAQ
Capital Market ("NASDAQ") and began trading under the ticker symbol
"VELOU" on February 23, 2021. Each
unit consists of one share of Class A common stock of the Company
and one-third of one redeemable warrant with each whole warrant
exercisable to purchase one share of Class A common stock at a
price of $11.50 per share. Once the
securities comprising the units begin separate trading, the Class A
common stock and warrants are expected to be listed on NASDAQ under
the symbols "VELO" and "VELOW," respectively.
Velocity Acquisition Corp., led by CEO Adrian Covey, is a special purpose acquisition
company formed by &vest with the purpose of entering into a
business combination with one or more businesses. While the Company
may pursue an initial business combination with a company in any
sector or geography, it intends to focus its search on "digital
transformation" businesses — i.e., companies enabling corporations
to accelerate the full digitization of their businesses — including
digital services, digital platforms, and related sectors in North
America. Velocity is the second special purpose acquisition
company launched by &vest, an investment platform founded and
led by CEO Doug Jacob.
Citigroup Global Markets Inc. ("Citigroup") and Canaccord
Genuity LLC ("Canaccord Genuity") acted as joint lead bookrunners
for the offering.
The offering was made only by means of a prospectus. Copies of
the prospectus may be obtained by contacting Citigroup, Attention:
Prospectus Department, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY
11717, or by telephone at (800) 831-9146; or Canaccord Genuity,
Attention: Syndicate Department, 99 High Street, Suite 1200,
Boston, MA 02110, or by email at
prospectus@cgf.com.
A registration statement relating to the securities was declared
effective by the U.S. Securities and Exchange Commission (the
"SEC") on February 22, 2021. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the initial
public offering and search for an initial business combination. No
assurance can be given that the proceeds of the offering will be
used as indicated. Forward-looking statements are subject to
numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company's registration statement for the initial public
offering filed with the SEC. Copies are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Velocity Acquisition Corp./&vest Contact:
Chris Cunningham
ccunningham@hstrategies.com
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SOURCE Velocity Acquisition Corp.