Velocity Acquisition closed its IPO of 23 million units priced at $10 per unit, including 3 million units issued pursuant to the exercise by the underwriters of their over-allotment option in full.
Units trade on the Nasdaq under VELOU. Each consists of one share of Class A common stock and one-third of a redeemable warrant with each whole warrant exercisable to purchase one share of Class A common stock at $11.50. Once the securities comprising the units begin separate trading, stock and warrants are expected to list under VELO and VELOW, respectively.
Velocity Acquisition Corp., led by CEO Adrian Covey, is focused on “digital transformation” businesses — companies enabling corporations to accelerate the full digitization of their businesses — including digital services, digital platforms, and related sectors in North America. Read more.