Brand Velocity Acquisition filed with the SEC to withdraw its planned offering of 20 million units at $10 per unit.
The SPAC was formed by Brand Velocity Partners, which added retired NFL quarterback Eli Manning as a partner earlier this month. Manning was listed as an advisor to the SPAC in its initial S-1 filing in March 2021. Around the time Manning was made partner, BVP co-founder Drew Sheinman indicated that the blank-check company was on hold while the firm explored other opportunities.
The SPAC had said it would target branded consumer-facing businesses in North America.
Brand Velocity is led by CEO and Chairman Steve Lebowitz. Previously, from 2002 to 2019, he was a co-founder and managing partner of Topspin Partners, a lower-middle market private equity fund focused on the consumer sectors. Read more.
